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MEDICAL PRACTICE
STRATEGIES & ISSUES
5 Elements of a By Michal Waechter

Successful Practice

ease of documentation, coding for optimal The last, but arguably the most impor-
Cultivating a successful
reimbursement, the ability to mine data and tant element of practice success, is
medical practice is hard. The
run analytics along with a consumer MARKETING. The most successful
reality is, while physicians are friendly interface for scheduling and com- practices are those that believe marketing
expertly trained in their munication. Some EMR systems may actu- and outreach is an inherent part of oper-
chosen medical specialty, few ally slow your operations down. Take your ational expense. The two in combination
physicians are taught how to time and choose the right one and then – are business development. Just as you in-
start and run a practice as a you guessed it – stick with it! Having sepa- vest in keeping the lights on, you have to
successful business. rate systems for scheduling, documenting invest in business development for your
Experience and and communicating with patients will be practice. Start by establishing your prac-
observation indicate there too decentralized to be efficient. tice’s brand. You want your practice to be
are five key elements that Arguably, the most important aspect of recognizable to consumers and physicians
enable physician practices to your practice (besides you, of course) is alike, so make sure your brand reflects
your STAFF. Recruiting top talent for your what you believe your practice to be.
become successful. For the
team is important, but retaining that talent Then, put ongoing energy into physician-
purposes of this discussion,
is critical. Achieve staff engagement by tak- to-patient relationship building and con-
quality is assumed. If you
ing a well-rounded approach. Compensa- sumer engagement. It is unwise to invest
think quality is an issue, that
tion is baseline, but dig deeper to find out heavily at startup and back-off when your
should become the first what really drives each member of your practice starts growing. business develop-
priority. team. Is it recognition? Continuing educa- ment has to be ongoing and consistent in
tion? Quarterly team retreats can be a great order for your practice to remain relevant
When a physician starts a practice, the opportunity to check in with your team, in the market and continue to grow. bake-
initial focus should be on developing a gain feedback through open dialogue and in time every week for business develop-
STRATEGY. This means really taking strengthen the connection between them as ment and make it a part of your practice
time to identify the priorities of the practice well as with the practice. Regular 1:1 meet- strategy. You’ll never regret it.
and narrowing them down to five priorities ings with each employee are also a great way No matter what your practice goals are,
around which all energy and resources can to understand, support and motivate in you will need aspects of these five ele-
be centered. Then identify a few goals that combination with team retreats. ments to achieve success. How you prior-
will help you achieve that strategy. don’t And what would a successful practice be itize them and where you place your
forget to establish your timeframe; clarify without PATIENTS? The patient experi- resources will be specific to your prefer-
what you hope to achieve in the first ence is what will make or break you. Evaluate ence and that of your team. You have in-
month, 90 days, 6 months and year. Now this with either in-person, word-of-mouth or vested in yourself to achieve an
the critical part – stick to the strategy! The with online digital reviews (for the viewing unmatched level of training and expertise.
tactics may be dynamic and may change of you and your staff only). Create a culture Now it’s time to invest in these elements
slightly as you become operational, but the where the patient is king and care is given to to achieve the success you envision.
strategy should remain the same. every aspect of their experience. Interaction
The next area of focus should be on with the front desk staff, wait-time, interac- Michal Waechter, owner of Waechter Consulting
OPERATIONS. At a high level, the prac- tion with the provider, billing and payment Group, specializes in developing marketing and
tice should focus on efficiency and return. – it’s all important. Implement a patient sur- business strategies for physician practices and is a
For example, the electronic medical record vey early on so that you have an ongoing BCMS Circle of Friends member. Ms. Waechter
(EMR) chosen to start the practice should pulse on the patient experience and oppor- can be reached at (210) 913-4871 or
be one for your type of practice that offers tunities for improvement. Michal@WaechterConsulting.com.

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