Is your practice set up for growth?
As a business owner, it’s only natural that you want to grow your private practice. Maybe you want to increase revenue or have a greater impact on the surrounding community’s health. Or maybe you want to boost your professional satisfaction, have more autonomy over your time, attract talented staff, &/or build your practice to make it a more attractive asset for future sale & financial security for retirement. Whatever your vision is, growing your practice is, no doubt, a sound investment.
Understanding the challenges
The average private practice in South Africa operates in a competitive landscape. &, like any business, it’s important to know what you’re up against so you can choose & implement the right strategies to stay ahead of the competition. Use the checklist below to review some of the key factors that contribute to competition in the market. Select ‘Yes’ or ‘No’ if they have an impact on your practice:
Challenge | Reason | Y/N |
A high number of private practices | South Africa has a significant number of private healthcare providers, including general practitioners, specialists, & allied health professionals, all vying for patients. | |
Urban concentration | In urban areas, where the majority of private practices are located, the density of healthcare providers increases competition. | |
Patient expectations | Patients have high expectations for quality care, convenience, & personalised service, which drives competition among practices to meet these demands. | |
Patient mobility | Along with expectations, patients are generally willing to travel or have a virtual consultation to receive the best care. This not only increases competition locally but also regionally. | |
Healthcare providers | The increase of larger private healthcare groups & hospital networks adds to the competitive pressure on smaller private practices. | |
Medical aid & insurance | Medical aid schemes have networks of preferred providers that drive competition when attracting patients, particularly if you are not contracted in with one or more medical schemes. | |
Technological advancements | Practices that invest in advanced medical technologies & practice management software have a competitive edge over practices that work on manual systems. | |
Marketing & online presence | Practices that ethically & consistently market their practices & maintain a strong online presence can attract more patients than practices that rely solely on signage & referrals. |
It’s very likely that you’re facing a couple or several of these challenges. As a result, there isn’t a single answer to how to grow your private practice in a competitive market. It requires a multifaceted approach that combines key strategies that prioritises patient experience, leverages technology, invests in staff development, fosters community relationships, & utilises advanced practice management software. When implemented effectively, your practice can differentiate itself, attract new patients, & thrive in a crowded market.
6 Key strategies to help your private practice grow
Now that you have an idea of your challenges, we’ll discuss the key strategies that can help you overcome them & see tangible growth in your practice.
Strategy # 1: Enhance the patient experience
You are already providing exceptional patient care, but providing an exceptional patient experience is critical to differentiating your practice. Patients who feel valued are more likely to return & recommend your practice to others.
Here are some practical ways to enhance the patient experience:
- Streamline appointment scheduling: Implement an easy-to-use online scheduling system, such as Recomed, that allows patients to book appointments at their convenience while syncing up with your practice calendar.
- Improve communication: Use automated SMS reminders to share pertinent information, remind patients to come in for annual check ups or flu vaccinations, remind patients of outstanding accounts & reduce the number of no-shows.
- secure messaging systems to communicate with patients promptly & efficiently. Keeping patients informed about their health & treatment plans fosters trust & loyalty.
- Personalise care: Utilise intuitive Electronic Medical Records (EMRs) to get up to speed on a patient’s medical history, medicines, episodes & test results in a way that doesn’t distract from the consultation. This also allows you to further personalise care plans & schedule follow-ups to monitor their compliance & outcomes.
Strategy # 2: Leverage digital marketing
Having & maintaining an online presence is an effective strategy for attracting new patients. There are a number of simple, inexpensive ways to help patients find you when they’re looking for your services. How you use digital marketing will be dependent on your overall goals & resources, but here are some things that every practice can do to significantly enhance marketing efforts:
- Data-driven marketing: Use practice data to spot trends & create personalised marketing campaigns. If you’re offering a promotion, for example, you can use your data as a basis for what you’re offering & who you’re offering it to.
- Online presence: Maintain an active online presence through a well-designed, up-to-date website, social media channels & creating a Google Business Profile. Regularly updating your online platforms with valuable content can attract new patients & stay top of mind for current ones.
- Search Engine Optimization (SEO): SEO is essentially a tactic to optimise your website for search engines to ensure potential patients can easily find your practice. High search engine rankings can drive more traffic to your website & increase patient inquiries. Even if you don’t yet have a website, you can still boost your searchability by listing your practice on platforms such as Recomed & Medpages that are already optimised for search engines.
Strategy # 3: Invest in staff training & development
Well-trained, motivated staff are crucial for delivering a high-quality patient experience while ensuring the smooth operation of your practice. Investing in staff training & development can yield significant benefits that can give you an advantage over your competitors:
- Continuous education: Encourage your staff to pursue continuing education opportunities to stay updated with the latest healthcare practices & technologies.
- Customer service training: Positive interactions with patients can enhance their overall experience & satisfaction so equip your staff with the skills needed to provide exceptional customer service.
- Boost staff productivity: Engage with your employees to gauge how much time is being spent on repetitive, routine admin. Investigate ways to automate day-to-day tasks so your staff can focus on supporting you & increasing patient satisfaction.
Strategy # 4: Foster strong community relationships
Building strong relationships within your community can help your practice gain visibility & attract new patients. Here are some ways to engage with your community:
- Community outreach: Participate in local health fairs, community events, & school health programs. Offering free health screenings or educational workshops can showcase your expertise & commitment to community health.
- Partnerships: Collaborate with local businesses, schools, & organisations to promote health & wellness & boost your visibility.
- Patient testimonials: Encourage satisfied patients to share their experiences through testimonials & online reviews. Positive feedback from current patients attracts & builds trust with new ones.
Strategy # 5. Utilise advanced practice management software
The right practice management software can drastically streamline your operations, improve the overall efficiency of your practice, & help you reach your financial goals. Implement a smart but user-friendly software solutions that offers intuitive features designed to support your growth:
- Efficient billing & claims processing: Automate billing & claims processing to reduce admin burden & help you ensure that you get paid for your services faster & in full.
- Integrated solutions for optimal efficiency: Any practice will have a number of systems from accounting & finance, clinical solutions, management tools & more. Ensure that your systems can easily & safely exchange information to reduce errors, duplicate data capture, & the need to log in & out of different systems.
- Comprehensive reporting: Easy-to-read & easily accessible reports give you valuable insights into your practice’s performance so you can identify areas for improvement & confidently make strategic decisions about your practice’s growth.
Importance of leveraging technology in a competitive market
Leveraging technology is a crucial opportunity for private practices to overcome market challenges & achieve growth. By automating administrative tasks, enhancing patient experience, ensuring regulatory compliance, & boosting staff productivity, technology empowers practices to focus on delivering high-quality patient care. Investing in the right technology is a strategic way to:
- Differentiate your practice
- Improve patient satisfaction
- Optimise operations & workflow, &
- Ensure compliance with regulations related to storing, sharing, & accessing personal information.
Ready to grow your practice?
Healthbridge has been helping private practitioners grow their businesses for over 25 years. As the technology partner of choice for over 7,000 healthcare professionals, Healthbridge is a leader in solutions that solve real world challenges so you can better navigate the competitive landscape, attract & retain patients, & achieve sustainable growth.
Get in touch for more information about how Healthbridge can help you grow your practice. Contact us at sales@healthbridge.co.za for a free practice health assessment by one of our experienced Business Consultants.