Your major goal for your practice, of course, is to generate as much revenue as possible so that you can provide even higher quality services and reach out to more patients. But this takes some intentionality. Successful practices rarely just jump in and hope for the best. What you need to do is align the focus of your practice – your services and marketing – to achieve your highest revenue potential.
According to Forrester Research, aligned companies achieve around 32 percent annual revenue growth, while less focused organizations report seven percent decline in revenue. What many practices struggle with is they understand the importance of aligning focus with their goals, but they are unsure how to practically plan and execute this. Here are some strategies to help you narrow your focus:
- Consider your target demographic. Where do you see the most money per patient? Hearing aids? If so, the majority of your marketing efforts should target hearing aid users and those with undiagnosed hearing loss. That is not to say this should be your entire focus, but you want to bring the most people in where the money is made.
- Evaluate your revenue process. This is the start-to-finish process of each patient. Consider the time a referral is placed, scheduling process, intake paperwork, check-in, evaluation, testing, treatment, check-out, billing, follow-up and cross referral system. Where do patients tend to fall out of this cycle? Identify this and figure out why. This is the first step to “plugging the holes in the bucket.”
- Gather feedback. This can take multiple forms. You can use call tracking numbers to gather data on which marketing campaigns work and which don’t, but you can also go straight to the source. What draws patients in? What keeps them there? Why do they leave? Having a question/comment/concern system to track patient feedback is essential to developing a strategy that works.
How does your practice align focus with revenue goals? Share in the comments below.