If you are creating profit in your practice, there are usually three things you can do with this profit: pay down your debt, pay yourself a dividend, or invest it. In this blog, we outline some things that you might want to consider if you are considering re-investing in your practice.
We’ve been through quite rocky roads this year, so it pays to be picky now as you decide whether you’re going to re-invest or not. We have seen a lot of reinvestment in the clinics that we work with over the last few months. Some of our clients have invested in new equipment (such as shockwave machines and IDD machines), so that they can begin to offer a wider range of services to patients. We’ve also seen a number of clients investing further training for their practice managers to enable them to take on more duties within the business – you might be considering investing in your team members now, so that they can support you in rebuilding your practice.
When re-investing in your practice, it’s important to ensure that you are investing in a healthy business and good business operations as a priority. In some cases, this could be very low cost, such as getting yourself organised.
When looking at investing in expensive equipment or re-investing so you can offer new services, it’s important that have confidence that the investment will pay off. One thing you could do is collect some feedback from patients and from your team, to learn more about what’s important to them. This will help you to make informed decisions based on the numbers and based data rather than assumption.
When you’re looking at investing in marketing, it’s important to make sure that you’re recording where all your new patients come from so that you can make an informed decision. It’s also useful to talk to others in your industry if you can. For example, if you are considering investing in Google ads find out from other clinic owners that have invested in Google ads what their return rate has been.
Getting feedback and recommendations applies to any service that you’re going to be outsourcing or investing in – make sure you get recommendations from people you know, and speak to a number of people before you decide on which supplier you’ll be using.
Our Key Message
The key message from us if you are considering re-investing in your practice, is to make your decision as informed as possible, through looking at data from your practice, speaking with your team and patients, and speaking with other clinic owners.