Three opportunities presented for practice growth

July 4, 2014
Three opportunities presented for practice growth

(HealthDay)—Maximizing the growth potential of a practice over time requires physicians to consider various opportunities, including increasing the size of medical groups, embracing technology, and use of marketing, according to an article published June 24 in Medical Economics.

Noting that the introduction of the Affordable Care Act and other marketplace dynamics are causing uncertainty about practice sustainability, the author of the article, Phil Dalton, discusses three opportunities that should consider as part of maximizing their practices' growth potential.

According to Dalton, increasing the size of medical groups is one opportunity worth considering. Many physicians are joining hospital-owned practices, and physician networks are partnering with local hospitals in an effort to limit or eliminate the role of the insurance company. Physicians need to consider the benefits and potential drawbacks of this approach. A second opportunity is to embrace use of technology, which offers ways to increase productivity, improve cash flow, and provide office efficiencies to enhance practice growth potential. Finally, physicians should take note of two marketing tools: traditional public relations and developing an online strategy. These can help raise practice visibility and enhance the patient experience.

"Physicians need to position themselves in a population health management marketplace where strategic affiliations, the ability to differentiate, and a value-driven (rather than volume-driven) philosophy comprise a winning formula," Dalton writes.

Explore further: Tips offered for improving practice financial management

More information: More Information

Related Stories

Tips offered for improving practice financial management

July 3, 2014

(HealthDay)—Establishing clear financial policies for practices and making it easy for patients to pay are two suggestions for improving practices' financial management, according to an article published online June 24 ...

Concierge-style practices increasing in popularity

February 8, 2014

(HealthDay)—An increasing number of physicians are forming concierge practices, in which they collect monthly cash fees from patients instead of insurance reimbursements, according to an article published Feb. 1 in the ...

Urgent care can be opportunity for practice expansion

January 5, 2014

(HealthDay)—Many physicians are exploring expansion into urgent care as a means to grow their practice, but some important factors should be assessed before jumping in, according to an article published Nov. 25 in Medical ...

Recommended for you

Want to exercise more? Get yourself some competition

October 27, 2016

Imagine you're a CEO trying to get your employees to exercise. Most health incentive programs have an array of tools—pamphlets, websites, pedometers, coaching, team activities, step challenges, money—but what actually ...

Sleep loss tied to changes of the gut microbiota in humans

October 25, 2016

Results from a new clinical study conducted at Uppsala University suggest that curtailing sleep alters the abundance of bacterial gut species that have previously been linked to compromised human metabolic health. The new ...


Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.