Building Your Direct Primary Care Practice
If you’re thinking about becoming a Direct Primary Care (DPC) physician, good for you! It is a model that is growing quickly, making physicians and patients happier than ever before with their experiences in the healthcare industry. The majority of physicians that begin their journey into DPC have a good sense of dollars and cents, and what is a necessary expense versus an unnecessary expense. Our team at Freedom Healthworks has seen physicians make good decisions and we’ve seen some very bad financial decisions.
First, the good news. The clients we work with are able to see the grand scheme of their practice and focus on the core aspects of their practices. This includes buying “non-medical” furniture for the lobby (remember, it isn’t a waiting room in a DPC practice). There are other smaller expenses that are avoided by our clients, and they benefit from bulk buying programs since their working within our programs to obtain discounts. This goes for digital assets (websites, logos, and social media page designs), hiring services, and medical equipment purchasing options. Theses are normal, everyday items that will be used in the office, but there is one expense category that can really sink a practice’s finances – office buildout.
Office buildout is exciting, fun, and distracting. Remember, a doctor can be very creative and passionate about creating the perfect office environment, and spend thousands of dollars unnecessarily. The practices that contact us with a few months of cash left and little to no patients are usually the ones that spent an enormous amount of money putting in granite counter tops, lobby water features, and “luxury” furniture. It’s a waste and a shame.
We like to jokingly say that if a DPC doctor is providing great care and customer service, people will come see you even if you’re practicing in an empty warehouse. While this is extreme, we try to drive home the point that a minimal buildout with a little bit of personality in your office, is all you need. Skip the luxury items and focus on how you can provide the best care for the people and families that joined you. Cash is king and your practice will grow faster by the referrals created by happy patients than it will be people talking about how fancy your interior design is in your office.
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