"Positioning: a powerful marketing
strategy that puts you in the center
of financial growth opportunities."
Positioning is a marketing concept which, when stripped of it's advertising label, has become one of the most important marketing strategies for your medical practice business.
The best definition of positioning I've found is what Dan Kennedy describes as (my paraphrasing), "controlling how your patients and prospective patients think and feel about your medical practice business in comparison to other similar businesses competing for their attention.
Experts are quick to teach the most effective strategies for positioning yourself in any business enterprise. These three should be implemented into any medical practice, especially now because of restricted fees, continued high malpractice premiums, and ever-increasing office overhead expenses that shackle your entrepreneurial spirit... and income.
How to attract the patients you want...
Patients need to know what you do in your medical practice business. One way to make it clear is in the name you choose for your practice, business cards, and letterheads.
It should reflect exactly what your business does--your primary focus. Thousands of physicians do obstetrics, for example. Your business name might be "Complicated Obstetrics," "Natural Birth Obstetrics," or "Surgical Obstetrics."
Patients who see "Surgical Obstetrics" quickly know you love to do C-sections and even forceps deliveries, and migrate to your office for care and their repeat C-section.
What would you understand if you saw signs like "Emergency Chiropractic" or "Chronic Pain Chiropractic?" Do they steer any patient to the right place? You bet! You need to think in terms of targeting those patients you prefer to work with.
Titles make profound imprints on patient's minds as well. If you don't believe that, then why are Osteopathic physicians given the choice of using D.O. or M.D.? In the past, the training levels of each profession were quite different. Today they are rated equal.
The reasoning is that patients know the difference and select the M.D. physician because of the perception they are better-trained physicians, even if they aren't. It gave an edge to osteopathic physicians on patient attraction they would not have had.
Labels placed on business ventures, if done with marketing and attracting patients in mind, are very effective in areas of value, interest, and benefit.
A friend and associate of mine in practice moved from obstetrics and gynecology, to allergy, to "Environmental Ecology Specialist." In the 1970s there were only 200 in the whole USA. He actually increased his practice flow using that EES label for what he was, and still is, doing. He stepped out of his comfort zone and made a difference.
How to use medical fees and pricing to position yourself...
Fee strategies used by physicians have never in the past been able to overcome their fear of losing patients or never having enough patients in their practice to make their medical practice financially stable. It's a myth which has been perpetuated for decades in medical circles. The only area in our profession that seems to have overcome that barrier is in plastic surgery.
However, a small number of physicians have managed to beat the odds in their cash-only concierge medical practices residing in affluent neighborhoods.
It is clear that any business dependent on "lowest prices" concept alone are prone to fail for many business and economic reasons.
To illustrate how you might look at this process, let me ask you a question. Would you rather serve 100 patients at 20 dollars a visit, or serve 1 patient at $2000 a visit? The latter, of course.
By understanding the dynamics of money, you recognize that you are not selling price in your medical practice management. You are selling your services, expertise, skills, and knowledge. These are unique to you alone--no one else. They are worth a lot more than most physicians attribute
to them.
One of the most powerful dynamics of marketing any product is what's called "scarcity." So if you raise your fees well above what comparable physicians are charging, what happens? You would think you'd lose most of your patients. Not true.
Human nature says that the harder it is to find a product, the more it's worth to you. People naturally fear missing out on deals, bargains, and products in short supply. Physicians who begin to restrict their practices by raising their fees find that they become even more in demand. This has proven to be true in all aspects of the business world.
I firmly believe that most financially stable medical practices are linked to the highest quality medical care by physicians.
The low end price conscious practice patients shopping for a physician having the lowest fees are the least loyal to your practice. Actually, loyalty is an illusion nowadays. Patient retention must be earned, and can't be obtained by lowering fees. So, don't lower your fees, ever.
A scary thought-You're selling your services for less than you need to.
A scarier thought-You're selling less of your services at a lower price than you
would at higher prices. A fact.
Why is this true? Because business owners are so fearful of raising prices. The same is true
for physicians.
One well researched factor is that fees are not linked to your patient's actual knowledge of what your fees should be or what the comparable fees locally actually are. It leaves you with far more flexibility and freedom than you probably take advantage of to set your fees at a level
which pleases you.
The more effectively you use your medical practice marketing skills, the less your fees will matter to your patients.
The Harvard Business Review contains examples showing that raising the prices on goods increases demand for the more expensive item. Net profit, may be more for sales of the higher
priced product.
The fear of losing patients as a result of increasing fees is a myth.
How to make your image help your practice income...
It's generally accepted that if you want to be perceived as a successful trustworthy physician, you must be the image of a successful physician.
