By Christopher Langehaug
A practice valuation can be daunting. For young physicians looking to establish themselves in the world of private practice, the valuation they receive dictates one of the largest financial decisions they will make in their career. For physicians on the verge of retirement, these valuations represent the sweat equity they've built up through years of hard work. For some, proper planning and good management will allow for a higher valuation. Others, however, will come to find that their practice is worth far less than they thought due to wasted resources, dissatisfied patients, and a lack of oversight. It is important for any practice to ensure that they are taking the necessary steps to prevent being blindsided by a poor valuation.
Practice Value Comes From Improvement
For practices looking for ways to improve, there are two words to keep in mind: efficiency and modernization. Sure, keeping up with the times might not seem like too big of a deal-after all, why change what's worked for so many years? But when it comes time to determine your practice's worth, an office that is ignoring technology designed to save both time and money will suffer in its final valuation.
Electronic medical records, for example, go a long way towards ensuring that your practice runs like a well-oiled machine. Utilizing practice management software that stores and handles this data for you not only saves time but also reduces the number of new hires needed as your business grows. And as an added benefit, this software will also help you stay up to date on government regulations. While the transition to electronic records may seem difficult at first, the time and money it will save you in the long term will add to the total value of your practice.
Online-Presence is a Keystone for Long-Term Value
In the age of the internet, it is especially important to have a polished online presence. A website with excellent functionality, intuitive design, and well-written posts can draw in new patients. Having an active Facebook or Twitter account is also an excellent source of free advertising, especially if your content is engaging enough for your followers to share. Increasingly, your website and social media pages will become your practice's first chance at making a good impression, and therefore, should not be overlooked. If this seems like too much work, there are plenty of ways to get Managed IT Services to assist your practice.
Good Reviews Can Make a Difference
Even beyond your own site, online reviews are key to drawing in and retaining more business. A practice with good ratings and customers describing positive experiences will stand out above those with poor or even average reviews. There are a few simple steps that can be taken to garner good reviews. First, having a highly trained staff and an optimized patient portal not only leads to faster appointments, but also gives the office an air of professionalism from the moment a patient signs in. Reducing wait times is also crucial. If a patient is sitting in the waiting room long after their scheduled appointment time, it becomes far more likely that they will leave an angry review. Taking steps to improve practice efficiency, be it the management software mentioned previously, or a simple streamlining of day-to-day tasks, it is necessary to make sure you get patients in and out and on their way quickly.
Practice Value is an Investment
Everything adds up when you are receiving a practice valuation. But taking steps to boost your practice's patient experience can add significantly to its overall value.
Christopher Langehaug is the Executive Vice President at ChartLogic.
