Physician Practice Analyses

Medical Market Analysts develops analyses that help physicians understand factors that influence practice growth and profitability. These analyses range from the complex, such as cost analyses, to the comparatively simple referral physician analyses.

There is rarely an argument for "paralysis by analysis" in today's competitive and cost conscious environment. Effective MCO negotiation and practice marketing demand precise understanding of practice costs and expected returns. Margins for many managed care contracts are razor thin and the practice must seek ways to reduce cost and insure profitability. This topic is discussed in more detail in the "Managed Care" section.

A cost analysis should be completed in every practice as it is impossible to insure profitability when costs are unknown. Understanding costs associated with labor, materials and overhead often leads to significant savings and better understanding of the processes involved in delivering services. We recently completed a cost analysis that identified $50,000 in recurring lost revenue per year. Once the loss was known a means to recover the revenue was developed.

Most successful practices have a marketing plan supported by demographic analyses. These analyses are critical to identifying and reaching the correct target market. We have devised several algorithms that assess market potential based upon market demographics relative to the patient type(s) and disease states. Dependent upon the physician specialty, these analyses might include the number of couples, their ages, number of children, income, education, and employment.

We also develop analyses designed to identify high potential referral physicians. The first step is to identify and quantify all current physician referrals. Once these data are known, programs are developed to increase referrals from targeted physicians. Markets vary as demonstrated by one reproductive medicine practice that received 35% of total referrals from Family Practitioners.

The patient satisfaction survey is an excellent tool for insuring "quality of care". "Word of mouth" referrals are very powerful and patient satisfaction is essential for practice growth. We develop the survey and provide detailed analyses. These surveys provide valuable information that can be used to improve services, coach employees, or make procedural changes.

We can help you design and conduct analyses to support your marketing and managed care efforts. Most importantly we insure that you place your financial and "manpower" resources where there will generate the greatest return.

Specialists in Physician Practice Marketing and Medical Web Site Development