One would think that, as essential a role as it plays in society, getting into the medical market would be a sure-fire way to see a return on your investment. Yet the world is littered with practices that never got too far off the ground. Here, we’re going to look at how you avoid that fate. This is how you ensure that you start to see a good investment coming out of the private practice you’re involved in.
Put the customer perspective first
In medicine, professionals are trained to think first and foremost about their responsibility to the patient and living up to their duties. However, when you start taking a practice into your own hands, you need to start thinking about their needs not just as a patient, but as a customer. This means running effective outreach campaigns and keeping in touch with patients more regularly, building emotional good will through things like personalized email campaigns. It also means considering the visibility of your business and how well it communicates its value through the thorough creation of a brand. Between how you highlight the physical space of the business and how you position it online, communicating the right aspects of the practice to the potential patient is crucial.
Diversify your treatment options
Besides getting as much of a share of your current market as you can through identifying the customer perspective, you could also look into finding a way into new markets. Monetizing blogs and providing expert knowledge through webinars and eBooks are a couple options that can help find new revenue in all kinds of business. However, nowadays there are options that are allowing doctors in particular to reach patients they might have never been able to, before. For instance, remote access technology like low cost telemedicine software can connect doctors to patients that might not have otherwise been able to seek their treatment. Not only that, but they can help practices service significantly more patients per day than they could have in the past.
Systemizing the business
Make no mistake, seeing more patients in a day is a very valid goal. By being able to process customers more quickly, you increase the potential return on investment for every day. Being able to reach more of them and able to communicate more efficiently with them is just one way of doing that. You should also be looking at the other aspects of what work gets done in a day. No matter the task, from processing a patient record to sending out an invoice, any great business creates a standardized way of doing it. They find the most efficient methods and tools and then they record it as a core part of that process. This systemization not only puts the emphasis on business efficiency. It also keeps the knowledge within the practice so new team members will be able to learn it all the quicker.
Naturally, the tips above need to be served by one thing. That’s the proper medical knowledge and treatment. You need to find the right mix of thinking like a healthcare professional and thinking like a businessperson. Otherwise, your practice is never going to live up to its potential.
Those with the knowledge and patience for coding are at an advantage in today’s digitally reliant world. Programmers are more in demand than ever before and as a result the pay can be very good. There’s also the opportunity to pick and choose the careers you want. Here are several professions that may be worth looking into.
Content management systems such as WordPress have made it easy for any layman to create a website without coding. However, the need for web design is still great with larger companies and professional bodies still preferring custom websites coded from scratch. You can work for a web design company or freelance. This is an ideal job for those that also have a creative streak. Having some graphic design knowledge may also be advantageous.
Building apps is big business with most of us now owning a smartphone. Apps can include games, useful tools or simply serve as marketing products for businesses. Buying a Mac and learning Objective C may work out useful when following this career path. From here you can build your own app and submit it to Apple, or find work at an app development company making apps for clients.
For those that have always dreamt of working in a hospital, medical coding may be the ideal job for you. It helps to have some knowledge of medicine although you don’t need a degree – taking an online medical billing and coding course is usually acceptable for getting your foot in the door. From here you’ll learn the specific medical coding system, allowing you to file record and handle insurance billing.
One of the fastest growing new careers, data analysis (or ‘data science’) is a way of interpreting huge amounts of data made possible by digital technology and the internet, and transforming them into useful ways of improving a business. Insurance companies may use data analysts to more accurately calculate risk, whilst marketing companies are now using data analysts to create better analytics of market demographics allowing for more successful marketing campaigns. This job requires a head for figures and generally a degree. Successful data analysts may be able to earn some serious money working for large businesses, sometimes earning sums of up to a hundred grand.
Computers are finding their way into more and more everyday objects from TVs to cars to smart kettles. Creating this hardware requires the same concepts of mathematics and logic used to write code, with some physical engineering knowledge on top. Those who have taken a course in electrical engineering or computer engineering should be able to translate their skills into this field. You may be able to join a hardware development company and help a team build products, or alternatively you could try and create your own computer-powered device and then market and sell it.
Real estate is a great investment to make. Primarily because you’re actually putting your money into something physical, something you can feel and touch, instead of stocks or bonds. There’s a certain excitement you can get from improving and transforming a home and selling it for more money. So where are the best places to buy homes to sell on or rent? You can do it literally anywhere of course, but why do it on the end of your street if you can do it somewhere interesting and ensure a better, more often rental or higher purchase value. Besides, it is an excuse to go abroad and try out a project somewhere else. This article can give you some ideas regarding your next property investment.
Think Of The Ski Market
Thousands of people go skiing every year. Some go to America, others to Europe and beyond, but it is an increasingly popular and accessible pastime which is an almost year around event in some places because of the high snowfall. These people sometimes stay in hotels and lodges, but at others they stay in privately rented homes. Owning one of these homes and renting it out can be extremely lucrative. People tend to spend between one and three weeks skiing, so approximately every two weeks you’ll receive more rental income. You may even get people staying there who aren’t skiers but just want the scenery. If you didn’t want to worry about all the hassle of finding a place to buy in a skiing location then target a mountain home.
Again, many people each year take trips to culture capitals like Rome or Athens. You can tap into this market because lots of travellers prefer to rent out their own properties instead of staying at a hotel. The added benefit is that it isn’t seasonal, people will come all year around. There is a slight risk with gaps, as you can’t always guarantee someone wanting to stay in your property. Of course you can rent it out for longer periods of time too. For this to truly work you need to find a property that is fairly central so that the renters can access everything with ease.
Tap Into The Party Goers
Think about buying and renting a villa in one of the top party spots like such as Ibiza because the potential returns will be pretty high and consistent all summer long with new arrivals every one or two weeks. Again the property will need to be close to the central strip, preferably within a short taxi ride or walking distance. Your property will need to be fairly large too as some groups that travel to these places are huge. Remember, they can share bedrooms, so don’t worry about making it super large. The benefit of a property like this means you don’t need it to be super luxurious as they won’t be staying in the villa all the time. You’ll need a swimming pool of course which will have maintenance fees but you can decorate the villa at a fairly cheap price. Remember to get a bond from every group that stays. Not excessive, but enough to make repairs should a drunkard ruin something in the villa. With everyone getting soused each night it is a logical step to take.