How to Prepare for a Recession
It's not a matter of if a recession will occur, but rather when. As a practice owner, it's crucial to prepare for a potential economic downturn to ensure your practice can weather the storm. In this blog post, we'll discuss strategies that you can take to prepare for a recession.
Plan for Emergencies
Have a contingency plan for emergencies such as extended illness, natural disasters or economic downturns. This could include having savings, reducing expenses or taking on additional work.
If you're not regularly meeting with your accountant or reviewing financials, now is the time. Not just in preparation for a recession but in general, it's a good idea to have 3-6 months of cash saved up to help prepare for the unexpected.
Focus on the Patient Experience
In a competitive market, excellent customer service can make a significant difference. Make your patients feel valued and heard and strive to exceed their expectations.
In your next staff meeting, review your online reviews and ask your staff for ideas to improve the patient experience.
Build a Strong Online Presence
With more people turning to the internet for information and services, it's essential to have a strong online presence. If you haven't already, consider investing in a professional website, social media accounts and online marketing to reach more potential clients.
If you have already done those things, you should be meeting regularly with your marketing team to understand what is and is not working. Make changes now to maximize visibility and profitability.
Dig Into Missed Opportunities
Pipeline management is crucial in a plastic surgery practice because it allows you to track your patients from inquiry to surgery. It helps the team identify potential issues in the surgery conversion process, enabling them to make changes.
Your coordinator should review all leads that did not come in for a consult and all consults that did not schedule a surgery or reach out. Current patients are also a common missed opportunity. Are patients receiving injectables scheduling their next appointment during checkout? Are reminders being sent to patients who are due for a visit? If you answered no or are unsure, talk to your team and make a plan to tackle these opportunities.
Ask for Help
You are not expected to be an expert at everything. Recognizing when you need external help to run a successful practice is important.
Working with PS2 can help prepare your practice for a recession by providing valuable insights and strategies to help you navigate tough economic times. We can help you identify areas of your practice that may be vulnerable during a recession and develop a plan to mitigate those risks.
Let us help you explore new revenue streams, optimize your operations and identify cost-saving measures. Schedule a discovery call to learn more today!