Some practices are struggling right now. Some are generating a reasonable income. And some are extremely successful despite the economy right now. What are they doing? One of the key ways to have a successful medical practice is to realize and understand, accept and embrace the fact that a medical office is a business.

One key is that there needs to be someone within your practice who understands business issues and is open to change and adapting to new things. Someone in the office must also be an entrepreneur who is willing to take risks and sixteen opportunities for growth. Successful practices plan for long-term growth and have an action plan and set goals to meet.

One practice found it necessary to move a few minutes to a larger, more productive space. They began marketing in a variety of local publications and integrated a new electronic health record system to be more accurate and precise. The practice flourished and new patients began to arrive at the office. The practice began seeing 2,700 patients with 100 new patients per month. New providers also joined the practice. Accounts receivable dropped dramatically and revenue increased by almost 9%.

Some practices use the expertise and specialized skills of a specific physician within the practice who also has a name of their own within the community to do business. The family medicine specialist in Phoenix advertises in several local newspapers and has a television monitor in the waiting room that plays a recording of the services and specialist physicians within the practice.

Few tactics work if patients aren’t happy. Word of mouth remains the most influential tool for receiving referrals from other physicians. The key to having happy patients goes from the receptionist to the doctors. Quality care and unity throughout the practice are vital to success.

Whether a patient is making an appointment, getting a blood draw, or paying a bill, the patient wants to feel that the practice has their best interest at heart. A successful staff needs a great leader. This would start with an office manager, support staff, and technology tools to effectively manage daily office operations so that the physician can focus on clinical issues and the general direction of practice. The difference between a good practice and a great one is how well the team works together.

Successful practices also have a financial policy that is regularly updated. Policies are reasonable and consistently applied and are clear to both staff and patients. Successful practices also have a policy of collecting co-payments at the time of service.