When it comes to a successful business, there is no doubt that profitability is a critical indicator. In fact, it is one of the most vital elements that must be present in order to ensure that a business is self-sustaining and will continue to grow its customer base.
When it comes to actually obtaining the best profit possible rather than simply acknowledging its importance, of course, things become a bit more complicated. This is perhaps especially true in today’s business landscape. Consumers today have more options than ever before when it comes to the services and businesses they frequent. That is why it is so important to ensure that you are doing all that you can to provide the best and most smoothly run service to your patients.
To determine the best way to ensure profitability for allergy practices this year, I reached out to industry experts for some advice and insight. I was fortunate to interview four specialists, and they gave me some great tips about the most important factors that influence success. Let’s take a look at what they had to say, and examine three tips to ensure that your allergy practice is profitable in 2017.
Embrace the Present (and the Future)
Adjusting to new technology can be difficult for any business. In industries where diagnosis and treatment tends to happen in person, however, the adjustment to new care methods can be particularly challenging. With that said, there is no avoiding the changing healthcare landscape. Harry Nelson, founder and managing partner of Nelson Hardiman, believes that looking to the future of healthcare is one of the best ways to ensure profitability for an allergy practice. He suggests paying attention to things like tele-health services that provide convenient advice and diagnosis to patients without requiring them to come in for an in-person visit. Concierge direct care is another growing service area to keep an eye on.
In-Office Sales Are Key
Lee Sheinkopf, MD, a board certified allergist/clinical immunologist of the Allergy Asthma Care Center, has valuable experience in improving the profitability of practices. She believes that one of the most important things to emphasize when it comes to increasing profitability is to sell more point-of-sale items in your office itself. This refers to things like pillow encasements, shampoos, and other items that patients might find helpful in treating their allergy issues. This is especially important if you are going to recommend that patients try solutions like using a pillowcase that eliminates dust mites – why divert your customer to other retailers when you could sell the relevant items yourself and increase your profit in the process?
Specialization Trumps Generalization
There is a tendency in today’s workplace to cross train employees in many different roles. You might have one employee who was hired to code medical records, for example, but ends up spending a lot of time answering the phone, scheduling appointments, and even checking in patients. Dr. Trenkle believes that this is a mistake. In order to ensure knowledgeable and smooth service, it is important to hire a team of people who are specialists in what they do – and to have them focus on that particular role. Raffi Tachdjian, MD, MPH, concurs, stating that allergy clinics should do their best to ensure visibility and great customer care in order to develop a strong referral base. He recommends engaging in clinical trials, too, which can help increase the visibility and reputation of your practice.
As you can see, the line between business and medicine is particularly thin when it comes to allergy practices. With that said, it is vitally important that you are able to run your practice like a business without lowering your ability to provide excellent care to your patients. This is a fine line to walk, however it is a necessary one to master if you want to have a successful practice that is both profitable and well-respected as a medical establishment.
Are you ready to increase your profitability in 2017? Follow the above advice, and you’ll be well on your way!
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