10 Smart Private Practice Investments – Part 2

Jan 27, 2021Practice Growth, Practice Management

10 Smart Private Practice Investments for Doctors to Start 2021 Off Right: Part 2

 

In our last post, we gave you the first five smart private practice investments you should make to start the year off. Let’s dive into the next five areas you should invest in to see huge returns in your practice … and your personal life!

 

#6 – Invest In Staff Training

 

private practice investments

 

It’s highly likely that your single largest expense is your staff, making it your largest existing resource. To maximize that resource, YOU must take the initiative to TRAIN your staff; to set expectations by creating a culture of performance and continuous improvement.

Scheduling Institute offers over 25 specialized trainings that we conduct inside your practice, in addition to our Staff Training University hosted in our Atlanta and Phoenix Leadership Institutes. We see a big bump in our clients’ business results every time our members invest in training with us. The most successful practices hold a training day once a month, establishing a culture of “We learn, we grow, we change.” Learn more about our team training programs here.

Always view staff training as a critically important investment – not an expense – because you will earn big dividends!

 

#7 – Invest In Facilities

 

Your facilities include the building, the walls, and everything within your office space that makes it look the way it does. There’s a good chance you and even your staff no longer “see” what your office looks like – you’ve become oblivious to it. Know that your PATIENTS, however, are VERY aware of how it looks. Is it cluttered, or just tired looking? Has it looked the same for the last five years? These are all red flags to patients – especially during the current pandemic.

An unappealing office is an extremely negative reflection on YOU. Your patients will consider it a reflection of the quality of your actual practice. You simply must invest regularly in some fresh paint; new furniture and carpet; more contemporary wall art and lighting; and of course change out the dead flowers and magazines! Consider hiring a decorator who will keep your place looking top-notch.

Regular private practice investments in your facilities will provide a return to your bottom line because your patients and customers will be impressed… which leads to more patients and customers!

 

#8 — Invest In Fitness

 

This may not seem like an obvious private practice investment, but your health, your energy level, and your longevity play a huge role in the success of your business and your relationships. No one can argue with the “fact” that when a person feels better about themselves, they have more confidence; which improves attitudes and behaviors; which translates into greater personal satisfaction; and better business results.

Invest in your personal health first, and foremost, by getting a complete physical. Find out your body mass index (BMI/percentage of body fat), and what tests you should have done at your age. Find out if you have any health problems you may not even be aware of. And those you are aware of — e.g., you’re out of shape and you know it — start doing something about it!

A personal trainer is a great way to go since they provide the discipline and accountability so many of us lack. Work together to figure out a routine that works for you. You’ll be ensuring the investment you make in time and effort will provide the biggest payback to your personal health and well-being. And don’t forget the HEALTHY NUTRITION portion of the equation.

Investing in your health is not optional and needs to become something you “just do” as part of your weekly routine. Your business can’t thrive if you’re not at your best!

 

#9 — Invest In Increased Production

 

To increase your earnings, you just have to increase how much gets accomplished at your office on a daily basis. Here’s the best way to do that:

  • Ensure you have the right talent in the right jobs by using our Ultimate Hiring Guide
  • Train your staff to be more effective and efficient at their jobs, and fully supportive of your business goals. This frees YOU up to do what you do best, and do more of it.
  • Assess your own hourly production and set a goal of doubling it. Even if you don’t know quite how, just by working toward that goal, you’ll be amazed at how quickly you find ways to speed up how you get things done. You’ll be inspired to continuously “do more.”

There’s no way around it — to stay well ahead of rising expenses you have to continuously invest in ways that increase your production and that of your staff.

 

#10 — Invest In Relationships


Everyone wants to make the most of all their important relationships, but it’s easier said than done. You have to invest time, thought, energy, emotion, and even some money if you expect to reap a return.

Start by actually writing down all your important relationships: spouse, kids, parents, siblings, other family members, patients, staff, friends, and don’t forget YOU. Then ask yourself, “What can I do to invest in this relationship?”

List a few things you can do to invest in making each one better, then actually do it!

For example:

  • Invest in your STAFF by training them to do their jobs well; and also acknowledging birthdays and service anniversaries.
  • Invest in your PATIENTS by gifting them with treats; sending thank-you notes and Christmas cards; making them smile every visit.
  • Invest in your SPOUSE by regularly sending flowers, planning date nights, and being appreciative.
  • Invest in your KIDS by taking them on a trip, to a ballgame, or just by engaging with them.
  • Invest in YOURSELF by improving your physical health and mental well-being by doing whatever is right for you so you, and your practice, can thrive. Our coaching programs are designed specifically for doctors like you to see maximum results. Learn more here.

 

You must make investments that protect, grow and nurture your income, even when times are a little tough. Your future — and likely that of your family and your business — depends on it!

Even for all those investments “less monetary” in nature, you should still ask yourself these questions every time:

  • “If I invest this money and/or time and effort in this way, what do I expect will happen?
  • What else could I do with this money, time, or effort?
  • WILL THIS INVESTMENT GROW MY INCOME?” If it won’t grow your income, don’t do it.
Our list of 10 has come to end, but here’s one last “bonus” investment you should definitely be making – investing your time to listen to Jay Geier’s podcast, Private Practice Playbook.
It’s designed to provide timely, relevant, and results-producing advice from the #1 advisor for Doctors on a monthly basis. Subscribe today!