Hello friends, thank you for watching my second episode.
We talked about three P’s in the last episode, which are –
- Purpose: The purpose of the practice, which includes the mission and the goals of your practice.
- Partners: Your partners (e.g., your vendors, the billing company, and other people who want to associate with the business) in accomplishing the mission of your practice.
- Process: The processes are an important part of the medical practice.
Today, I am going to share another 3 P’s, which form part of the ‘process’ vector. The business process of starting your medical practice is critical, and if you get it right, you can make your practice extremely profitable.
So here are the new 3 P’s.
People: The first and foremost is ‘people.’ It is crucial to find the best of talent and of course, needless to say, you would go for the best talent available to you, but I would like to share some of the things you can do. You must do a background check of the person you are hiring for a business. There is a tool that you can access for as low as $20 a month; it’s called BeenVerified. I suggest that you use this tool to hire the best people with a clean background because people can make or break your practice. There are other attributes you can use to identify the best talent, but I highly recommend that you use this tool to hire employees with a clean background.
Peer relationship: The second most important ‘P’ is your peer relationship. Peers are the insurance companies. The critical thing to managing the relationship with the peer reps. So, as you soon as you start your practice, or you want to talk to a billing company, ensure that everyone understands the purpose of your practice very well. All your peer relationships depend on how engaged you are with the peer reps.
There is a difference between a peer rep and a drug rep; do not treat them in the same way. A drug rep may be willing to wait in your lobby for fifty minutes, but a peer rep will not wait. So, meet the peer rep as per the scheduled time, explain to them the mission of your practice, share your experiences with them, and tell them why the relationship is vital for your patients. Doing so will help you negotiate better rates with the peer.
As you begin your medical practice, there is an online tool that most insurance companies use these days; it’s called CAQH. Ensure that you have a CAQH up and ready. You can sign up online, or you can call one commercial payer to set up your CAQH online. So once you have created a CAQH login, you have to keep control of it, because the information in your CAQH account is used to update all the payers. So, ensure that you control your CAQH login.
Public Relations: The third P which binds all these P’s together, is public relations or P.R. It is a relatively cheap tool to market your services without investing thousands of dollars in advertising and marketing. P.R. is critical and can be simple if you are an outgoing person. These days a lot of industry events are happening; often, you will find them within a ten-mile radius. You can find information on these events through online tools like Facebook, EventBrite, and MeetUP. Sign up as a doctor on these portals and attend the events close to you.
Once you have collected enough business cards, sign up for MailChimp an online free email marketing platform. Use MailChimp to import the information from business cards and create categories of people (for example, other practice owners, prospective patients, vendors, etc.); basically, anybody whom you think will help your practice in the long run. Collect their email ID’s and put them on MailChimp. The free version of MailChimp, which you can use for about 2000 email contacts, will help keep your business afloat during the first year of launch.
So, these are the three crucial P’s. I hope you got an idea on how you can develop your business by embracing technology, because technology will be integral to the success of your medical practice.
It is not about finding someone to do it for you. You must do it yourself. Find time, if need be over the weekends, where you can focus a couple of hours on just utilizing these tools, keeping the passwords organized. And once you familiarize yourself with these apps and start sharing information with other people, automatically, this will help build your practice.
In our next episode, we will talk about patient engagement tools. I will talk about how you can engage your patients through Google and Facebook marketing, both of which are free online tools that you can use to take your business to the next level.
Thank you for listening to me and have a wonderful day.