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We plan to achieve this support through seminars and consultation with our customers. Gleitman: Probably the first and most important issue is that excellent patient care is good business.If you provide excellent care for your patients, you create apostles and they will promote your practice and your services.Gleitman: My job is to help independent practitioners compete in their market place.
They tend to shoot from the hip, and that is not a solid model on which to build a practice!
AO/Beck: What is your advice for the small practice situated in the backyard of a national practice?
For example, the medical model probably would require less advertising than the retail model, and conversely, the retail model would have the largest advertising budget.
In addition, there is also difference in how the different models market their patient base. Gleitman: Well, not in the plan itself, but one issue is that the medical model practices are responding to the relatively flat market growth over the last year, and they are beginning to ramp up for more aggressive marketing campaigns.
On a slightly different issue, suppose that I have a practice that is an Audiology based practice in a medical/professional building,a nd supposing that I have revenues of about 300 thousand dollars annually.
What percentage of my revenues should I be spending on marketing and advertising? AO/Beck: That seems low to me, typically I hear about 15 percent? After 12 months working for someone else, I decided to open my own practice and so I purchased a two-office-practice from a hearing instrument specialist in Chicago. from Purdue in 1992, and then I went into a private practice in Chicago.For example, we have the medical model, the retail model and the mixed model.Each model has a different approach to marketing, based on the practice needs.Gleitman: Well, each market is different, and I can really only address the market here in Chicago.The costs of advertising and marketing varies, and it really need to be addressed for each targeted demographic area.The basic issue is that the business plan should not be stale or stagnant, it should have future goals and targets, and it should spell out future goals and it should address how the accomplishments will be evaluated.AO/Beck: Do you have a sample business plan that we can attach to this interview? I will attach it at the end of this interview, and it can be used as a model for private practices, or really any dispensing practice.Additionally, very few business plans have any way of measuring success!This is of course a critically important point, but even the offices that had intact, up-to-date business plans did not have a way to measure their success.