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Medical Practice Business And Marketing Articles
Article #7 - Jan. 2010
“Why Medical Practice Marketing Must Follow The Economic Cycles”
The amount and type of your marketing should be directly
related to the up or down economy.
Catch up or you will be forced to change careers! Ever worry about the fact that your practice income varies directly with the economic trends and is dropping year by year since you established medical practice. Working hard to improve your income to compensate for that? Then, there’s the government continuing to restrict your medical fees... increasing those restrictions yearly.
Then, there’s the problem of medical malpractice law protection using caps on pain and suffering which some states have in force, but almost all others will never let it happen. It’s obvious that if you are relying on increasing your practice hours, work load, and patient flow each year above what you did the previous year in order to compensate for the factors causing your decreasing income... the bubble will burst!
However, smart physicians and healthcare personnel reading this are about to discover a new critical view of medical practice business cycles. When coordinated, your marketing efforts with the world economy, if you do any marketing of your practice at all with intention, you will be amazed at how much financial stability you can create for your medical practice. It always provides a cushion of income far beyond what other physicians experience.
For example, we are presently in a huge economic downturn where wise economic decisions can make or break you. The survival instinct kicks into action. You save money, cut expenses, and stop doing the 20% of things that cost you 80% of the overhead. That’s good, but beyond those efforts requires a keen knowledge of economic cycles and trends in order to know what to do and when... right?
A look at the years ahead using economic predictions and by following economic trends, economic cycles gives you an opportunity most physicians never consider for getting a tighter grip on practice income. The economist, Harry Dent, has traced economic cycles based on demographic statistics over the last century.
Not only have they occurred at predictable intervals, but also have well known cycle lengths and recovery phases. Economic cycles have an 80 year span which Harry Dent, Jr., a world renowned expert in economic cycles, has shown and proven by following the demographics of societies.
Drawing a bead on business cycles will be considerably more valuable to you than the advice of most financial advisors who deal only with the immediate future.Your belief that national and global economics are simply chaotic and have no predictability, and that you have to ride with the tide is far from the truth. Dent's predictions are rarely wrong, and at least far more reliable than anyone else. And, those predictions are based on what people do, where they move, what they want, and how they think, not on the GNP or census stats.
How to manage these economic effects on your practice
These economic cycles have direct connections with and
powerfully impact on your practice income.
Experts seem to agree that over the next three to four years any business (including medical practice) should follow these financial guidelines...
Hunker down over the next few years—till 2013.
If you own a medical office building, sell it. Why? Because commercial real estate is now entering the phase of drastic reduction in real estate values, which usually follows the residential housing price reductions after a short lag period of a year or so.
Cash is king now and will be for at least 4 to 10 years while credit and borrowing is unavailable. In three or so years you can go back and buy your building at half the price you paid for it in 2005 or 2006. Lease or rent an office now, save the cash profit you get from the sale and save it for 5 years or so when commercial real estate will be at the bottom and your cash will go a lot further. Dent's advice, not mine.
Don’t spend money on major capital improvements for at least the next 3 years. Don’t buy new equipment, buy new cars (only lease it), expand your medical practice, buy a new home, upgrade to a bigger home, or jump into any investments such as the stock markets because cash accumulation now will put you far above those who aren’t saving cash
by 2014 and later.
Looking at the future demographics, if you are in the process of moving your practice or are nearing the time when you are ready to start medical practice, knowledgeable physicians will be choosing to practice in the suburbs (less crime and congestion) of growing cities of 700,000 to 1 million range population located away from the costal areas of the USA, and which have colleges, universities, and good life empowering facilities.
Demographic cycles reveal the migration of citizens to southern states, cities, and inland where housing is more affordable, cities are growing with more jobs available, and taxes are less than costal states. It’s clear that those are the areas where medical practices will thrive the most, grow the fastest, and provide more income.
How to implement smart economic thinking for your office management both now and from here on
Too many physicians, if not all, were never taught how to run a business efficiently and profitably. It’s why there are so many physicians retiring with no retirement plan or resources of income for retirement. It doesn’t have to be that way.
After making every mistake in the book about managing my own medical practice, I have come to believe that my benevolent, compassionate, inattentive, denial, forgiving, and accepting personal traits caused me to lose an overwhelming amount of income during those years of practice and that I should have been more ruthless all along.
With that in mind, I would like to present you with some pointers and facts about truly successful business which will help you do much better than I did. Every physician has a unique set of ideas about what they want to do with their medical practice marketing, where they want to go with it, what goals they have for it, and how much work they expect to do to get there.
Think like this... (Dan Kennedy speaks the truth)
Three requirements for you when you have employees... Leadership, Management, and Supervision
The relationship between employer and employee in inherently adversarial. Your agenda is completely different from theirs.
Your business is your life and your life is your business. Employees
are not your friends or family.
Employees forget you are paying them to work and generate profits.
You are under no real or implied obligation to make your employees happy or to like you.
