There’s more to being an orthopedic surgeon than just the actual surgery. In fact, running a successful orthopedic practice requires mastery of many different business-related skills. From marketing and finances to operations and human resources, orthopedic surgeons must wear many hats to keep their businesses afloat.
While some surgeons may shy away from the business side of things, it’s important to embrace it in order to be successful. In this discussion, we’ll focus on three of the lesser-known tactics that can make a huge difference to your bottom line.
Increase market penetration
This strategy calls for you to reach out to an untapped section of the market to bring in entirely new customers. Perhaps your practice currently focuses on treating knee joint pain and ankle pain, and you specialize in treating arthritis. You could make a concerted effort to reach out to patients who are experiencing pain through their hips, hands, fingers, shoulders, and elbows. Many people simply aren’t aware that there is treatment available for the kind of pain they’re experiencing, so they simply maintain a regimen of taking medications and painkillers.
New channels for marketing
The reason this is such an appealing strategy is that it doesn’t involve any tweaking of your products and services. Instead, it calls for using different channels to advertise your products and services, with the expectation that you’ll be reaching many more potential patients. There are some spectacular examples of how this strategy has helped businesses grow. Consider the scenario involving Salesforce, which up to a point was a company marketing some complex software that took tons of support to get it up and running at a client’s location.
They decided on jumping into a new channel and offering their software on a subscription basis on the cloud – and the company was ultimately transformed into a $21 billion dollar enterprise. You can’t expect to undergo a total transformation on that scale but investing in new channels could certainly trigger massive growth for your practice. New channels equal new customers, and new customers equal new growth.
Open a laser therapy clinic
As an orthopedic surgeon, you have undoubtedly heard much about the effectiveness of laser therapy in managing inflammation and pain. Why not become part of that solution yourself, and take advantage of one of the most revolutionary treatments of our time? Patients are flocking to laser therapy centers to experience pain-free treatment that lasts, and which is a non-invasive approach that makes the patient experience enjoyable.
You can even open your own laser therapy center through OrthoLazer’s business-in-a-box system. OrthoLazer provides all necessary support, from finding a suitable venue for your clinic, right up to staffing the new center. Your involvement can be minimal, but once it’s up and running, you’ll have a brand-new stream of revenue.
You don’t have to be a business whiz to be successful, but you do need to partner with good people and keep your ears and eyes open for new opportunities. If you’d like more information on OrthoLazer, we invite you to visit our website today.
OrthoLazer Orthopedic Laser Centers offer patients and their doctors an innovative and effective alternative pain management option to treat acute and chronic orthopedic conditions. Founded by Dr. Scott Sigman – the original opioid-sparing surgeon – our centers further his mission of providing his patients non-operative and non-opioid treatment options. If you’d like more information about OrthoLazer, please visit our website at ortholazerdev.wpengine.com.