Turn Your Medical Practice into a Successful Small Business: 3 Steps

Posted: October 28, 2013 in Uncategorized
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It is very important to remember that although physicians provide a necessary service, practicing medicine is still running a business. A decade ago, the chief medical officer at the Palo Alto Medical Foundation was Paul Tang and in an Institute of Medical press release he said “When it comes to safety the healthcare industry needs to take a page from the airline industry. Pilots have instantaneous access to the data they need on weather conditions and mechanical functions to make informed decisions and about navigation, delays, and mid-course corrections. When accidents or near misses occur, the industry can analyze these events, and the resulting information can be used to prevent future errors. In healthcare, no such universal system exists.”

Even 10 years later, it still doesn’t exist in healthcare. Physicians should make sure to keep up with technology to maintain a successful business; a major business enhancing technology is integrated EMRs. These three steps can help improve your business:

  1. Embrace your inner business person – Make sure you or someone else you employ is focusing on the bottom line. Everything, no matter how small, should be budgeted.
  2. Become a techie – Embracing technology is important to all businesses today including healthcare facility.
  3. Recognize that your patients are paying customers – Provide quality care to patients, they are paying more than ever for it. According to the AMA, patients paid 24% of healthcare costs out of pocket this year.

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