A recent BOQ Specialist report into the dental industry highlights the main concerns Australian dentists have in the current climate. In this article I want to delve a bit deeper into those concerns and other points raised in the report, and relate it back to how Doctors in Private Practice might be experiencing the current environment.
Dentists’ main business concerns
1) The highest immediate concern for dentists is how to grow their patient numbers.
Whilst many dentists might have ideas on how to achieve this growth, they might not necessarily be able to implement these strategies themselves.
How does this relate to Doctors in Private Practice?
Many Doctors would be faced with a similar scenario and experience this desire or even need to grow their private practice. How can you achieve this?
Engaging in business planning is an essential step in identifying opportunities for growth, which is typically achieved through a detailed SWOT analysis of your practice (see HERE for more information on this topic).
Once you have identified those growth strategies for your practice, the issue then becomes how you implement them. Should you do it yourself or delegate it to your staff or external providers? How do you benchmark your progress?
2) The oversupply of dentists is also a major concern, as it potentially leads to increased competition, and lower income.
How does this relate to Doctors in Private Practice?
Australian doctors and specialists would definitely experience a higher level of competition than was historically the case. It really relates to the first concern raised: How do you set yourself apart in a crowded marketplace? How do you attract and retain patients? How do you do this with integrity and continue to provide the highest level of care?
3) 3 in 4 dentists are concerned about the efficiency of their practice
They want to improve their practice operations and profitability, which may be primarily achieved through (staff) productivity enhancements.
How does this relate to Doctors in Private Practice?
Like is the case for many dentists, very few doctors actually have access to the financial information required to understand their practice performance. Without regular, detailed financial reporting how can you even assess the success of your practice, let alone increase it? This is one of the biggest flaws I see with Doctors in Private Practice, and it is often a result of not engaging in comprehensive, continuous business planning.
Key takeaways for Doctors in Private Practice
Finally, some key takeaways from the rapport on how Doctors in Private Practice might be able to increase the performance of their practice:
– establish financial reporting systems that provide timely and meaningful information that allow you make smart business decisions; – establish a marketing plan; – focus on your SWOT analysis and act on the outcomes.
If you would like to discuss your personal and practice finances and would like to be connected to medical advice specialists, then contact me on 08 6160 5918 or yves@affluenceprivate.com.au.