The Medical Practice of the Future: Competitively positioning your products and services.

The Medical Practice of the Future:
Competitively position your products
and services
Medical Group Management Association104 Inverness Terrace EastEnglewood, CO 80112-5306
Phone: 303.799.1111Toll-free: 877.275.6462Fax: 303.643.4439E-mail: busdevelop@mgma.comYou will learn:1. What drives medical practices? What are they looking for in terms of functionality, quality, quantity, etc. of yourproducts and services.2. The coming changes that will impact medical practices significantly and create new marketing opportunitiesand markets for your products and services.3. The top 10 things marketers need to know about marketing to medical practices.
External factors have significant impact on medical groups. Let's just look at the reaction to the recent economicrecession. According to the 2009 Medical Group Management Association (MGMA) study "Medical Practice Today:What Members Have to Say," the economy has been delivered a major blow. Here's what MGMA members say hasalready occurred in their practices:
. 36.6 percent have postponed capital expenditures. 34.7 percent are seeing a rise in uninsured patients. 34.5 percent have frozen staff hiring . 33.9 percent have cut operating budgets. 33.3 percent have improved billing and collections processes. 33.1 percent have witnessed a decrease in revenue
At first glance, you may read these numbers as an excuse for fewer sales, but in fact, thesenumbers create opportunities for increased sales. [Look at the success of the "Cash for Clunkers" stimulus: Within six days, the government's program to stimulate the auto industry, and general economy, was so successful that it exhausted the allocated funds. The car dealerships made it easy for the buyer to complete therequirements, and that made it easy for the buyer to buy.]
The top three challenges as identified by some 2,000 medical practice managers surveyed regarding the economicdownturn remain the same as last year:
1. Dealing with operating costs that rise more rapidly than revenues 2. Maintaining physician compensation levels in an environment of declining reimbursement 3. Selecting and implementing an electronic health records (EHR) system
That translates to a market that is ripe for products and/or services that can help increase revenues and/or reduce costs, resulting in great profitability. Do you sell those products orservices? Yes, you do.
. Is your product positioned to save staff or physician time in the practice? That means lower operating costs. . Does your device present a billable service for the practice? That means increased revenues.. Does your solution come with a value-add that improves workflow in the practice? Improved efficiencies cantranslate to increased productivity and/or reduced operating costs.
1What you need to know about medical practices:
Managing a medical group practice is like juggling hats. In a small group, the manager may function as the CEO,the CFO, the COO, the CIO, and the HR and marketing director. That means a vendor with a solution that speaks tofinancial concerns such as budgeting software, advising or managing investments, analyzing third-party payer contracts or reviewing and developing fee schedules will find opportunities in every practice. Or a vendor who provides human resource services, including recruitment and placement, training alternatives, benefits develop-ment management, or payroll and tax services or applications has an audience willing to learn how to save moneyand reduce daily hassles.
The IT functions vary from printer replacement to full-scale system selection and implementation projects. In addition to needing network development and maintenance, infrastructure, software, and implementation andtraining services, practices need advice and counseling throughout a system search-and-acquisition project. Thecarrot-and-stick programs to increase the adoption of technology and improve patient care -- such as temporarybonuses for e-prescribing followed by reductions in reimbursement -- create opportunities: Practices want to knowwhat to do and how to do it.
What products and services do medical practices really need? . Think about a medical practice as you would any business. The practice buys supplies and equipment, bills andcollects, builds and/or renovates facilities, manages employees and provides benefits, pr... [download for more]