{"id":1784,"date":"2019-09-03T10:01:15","date_gmt":"2019-09-03T17:01:15","guid":{"rendered":"https:\/\/ascentblog.org\/?p=1784"},"modified":"2019-09-03T10:01:16","modified_gmt":"2019-09-03T17:01:16","slug":"let-marketing-increase-the-value-of-your-practice","status":"publish","type":"post","link":"https:\/\/ascentblog.org\/let-marketing-increase-the-value-of-your-practice\/","title":{"rendered":"Let Marketing Increase the Value of Your Practice"},"content":{"rendered":"\n<p>Retirement may seem far away, but it&#8217;s never too early to start\nplanning. Someday, you might want to sell your practice, and naturally you&#8217;ll\nwant to get top value. It&#8217;s easy enough to figure out a price for your\nbuilding, furniture, office equipment and supplies, but the true value of your\npractice lies in its reputation. Factors such as patient loyalty, practice reputation,\nand future income\u2014known as &#8220;goodwill&#8221;\u2014generally account for 70 to 90\npercent of your selling price.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Goodwill Hunting? Try These Steps<br> <br><\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignright is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/ascentblog.org\/wp-content\/uploads\/2019\/09\/value.jpg\" alt=\"Stack of gold and silver coins \" class=\"wp-image-1786\" width=\"438\" height=\"292\" srcset=\"https:\/\/ascentblog.org\/wp-content\/uploads\/2019\/09\/value.jpg 640w, https:\/\/ascentblog.org\/wp-content\/uploads\/2019\/09\/value-300x200.jpg 300w\" sizes=\"auto, (max-width: 438px) 100vw, 438px\" \/><\/figure><\/div>\n\n\n\n<p>The best way to build goodwill and increase the value of your\npractice is to develop a comprehensive marketing plan that focuses on both\nshort-term and long-term goals. Key elements include advertising, branding,\noutreach, patient retention, and reputation-building. Make the following\nefforts a primary goal:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Online\n     presence<\/strong>. Building an attractive, organized, user-friendly\n     website focused on search engine optimization is crucial. Include a\n     variety of content such as blogs, podcasts, and videos, and update\n     frequently. Social media is equally important in creating an online\n     presence; sign up for all the major platforms and make posting engaging\n     content there a regular habit.&nbsp;<\/li><li><strong>Customer\n     service<\/strong>. A friendly, knowledgeable, and engaging\n     staff serves as a front line in your marketing and reputation management\n     efforts. Keep your reception and waiting areas neat, tidy, comfortable,\n     and inviting.&nbsp;<\/li><li><strong>Online\n     reviews<\/strong>. Encourage patient feedback through\n     online reviews, surveys, and testimonials, and respond in a timely manner.\n     Don&#8217;t hide or delete negative reviews; seize them as opportunities to make\n     positive change and turn an unhappy patient into a happy one. The power of\n     loyalty cannot be overstated; satisfied patients will keep coming back\u2014and\n     they&#8217;ll share their positive experience with others. Do be wary of HIPAA\n     regulations when responding to reviews.&nbsp;<\/li><li><strong>Communication<\/strong>. Personalized\n     engagement with patients is an excellent way to build long-term\n     relationships and improve your patient retention efforts. Interact with\n     patients regularly through social media posts and stories, e-blasts or\n     newsletters, and various community events. This fosters a culture of\n     friendliness and trust.&nbsp;<\/li><li><strong>Capital\n     investment<\/strong>. It&#8217;s worth spending as much as you can\n     on advanced technology, comfortable furniture, and high-end equipment\u2014not\n     only to ensure patients receive quality care and encourage them to come\n     back, but also to maximize your investment when it comes time to\n     sell.&nbsp;<\/li><li><strong>Branding<\/strong>. A key\n     component of marketing is creating a brand identity for your practice.\n     Make sure your collateral highlights your name and logo consistently.\n     Branding helps your reputation grow, increasing your overall value.<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Retirement may seem far away, but it&#8217;s never too early to start planning. Someday, you might want to sell your practice, and naturally you&#8217;ll want to get top value. It&#8217;s easy enough to figure out a price for your building, furniture, office equipment and supplies, but the true value of your practice lies in its&#8230;<\/p>\n","protected":false},"author":3,"featured_media":1786,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"schema":"","placeID":"","no_match":false,"name":"","company":"","review":"","address":"","city":"","state":"","zip":"","lat":"","lng":"","phone1":"","phone2":"","fax":"","mon1":"","mon2":"","tue1":"","tue2":"","wed1":"","wed2":"","thu1":"","thu2":"","fri1":"","fri2":"","sat1":"","sat2":"","sun1":"","sun2":"","hours-note":"","footnotes":""},"categories":[6],"tags":[],"class_list":["post-1784","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-practice-advice"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Let Marketing Increase the Value of Your Practice | ASCENT: Administrator Support Community for ENT<\/title>\n<meta name=\"description\" content=\"ASCENT: Administrator Support Community for ENT | Retirement may seem far away, but it&#039;s never too early to start planning. 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