Tuesday, 28 February 2017

All About Medical Practice Marketing

The health care industry is massive and is growing at an exponential rate. There are many hospitals who are engaged in buying medical practices from the physicians. Medical practice marketing done on a regular basis helps to enhance the success of your practice and keeps it running efficiently. 

Below discussed are certain tips that you can consider when you plan for medical practice for sale:

1. The EHR System is of More Value Than the Paper Charts: Get your paper charts converted into EHR system, which will facilitate the negotiation.

2. Value of Diverse Marketing: The society has become highly technical these days with smart phones nearly in everyone’s hand. Thus the marketing strategies to be chosen must be diverse in nature and both online and print marketing helps the physicians in reaching more number of audiences.

3. Your Website Must Look the Best: This is one of the best marketing tools that can be used. A dynamic website always develops and helps to add value to the existing patients and is a forum to let people know about the new developments in your field.

4. Consider More Than One Bidder: When you are planning to sell your medical practice then you must be considering more than one prospect. Firstly let the key hospital administrators know about your plans. Another option is your competitors. You can contact them and discuss your plans with the practitioners of your field.

5. Transitional Marketing Services: You can offer to introduce the new owner to the hospital administrators and to the new patients for a period of three to four months after the sale of your practices. This adds value to the sale and reflects your support for the new owner in establishing his position.

6. Sell Your Practice And Negotiate Your Employment Agreement: You can agree to continue practice as an employed physician even after the sale medical centre. In such a case you must negotiate a compensation plan based on your own performance and not on the performance of the new owners. You must always be paid as per your efforts as a physician.

It is important to calculate the worth of your medical practice and then prepare succession plans for the sale of your practice. 

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