Growing a healthcare practice is not easy, especially if you don’t have all the right information. There are a lot of practices that have been operating off of old practice growth strategies that were just never true. We’ve created a list of the misconceptions we see most often and what to do about them.
Misconceptions of Healthcare Marketing
1. Sales + Service = Profits
Every practice needs good sales and service to generate profits, but the equation “Sales + Service = Profits” oversimplifies the intricate nature of profitability. You have to also consider other elements that can influence your financial success. These include:
- Costs
- Pricing
- Market dynamics
- Operational efficiency
- Value propositions
Merely improving acceptance rates and offering excellent patient care does not guarantee increased revenue. It’s more complicated than that. You’ll need a comprehensive review of the broader business context to determine the actual impact on the bottom line.
2. Increased Marketing Spend = Greater Profits
Another false assumption that many businesses make is that spending more on marketing efforts will lead to an increase in profits. Allocating more funds to marketing without a well-defined strategy or understanding of the most effective channels can be wasteful, especially in highly competitive markets.
3. Providing Excellent Care = More Patients
Thinking that providing excellent medical care will guarantee returning patients is a false assumption many practices have.
This assumption neglects the importance of trust building, effective marketing, and building a strong online presence to attract and retain patients. Simply offering high-quality care does not guarantee a steady stream of patients.
4. Word-of-Mouth Referrals = Practice Growth
Another common misconception by many practice owners is that word-of-mouth referrals are a sufficient means to grow the practice. While word-of-mouth referrals are valuable, relying solely on them can limit growth potential and overall profit gain.
In today’s digital age, the vast majority of patients search online for medical services, their provider, and/or information about their condition and treatment options. A strong online presence, positive reviews, and strategic marketing efforts are crucial to reach a wider audience and grow a medical practice.
5. One Appointment = Future Appointments
One cannot assume that if a patient visits your practice once they will become loyal and continue to return. There are many reasons why a patient may not come back. While providing a positive patient experience is important for fostering loyalty, assuming that patients will automatically return without ongoing efforts to engage and retain them is a misconception.
What Really Works for Healthcare Marketing
It’s essential for medical practitioners to be aware of these misconceptions and adopt a comprehensive approach to practice growth. You’ll need to focus on the following:
- Targeted medical marketing strategies
- Compelling messaging
- Effective channel selection
- Your competitive differentiation
- Excellent patient experiences
- A strong operational foundation to ensure that increased marketing spending translates into increased profits
Instead of wasting time and resources on hearsay, you can know exactly what you need to grow your medical practice. Schedule a discovery call and get a personalized assessment of your marketing efforts.