How to Maintain And Save Your Practice In a Time of Crisis
From Today thru March 23rd our corporate partner Dallas Regenerative Solutions is making available FDA Approved: Gloves, Gowns, Mask, Test, and Wipes.
These products meet industry standards, and are FDA registered, and/or NIOSH certified.
To order TODAY call or Complete the attached forms: 833-746-7848
Pricing and Supplies will change Monday the 23rd of March and looks like it will go up about 20% next week.
How to Maintain And Save Your Practice In a Time of Crisis
During this time of economic uncertainty, many practice groups are worried about surviving what’s up ahead. We at Social Media Solutions For Doctors understand this is a legitimate worry given the temporary loss of lead volume, patient consults, and actual revenue loss from being unable to treat fee for service patients.
Now Is Not The Time To Panic! There is much to be done during this slow period.
As the leader of your practice, what can you do to help maintain your business and reassure your staff that you can and will weather the storm?
The first thing you should do is find out how much cash reserves you have on hand and how long that will last? Then reach out to all your stakeholders now!
Who are your stakeholders?
1. Banks that you may have loans with both business and personal?
The first thing to do is see about setting up deferments for pending payments for at least 90 days.
Inquire about obtaining a six-month line of capital/credit to give you the ability to stay afloat, especially with low-interest loans that are now be available (Get As Much As Your Credit Will Allow You To Get and Spread The Loan Out For As Long As You Can. Rates May Never Be This Low Again!)
If a loan is available, we advise you to pay off as many obligations as you can which might be below 5k this will reduce your debt load and your stress!
We hope that you’re not overextended in your finances for trying to maintain a lifestyle image that is not based on the reality of your income. This could limit your ability to call in favors or ask for assistance.
A. Vendors and Suppliers
In most cases, these companies themselves will be affected but if you’ve had a long-standing relationship they will more likely be willing to work with you on payments.
B. Your Staff
Meet with them immediately, let them know what’s happening, and what you plan to do. Reassure them that you intend on doing everything within your ability to maintain the practice, but that furloughs may be necessary in order to make the viability of the practice. Even if it’s just a temporary situation. Transparency is key to trust and developing buy-in for critical decisions that have to be made during the financial crisis.
Whom do you meet first? Your frontline Managers as they and you will be the ones to talk with the team about layoffs if they are needed.
Ask for volunteers, but have in mind those positions that are not critical to business operations for the initial round of layoffs. If you can give them at least two weeks’ pay at layoff that will help them to at least cover their bills. Any remaining payments would be handled through unemployment
If you have any staff members working from home handling patient files, please make sure that they log in using a HIPAA compliant portal
C. Check your insurance policy to determine you have Business Interruption Insurance/Loss Of Use coverage
Due to the national emergency / disaster and your requirement to shut down the business. This may be a covered loss and could replace some of your revenues.
Now would also be a great time to promote and sell your skincare products online or through drop shipment rather than letting it sit on the shelf costing you money. Run promotional specials and have a dedicated line for orders.
2. What is the age and condition of your current website?
In the last two years, there have been significant changes within and surrounding the internet as mobile phones have become a dominant factor in terms of how everyone communicates. These changes have been so dramatic that Google even had to modify its search perimeters to a Mobile-First platform. Mobile online traffic has already blown by desktops, laptops, and IPads. Google using sound business practices decided to go where the traffic is leading, and that traffic is mobile-first search.
3. If you have not invested in social media, now is the time!!!
Whether it be Google My Business, Facebook, Instagram, Twitter, LinkedIn, etc,
Social media is the tool of communication for our generation so if you have not yet adopted a robust program, seek out individual companies or agencies that can help you with this. In most cases, they have content writers and graphic designers who can help you with messaging.
On all social platforms which are where consumers gather to talk about the events of the day, you will need to stay connected on a regular basis with updates and words of encouragement. This will engender an appreciation for you and your practice but also create a sense of community which is very much needed at this time. Plus by so doing, you stay Top Of Mind once the crisis subsides.
If you do have social media and other marketing tools of communication like newsletters, text messaging, as well as Facebook Messanger or What’s App messenger utilize these platforms to keep everyone in the know about what’s happening with the practice.
Now is the time to educate your patient population and maybe even set up chat groups to talk about FAQ that they want to ask while they have the time off so when things turn around they know whom to come to for services.
4. During this time become a student of your practice!
What additional online professional education or training can you take advantage of now that you have a little more spare time?
What blogs about treatments from your perspective can you write and have posted to your website?
Starting with your top five services or treatments. Now would be a great time to make videos on each procedure. This can be done from your office at home or at work. All you need to do is prepare a brief outline on the topic and place your cell phone on a tripod and let the educating of your patients begin.
These videos can be used to grow your Youtube channel with valuable content that can be cross marketed on Facebook, Instagram, Twitter, Google My Business, Mailchimp or Constant Contact in a monthly newsletter.
How can you improve your process and procedures?
How can you help your staff become more effective at their jobs when they return or while they have this downtime.
5. Evaluate your practice operation
A Practice Assessment is vital because it can be the lifeblood for any practice. Helping a practice to maintain its competitive advantage, improve staff tenure, helps improve financial checks and balances as well as keeping you the owner(s) focused on the goal of maintaining financial health and profitability for your practice going forward.
If you determine after reading our brief recommendations that a Practice Review is in order or you feel your Social Media program and website is not generating the correct amount of practice income to help take your practice to the next level Social Media Solutions for Doctors recommends a practice review.
6. Evaluate your team
Recognize that your staff is not the enemy. But you the owner could become your own worst enemy by not sharing your concerns about company profits with the team or utilizing some of these suggestions that allow you to set proper expectations and performance requirements.
We hope these small reminders and tips will help you navigate these momentous times. I’m offering a half-hour consultations for any practice that may need a practice audit or website review. My goals is to help you prepare for when the engine of prosperity picks up again.