Marketing

Effectively marketing your private practice

Creating a legal entity embracing all members of the private practice does bring immediate financial benefit just from the sharing of overheads and negotiating with insurers and/or hospitals. However, the real benefit comes from properly marketing the group and driving in new business.

Some market research and analysis is critical in order to understand how best to position the group or clinic in the marketplace. This will involve looking at the profiles of past patients and future ones. It will also require looking at the recognisable strengths and potential weaknesses within the group and whether there are any clear differentiators or things which provide the group with a distinct competitive advantage in the marketplace.

Understanding past performance in terms of numbers of procedures and associated revenues as well as the market potential and direct competition will help to define future strategy, direction and focus.