Secrets to a Successful Practice

profitable practice

 

Jeff Russell’s new book “Secrets to a Successful Practice” is for anyone practicing medicine today, and especially for all healthcare providers who are looking to operate a profitable practice. Most medical professionals have serious and personal reasons for entering their field, one is to improve the quality of their patients’ lives, and one is certainly income. We all need money to live, and money is, indeed, important.

In his book Jeff discusses that the most profitable practices need to focus on these four items:

  • Purpose
  • Team
  • Growth
  • Tracking

 

profitable practicePurpose

It’s critical you don’t miss this first step toward operating a success practice—knowing your core purpose.

Once you have a strong purpose, brand promise (USP) and practice core values, you will have a guiding light on which to base all the decisions related to the practice, from hiring the right people, offering the right procedures, and seeing the right patients. With a clear why, the road ahead will be much clearer for you and your team.

 

profitable practiceTeam

Many businesses know what they do and they just work at it, and that is why they never reach that next level. If you want to have a small practice, where you are making a good living, that strategy may work for you but you still have yourself just a job. The key to a profitable practice that’s hits the next level of $1, 2 or 5 million revenue is having a people process in place. Team members play a significant part of a successful practice. Without employees who are dedicated to the success of the business, your business will not grow and may even perish.

 

profitable practiceGrowth

Growth is a core value which means you are always looking for better ways to do things. Growth should be a critical mindset for you and all team members. If you stop growing, you will soon find yourself in trouble. One important part of growing is to ensure that you have an effective marketing strategy in place, one that is getting you new patients. Often, people just throw money at marketing and hope for the best. You should not spend any money on a marketing initiative unless you can clearly measure the result. There are five components discussed in the book to a successful marketing strategy.

 

profitable practice

Tracking

Tracking is one of the hardest parts of running a practice. Those who do it well are among the most profitable practices. It’s important you have a solid tracking system in place to ensure that all the parts of the practice are operating smoothly.

 

profitable practice

 

For more detailed tips and steps on how to develop your practice’s purpose, people process, marketing strategy and tracking, you can check out Jeff’s latest book, Secrets to a Successful Practice available now on Amazon or attend the Aesthetic Practice Startup Workshop at an upcoming Aesthetic Medicine Symposium.

 

 

 

Secrets to a Successful Practice
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