Practices can beat the economic slump with smart business strategies.
By Carrie Hanson-Huete and Patricia B. Meaney
Elective surgery volume, like the sale of glasses and contact lenses, has been impacted by the contracting economy. As a result, many ophthalmologists are looking for strategies that will help them through a period of lower spending and lower patient volumes. Savvy practice owners can use this time to diversify and strengthen their practices and position them for the eventual economic upturn. Consider the following seven strategies for making the best of a down market.
1. Diversify offerings. Practices may want offer additional products and services to offset declines in their current portfolios. New offerings could include premium IOLs, oculoplastic surgery, a new or beefed up dispensing area, or non-traditional services like Botox® injections.
2. Delegate. Surgeons can delegate pre- and postsurgical exams and protocols to highly trained staff members or comanagers so they can use their time to perform more surgeries.
3. Consider long-term impacts. Weigh the time and cost of hiring new staff before laying off current personnel. Patient volumes may rebound before expected and, if you fire your trained people now, you may be short-staffed later. As an alternative to layoffs, considering asking for volunteers who may want a temporarily reduced work schedule.
4. Marketing matters in any economy. Never abandon 100% of your marketing efforts; all practices need new patients to thrive. Instead, analyze the practice’s current marketing mix and temporarily suspend those media that bring in the fewest new patients per dollar spent.
5. Utilize all available resources. Involve staff members in setting practice goals and brainstorming ways to meet those goals at weekly meetings. Staff members can offer new and unique perspectives on cutting costs and boosting sales.
6. Offer an exceptional full-price experience. Lowering procedure prices may scare off potential patients and anger former patients. Instead of dropping prices, add value to existing surgical procedures by offering patients a truly first class experience.
7. Position the practice for the next upswing. If patient volumes are down, use the extra time to learn a new procedure or technique, master a new machine, and spend more time with current patients. Give staff members opportunities to take continuing education courses. When patient volumes bounce back, the practice will be in a prime position to prosper through improved services.
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