Tips to Increase Your Medical Practice's Market Share

PRemployer on February 16, 2023

At any given time, there are hundreds of people in need of medical attention. Whether they need immediate emergency medical assistance or preventative care, these individuals must visit a local practice. Providing the best possible patient experience is crucial to developing a positive reputation in the community.  

This post will share a few ways to improve your market share. 

Have the Best Employees in Town 

You can provide the best service when you have the best staff in town. When people receive the best service, they’ll tell their friends and family. Word-of-mouth is a powerful thing—especially when it comes to medical treatment. Fewer things are more personal than someone’s health, and these recommendations carry significant weight. 

Patients will seek out your practice when they know the staff cares and invests in their well-being, providing quality patient care in the process. However, having fantastic employees only goes so far, as they need a work environment that encourages top performance. 

From your office staff to your nurses, a top-notch team will perform their best when employees have high workplace engagement, which comes from being treated well and supported by the team’s leadership. 

You must support employees from the time you interview them. An efficient onboarding and training process helps staff get up to speed quickly and demonstrates your organization’s quality. Encouraging ongoing learning and development, fostering a culture of helping each other, and providing benefits like health insurance and retirement planning demonstrate your investment in them in real-time.  

When patients feel the staff is hardworking, dependable, and cares about their well-being, they are confident the clinic has their best interests in mind. Happy, well-treated staff will naturally have positive attitudes that your patients will recognize. 

Run Your Practice Like a Well-Oiled Machine 

People don’t like waiting around. Long wait times lead to poor patient experiences, which makes people hesitant to visit your clinic. To avoid this issue, prioritize staying on schedule while providing personalized service.  

Average wait times sit at about 18 minutes total across the nation, and that’s once they get an appointment. Wait times to get an appointment average 26 days, making it more stressful to receive the treatment patients need. 

Aim to keep in-office wait times shorter than that at your clinic. Fast service exceeds expectations and encourages more return patients or recommendations to your medical practice. Having flexibility with booking appointments also provides better service, which you manage by reaching out if a cancelation opens up a time slot or by having periodic walk-in hours. 

Keep Your Employees Committed to Your Practice 

High employee turnover rates can decrease your team’s ability to provide quality care because you lose the institutional knowledge your long-term staff had of your patients and services. That causes the patient experience to decline and risks them leaving for a better option.  

High employee turnover often results from improper support from their employer, which is easy enough to resolve by improving internal HR structures. Designating HR to understand and accommodate employee needs shows your staff that you look out for them, earning their trust and dedication. 

Focusing on staff while handling the crucial HR duties of filing payroll and scheduling is challenging. However, you can outsource the necessary but time-consuming tasks to a PEO to help free your staff’s attention to focus on your employees.  

Make Sure You are Fully Compliant 

Noncompliance issues are another cost of inefficient HR, which can incur fines and penalties for your business. It can also harm employee and patient morale, risking both leaving. 

Maintaining compliance requires careful attention and staying up to date on regulatory changes. It’s also something that a PEO can help your clinic handle all proceedings, keeping that money within your institution to invest in growing your business. 

Expand Your Medical Practice’s Market Share 

Running a well-operated business is crucial to growing your success and market share. Supporting your staff supports your patients, helping you earn long-time patients and a steady stream of new people. With consistent, quality care, you can grow through recommendations and referrals to build a bigger market share!

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