How to cut costs while keeping patients loyal
Many of you may recall your parents saying how people and companies who stood by them in tough times earned their eternal loyalty. The flipside of this equation is the contempt we all have for “fair weather friends”.
Well, times are undoubtedly tough now, which presents your business with significant challenges and opportunities.
Patients need your services now more than ever. But just as you’re under pressure to manage costs, many of your patients will be struggling to manage their “out of pocket” spend.
To retain your patient base, you will need to ensure you remain affordable and accessible.
The balance of running a business and surviving these turbulent economic times is going to require a delicate touch. Here are some practical steps you can take to review your practice’s costs.
Take the time to set a BUDGET for all your expenses and be vigilant in reviewing it against your monthly management accounts. This is not the time to be spending on luxuries and remember, lots of little expenses quickly add up to thousands of rands. Now is the time for a hard look at what your practices really needs and separate these from your personal wants and “nice to haves”.
In times of economic recession CASHFLOW is key. Be careful of thinking that you can attend to this yourself. Rather focus on keeping a closer eye on the good work you staff have done and encourage a practice of prompt settlement of accounts.
Build up SAVINGS. Now more than ever we are realising what a rainy day really looks like and how a potential calamity can become our reality. When you are able to earn, please save. You cannot prepare enough for the eventuality of your inability to generate an income.
Make time to attend to ADMIN. Schedule time to focus on this admittedly tedious task. Too many practitioners put this off or rush through it on their way out the door. But attention to this detail will save you from slip ups and unexpected nasty surprises.
Examine your LIFESTYLE and cut back on wasteful expenditure. Take the time to have the difficult conversations. While we are all tempted to dream about future opportunities, this economic climate will not resolve itself soon. It’s prudent to be realistic and focus on finding our joy in things that can’t be bought.
Look after your existing PATIENTS and make yourself available to new patients. Take time and care with people during your consultations. Treating patients with kindness will help you keep your current patients and win you more patients than any investment in marketing.
Don’t be afraid to ASK FOR HELP. Just as patients rely on you for expert clinical help, there’s no shame in turning to business experts for assistance. If you find yourself overwhelmed at the prospect of revising your business efficiency, please feel free to reach out to Vizibiliti. We have worked with numerous practices at various stages of their lifecycle and have a wealth of experience in helping businesses achieve their full potential in good times and bad.
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