You can deliver a profound and motivating speech in your jeans and a T-shirt knowing the high value of what you are saying. Your attire, however, will have everything to do with how that speech is received. People judge you by your looks in spite of what you've heard.
Dressed up physicians creates an authoritative look and avoids the psychological barriers for acceptance patients have for the physician in jeans. If you'd rather be rich than right,
dress professionally.
How to become an expert...
Simple, just be one! Being an expert does not require approval by any person or organization, nor does it have requirements that must be met first. If you have ever read Robert Ringer's book, "Winning By Intimidation," you'll understand his business concept of "leap-frogging" to the top.
You want to get out of that group of doctors at the bottom of the line who are waiting for permission from somewhere to move higher in the hierarchy.
Expert positioning is all about self-promotion and declaring yourself as an expert. As a physician, there are areas of skills, knowledge, and expertise that no one else has and that makes you unique. No other physician knows all the same things you do, nor has all the skills you have when you get right down to it.
Among those skills is the need to retain certain amounts of modesty and appreciate that others have the right to be important.
To position yourself and your medical practice business it's necessary to clearly determine who you are, and drive that home in every marketing effort you do. Don't short-change yourself as most physicians do. If you feel like an expert then, it follows, that you will act like an expert.
You act like an expert because there are things you know and do that no others can. It's a reality that you develop a mindset for.
It's fascinating how those around you will usually accept the position you choose for yourself and present it to others. Look at the physicians around you every day. You have a perception of each of them relative to their strengths and abilities. Your perception of them is what they present to you about themselves, and you pick up on them.
You know the physician who takes it on himself or herself to take over the discussion in every committee meeting he is a member of. There's more than one on every medical and hospital staff. Is he a leader with real knowledge, or is he a blow-hard with little to add? Your perception is the same as everyone there about this person.
Use your own methods to develop and promote who you really are and how you want to be perceived. Expand on the skills and talents that you know you have and that most of those you work with already are aware of. Your internal character reflects your integrity and trustworthiness. It's the way you are every day, your behavior, your personality, and your friendliness in all relationships you have with others whether its your peers or mid-level providers or the cleaning lady or man.
If you have a tendency for leadership, you need to make that known. You do that by being very available to anyone who asks you to be in charge of something that you know you are capable of managing. In commercial businesses, that is how you rise rapidly up the administrative ladder, social scales, and salary benefits. A special aspect that impresses others is one's performance in a project or job that goes far beyond what was expected or desired by overseers. You go the extra mile that others refuse to do.
You recognize what things you do that attracts the attention of others and does not offend others. If you are a member of a group or committee and remain silent, don't verbalize your thoughts about the topic being discussed, it leads to perceptions about you that may not be true.
Did you not know anything about the topic? Were you sick or stressed out about something else? Do you not like the others on the committee? Are you easily intimidated? Are you afraid of being offensive to others and say the wrong things? Are you the wild-card who responds just to tell everyone how smart you are? Do you feel that you have added to the conversation and ideas? You usually know when you are contributing, when someone comments about your ideas.
Adapt your mind to focus on the characteristics that you want others to see and respect about you. Humility always helps. That tactic tells everyone that you are not telling others what they should do, but that your idea might be important to consider.
When dealing with any medical patient, consider the various approaches that all medical patients are attracted to...
- Courtesy
- Greet patient by name--recognition factor--shake hands or touch arm gesture during greeting
- Gentleness with physical exams
- Maintain a slow communication with patient
- Avoid comments about other physicians treatment or diagnosis
- Avoid telling patients your personal history/family history unless they ask
- Allow family members in exam room if asked--no kids under 10 years old
- Quick to explain your findings and thoughts
- Willingness to hear from patient about treatment result
- Escort patient to front desk if time available
- Ask permission of patient if treatment is urgently needed, then do it
- Explain why a test(s) is needed
- Answer patient's questions thoroughly
- Avoid wearing bloody clothing when seeing patients--from OR or treatments
- Offer follow-up appointments prn
- Avoid talking about fees and costs, unless patient asks
You can't do all of these with every patient, but 4 or 5 of these are productive. I started out wearing
a white coat/jacket in my office but found that it was too cumbersome and hot to wear in office. Patients did not seem to mind seeing me in normal business clothes, and no one ever objected to that in 20 years of private medical practice business.
----Professional Probe----
"Do you see the one that you want to be positioned at?
Pastor Robert Schuller used to say, "start small, think tall."
Articles © 2013-2022/CGG INVESTMENTS LLC. All rights reserved. #76, 3-16-22