Your primary obligation is to yourself and your practice. If you forget that and you start to compromise your obligation by trying to be “liked” and be thought of as a “nice boss,” then you will, in doing that, let employees get away with things which will upset your goals for your practice, significantly reduce your practice income, and shortchange your obligations to your family.
An effective boss is one who sets and enforces standards and procedures in order to create maximum possible profits. Isn’t that why you are in the business of medicine? You can remove the guilt of feeling you’re in medical practice to earn income only, by understanding you can provide more and much better care of your patients when you are earning your maximum income. Then, you can also do charitable work in healthcare.
What kind of employee do you want? There’s only one answer to that...
a profitable one.
It’s not your responsibility to provide Mary with a job, nor pay her enough to support her family and dog. It’s Mary’s responsibility to make herself so valuable your business can’t live without her. The only reason to keep Mary around is profit.
The above comments will insult a third of readers. Another third will attempt to rationalize them. And, the final third will understand that the business logic is there, but the complexity of the issues need more explanation, debate, and discussion.
Are you the frog in the pot of hot water? If it recognizes the heat will jump right back out again. Or, are you the one that got in the water when it was cold and as it got to a boil, the frog never left the water?
The author, Curt Graham, is a highly experienced business and marketing expert, copywriter, and entrepreneur who has been published in various media over 50 years while in medical practice and after.
Discover what it takes for you to reach the optimal limits of your potential in medical practice, and how to do it: Click Link NOW!
© 2004-2011, Curt Graham M.D., All rights reserved.
Why People Fail
A series of No B.S. Articles from Dan Kennedy
"How To Get Rich In ‘Un-Rich Times’"
In the Renegade Millionaire System, I dispense this advice: #1: BE the Wizard, #2: BEWARE the Wizard. Wizards are very powerful, so it is better to be one than to be influenced by one.
Everybody welcomes the convincing Mystic. People so desperately wish to Believe. That there is a long lost, ancient or a revolutionary new Something: cure, elixir, formula for easy riches or happy relationships or better sex or children that mind or growing 12 foot high tomato plants; a gizmo that turns corn into fuel or tree bark into gold doubloons; an Answer Man, Seer, Keeper of Secrets. And in dark times, this desire intensifies.
In dark times even kings subjugate themselves to the Mystics – which you know if you’ve studied history. People really don’t want rational explanations for how you do what you do, they prefer Believing that you possess Mystical Powers and Magical Secrets that you will use for their benefit. To underestimate the power of secrets and secret powers is to ignore how humanity has been manipulated, controlled and ruled since its beginnings.
In these times, you can rise to greater heights of influence and power than at any other time, by turning up the wattage on your mysticism. In the dark, you glow. Doesn’t matter if you dispense investment advice or lawn care advice, are a dog whisperer or a presidential candidate, or a tax attorney or a mattress manufacturer – now, more than ever, is the time to speak of secret techniques and magic ingredients and unique abilities. To offer absolute certainty in an uncertain world. To declare unique and profound importance.
I’m speaking now about how you present yourself to the world.
If you sell a particular kind of mattress, you must present it as THE – emphasis on key word: THE – first, best, only “magic,” based on top secret technology invented for NASA and Olympic athletes – that relieves all back pain, delivers 10,000 more REMs per night, lets cellular structure rejuvenate thus slowing aging, helps you lose weight while you sleep; is THE secret to eternal youth and vitality. It must be THE GREATEST discovery in medical science of this century. And you, as its spokesperson, must be the Grand Mystic of Sleep Science. You need an arsenal of Amazing Facts at your disposal.
You need practiced language and Profound Statements. You must convincingly promise THE Cure. For whatever ails them, economically, emotionally, physically. To advance your education, I strongly suggest getting and reading the book CHARLATAN. It reads like a novel but is non-fiction. Not that you should be a charlatan; I presume you deliver legitimate value in whatever you sell or do. But that you should use the techniques of the master-charlatans of the ages. Nothing less will do.
When a group becomes lost and frightened in a dark cave, the man with the only flashlight automatically becomes their leader. Key word: only. It’s time to present yourself as the person with THE ONLY flashlight.
The WHY PEOPLE FAIL articles are provided by Dan S. Kennedy, serial entrepreneur, from-scratch multi-millionaire, speaker, consultant, coach, author of 13 books including the No B.S. series (www.NoBSBooks.com), and editor of The No B.S. Marketing Letter. WE HAVE ARRANGED A SPECIAL FREE GIFT FROM DAN FOR YOU including a 2-Month Free Membership in Glazer-Kennedy Insider’s Circle, newsletters, audio CD’s and more: for information and to register, visit:
Articles © 2009/Glazer-Kennedy Insider’s Circle LLC. All rights reserved.
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Curt Graham, M.D.
2404 Mason Ave. Las Vegas, NV 89102
E-mail = cgmdrx(at)gmail.com
© 2004 - 2015 Curtis Graham, M.D., All Rights Reserved.