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BUSINESS

Develop

Your Practice to Grow and Thrive

By Michal Waechter

“What do you do?”
someone will ask.
“Business development There is no doubt ments and increasing costs. But what most physicians have trouble
that marketing is an understanding (no offense) is that it is possible to attract a higher
for physician practices
essential piece of QUALITY of volume and decrease inefficiency and WASTE by
and healthcare growing patient vol- putting more focus on the most effective integrated strategies that
companies” is my typical ume in a new or estab- fit the context of your practice. If you feel like you’re spinning your
answer. Inevitably, the lished practice and wheels… you probably are.
ensuring organiza- You likely have a small office team and you likely have a fair bit
next question is
tional stability for the of turnover. You may even have someone related to you working
“So…is that like future. for you. Hiring someone to focus on business development full-
marketing?” Brand awareness, time is not feasible, nor is it necessary. You simply need someone
market visibility, audi- who can get to know your practice inside and out and and helps ex-
Well, yes. And, no. ence reach, targeted ecute a strategy of advocacy for you. A fresh, objective, and critical
messaging, reach, fre- set of eyes is hugely beneficial in identifying opportunities and
quency and online shortfalls.
presence are all truly valuable tactics. But business development is As with anything where you’re looking to create long-term
about so much more. change, you have to commit. There is no crash development plan
Development includes traditional marketing strategies but digs or volume-building pill that can help you. Development is not some-
deeper to assess the true maturation of a business and create or- thing that comes in waves or that you can invest in short-term and
ganic strategies to advance in the market. We ask relevant questions expect to continue generating a return. Investment in integrated
tailored to the current position and desired position of the practice. strategy must be consistent and ongoing. Lack of presence in the
Are there specific types of patients you are looking to attract? Do market is the quickest way to lose relevance and to be forgotten.
you want to subspecialize within your area of clinical specialty? You don’t have to aspire to be a multi-million dollar practice and
What types of talent are you hoping to add to your team? Where you don’t have to be a solo practitioner to need help. There are al-
do you want your practice to be in one year, three years, or five ways tactics that you could be leveraging that you may have over-
years? What does your ideal clinic space look like? How will the looked. You chose medicine for noble reasons that begin with
growth of your practice affect your family and friends? The depth helping patients. For development, seek out someone who has the
of development strategy comes in the form of rounding out each expertise and experience to guide you and your business. You didn’t
of these aspects to achieve a higher level of practice evolution than go to school to be a “marketer.” And, guess what, neither did I.
simply growing patient volume.
Most often, patient volume is the name of the game in the im- Michal Waechter, MHA, FACHE, is a principal with Waechter Consult-
mediate moment. I get it. We live in an era of decreasing reimburse- ing Group. Michal@WaechterConsulting.com

30 San Antonio Medicine • March 2019