When you’re in the healthcare industry, growing your business has an added obstacle: keeping patient care paramount. As discussed in a previous post, it is possible to both expand your business and maintain top quality patient care, as seen in the example of the pulmonologist. [insert hyperlink to previous blog post here] So what exactly did the doctor do correctly? He followed 5 important guidelines.
Put the patient at the center – When choosing ways to expand your business, look to the demographics of the surrounding area. Let the local needs guide your expansion.
Start small – You don’t have to implement all your ideas at once. Start with something small, such as adding a new service. Once you have that service well established, you can move onto “phase 2.”
Develop a business plan. A solid and thorough business plan provides a way to think through all aspects of your growth and get input from others. Remember, if it’s important enough to invest your money, it’s important enough for a business plan.
Model the new operation – While taking the time to plan your process complete with a financial model can be painful, it’s vital to your success. Make estimates concerning expenses, time and people. This will be your “measuring stick” as you go along.
Measure progress – By approaching the plan as a project, you can set milestones to measure progress. These “success points” help keep things on track and highlight problem areas before they became an issue.
While these steps are nothing innovative or complicated, smart planning is important to the success of your growth. When it comes to expanding your business through physician dispensing, Northwind Pharmaceuticals is your partner in both planning and implementation. Contact us today to learn more.
