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3 Top Tips to Build a Thriving Medical Practice

by | Jan 4, 2022

With every challenge comes an opportunity to improve and gain valuable insights. In today’s ever-evolving healthcare environment, care providers now have the opportunity to use modern technology to their advantage, learning from some of their peers’ past mistakes. By both taking advantage of modern tech innovations, and by implementing newly-developed best practices to update existing systems, practice leadership can take steps to make their organization more efficient for both patients and staff. We have compiled a noteworthy list of three top tips from experts to build a thriving medical practice in today’s world. 

Streamline Your Practice Through Automation 

One of the biggest questions that doctors, physicians and medical practices always ask is, “How can we automate certain tedious, repetitive tasks?” Among other responsibilities, healthcare professionals often turn to automation to help improve cash flow in billing and RCM (revenue cycle management) processes, streamline clinical documentation, and active digital marketing that ensures the practice is highly visible online

Automation is one of the most powerful tools for efficiency and will continue to be in the future, as it allows things to run smoothly for not just medical practices, but for modern-day businesses in general.  

If institutions such as the Department of Motor Vehicles are leveraging digital technological solutions for their customers in today’s climate, then medical practices have no excuse not to do so as well. Compared to the past, leadership must do more work to market their practice to a wider audience. In today’s world of digital marketing, print ads are far from the only method of getting noticed. What can you do to differentiate your practice so that it stands out in an increasingly competitive market? 

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Meet the Demands of the Modern Healthcare Consumer with Digital Front Door 

Today’s patients expect a new, more immersive digital experience – a development that has been accelerated by the pandemic. Practices may wonder, “How do I connect and reach my audience now? How should we carry this out over the long-term? To what standards should we hold and compare our digital experience?”  

Ambulatory practices showcase how organizations are now after the low hanging fruit. The macrotrends in retail reveal how companies such as Walmart and even Dollar General are adding clinics to their stores. These practices are not as comprehensive as your local doctor’s office; however, they will still take hold of the market share of patients with minor illnesses who want to get a quick diagnosis and be on their way which, in turn, allows these practices to get paid quickly.  

Another force having an impact on healthcare practices in today’s market are private equity groups. These groups are acquiring practices in order to make them more profitable before selling. 

How can a practice make the most of its union with a private equity group, who has a vested interest in prospering medical practices? Practices have an opportunity to thrive in these new private equity-backed business models as the resources, cashflow, and consulting provided by these groups can make it easier for them to optimize their workflows. 

In addition, traditional practices will have a competitive edge over larger retail and corporate entities seeking to get into the primary care game. This is because, when it comes to competition, it all comes down to a personal relationship versus convenience. Practices have a smaller more intimate relationship with patients and stakeholders which fosters loyalty. 

That being said, convenience is a challenging competitor – but practices can leverage personal relationships in addition to enhanced convenience measures like digital front doors to successfully capture the patient’s attention. Bear in mind that every action and investment you take to increase the efficiency and value of your practice also makes your group a more attractive candidate for   being acquired by private equity – a large step in the direction of becoming more competitive, should practices choose to take it. There are a wealth of opportunities available to practices today. 

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Identify Opportunities to Improve the Patient Experience 

The number one referral source in healthcare is a recommendation from a friend. This means that the most effective marketing can come from your patients themselves. 

Don’t hesitate to ask your patient for a review or testimonial, especially when they’ve had a remarkably positive experience – more often than not, they won’t hesitate to post one. As a result, you must be proactive in how you approach patient care. When it comes to the demographic of a patient, young adults have a certain expectation of what is “easy” in their overall patient experience. And now, even middle-aged adults to the senior demographic are becoming much more tech-savvy and can maneuver easier online.  

Why are reviews so important? In addition to attracting more patients online, it boosts  staff morale to see positive reviews online as a patient may even mention them by name. Positive testimonials don’t just help the practices reputation. It also helps motivate the staff to do better as well. 

Additionally, it’s not just the senior population making use of the online patient experience — oftentimes, it is also their younger caregiver children, or nursing aids who are assisting them in their patient care journey. Being tech-savvy is important across every demographic. It helps to make things convenient for your patients, such as allowing them to schedule an appointment online, or letting them fill out a pre-screen at home, and more. Studies show that the data from the patients who filled out forms at home tends to be more accurate because they’ve had more time and ease of access to find the correct information for the questions on the forms.  

If life is easier for the nurse, it is easier for the doctor as well – which in turn makes it easier on the patient, thus, improving the patient’s overall experience. Before, during, and after admission, the digital patient experience accompanies patients on their care journey 

Medical Advantage Can Help 

Strategies for a thriving medical practice are often challenging and laborious to plan and implement. Our team of seasoned consultants – comprised of healthcare, IT, behavioral health, and coding experts – are equipped to help practices successfully update and streamline operations to meet the demands of modern healthcare. Medical Advantage medical practice solutions are designed to fit organizations of all sizes, including private equity groups. To find out more, contact one of our consultants today.  


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