This article is a continuation of ‘Recovery Strategies For Dealing With The Pandemic’ for private healthcare practice owners. Strategies 1-3 can be found in the earlier article here.
How do you bring your practice back up to your pre-COVID level, and beyond? Here are proven strategies taken from what is working right now in veterinary, dental & optometric practices across the US.
STRATEGY FOUR: Even out cash flow The pandemic continues to cause periods of low volume and pent-up demand, resulting in cash-flow problems for some practices. In coming months, patient volume may be higher at first due to pent-up demand, followed by steep dives in productivity from patient’s health & economic concerns. The thing to focus on is a strategy to even out your cash flow month-to-month.
Wellness plans, memberships and product sales are great ways to generate consistent income regardless of the pandemic. The optometric practice that takes its frames selection online, the veterinarian who incentivizes monthly payments on wellness plans, and the dentist who signs parents up for a child’s healthy-mouth membership – all are examples of workable strategies to prevent low cash-flow months.
STRATEGY FIVE: Wise Financial Systems The practice owner who doesn’t know their make-break point is operating in an economically unsound manner. With the current climate, monthly assessment of what it truly takes to keep your lights on and doors open is a must. One system that is working well for practice owners is to set aside cash on a weekly basis to pay bills and other expenses. Regular financial planning amongst the owner and their manager is a much safer financial system than waiting until the end of the week to know which bills can be paid.
STRATEGY SIX: Compassionate Scripting With everything 2020 has brought to bear upon humankind, never has there been a greater need for compassion & corporate social responsibility. In the US, communities in the midwest and along the eastern coast experienced hurricanes knocking out power for days or weeks. On the west coast, from Oregon to California an inferno rages – with Portland reporting the worst air quality in the world from forest fires.
How do you talk to patients or clients about making or keeping an appointment, when they are fearful, struggling or at best distracted from caring for their health or that of their pet?
With compassion.
Focus efforts on the 3Rs – Recall, Reactivation & Referrals. Write scripts for your front desk team to handle these unusual times. Direct patients to local volunteer hotlines. Call and ask them how they are doing, and how your clinic can best support them and their families in this difficult time. Ask for their help in return, by mentioning your referral program.
Help is at the center of compassion, and as the holidays of 2020 approach, we are all reminded of what we have lost, and what we have to gain by coming together to build a stronger, happier & healthier future for humankind.