Managing the growth of your Direct Specialty Care Practice involves navigating a complex landscape of financial planning and decision-making, right?
At SigmaMD we’re committed to tailoring the best All-in-One Platform for all Direct Care needs. So we regularly consult with numerous physicians to deeply understand their primary challenges and strategies for scaling a healthcare practice.
In this article, we’ll provide an overview of our main findings, including some advice from our partner and Financial Advisor, Nicholas Shiver.
Breaking Even and Beyond: Scaling Your Direct Specialty Care Practice
For many Direct Primary Care (DPC) or Direct Specialty Care (DSC) Physicians, the initial goal is to reach a point of sustainability – breaking even and running a practice that can support itself. These are the first key elements for a sustainable growth strategy.
According to Nicholas Shiver, this phase is just the beginning. Once sustainability is achieved, it’s time to think about growth, which often feels like starting a new business altogether.
What Does Growing Your Direct Specialty Care Practice Mean?
Growing a Direct Specialty Care Practice primarily revolves around expanding the patient panel, which in turn directly influences revenue growth.
As the number of patients increases, the practice gains a broader base, not just in terms of financial stability but also in its reputation and reach within the community. This expansion isn’t just about numbers; it’s about deepening the scope of care and enhancing the quality of services offered.
As the practice grows, it can cater to a more diverse set of medical needs, thereby positioning itself as a comprehensive care provider in its specialty. This growth often leads to increased patient experience, trust and loyalty, as they feel confident in receiving a wide range of specialized care under one roof.
Financial Considerations for a Sustainable Growth Strategy
On the management side, scaling up a Direct Specialty Care Practice often involves decisions about expanding the team, selecting technology that supports growth, and moving to a new medical office. We will explore each of these aspects.
Building a Team: When and How to Expand
One major decision in scaling up is building your team. Shiver suggests you ask yourself: What does your workload as a physician look like? And what do you want it to look like? If the current workload is unsustainable or if there are opportunities to enhance patient care through additional staffing, it might be time to hire. This expansion, however, should be financially feasible.
Strategically evaluate which positions you need: do you want to hire a medical assistant or administrative staff to support operational tasks in the back office? Or do you plan to expand and hire other Direct Specialty Care Physicians? These are some questions to consider.
Having a larger team can provide a more diverse set of skills and expertise, crucial for managing a wider variety of patient cases. Depending on your strategy, this might guide your decision about which type of professional to hire.
Selecting a Technology That Helps You
When growing your Direct Specialty Care Practice, technology plays a pivotal role. Shiver emphasizes choosing technology solutions that are not only affordable but also operationally effective and scalable.
He advises physicians to look for tools that align with their workflow and practice needs, and to be wary of hidden fees or surcharges on payments. It is usual to see some physicians rely on at least four different solutions to make their practices work. This not only demands integrations and apps, but it also affects your bottom line.
A great alternative is focusing on an all-in-one suite of features for one inclusive fee. By doing this, you can not only lower technology costs but also streamline workflows.
For example, SigmaMD is an All-in-One care management platform that enables clinicians to deliver high-quality care more efficiently and improve their bottom line.
Expanding Your Medical Office
Expanding the medical office space may be needed to accommodate the increased patient flow and to provide a comfortable and efficient environment for both patients and staff. But it directly affects your bottom line, so it is important to consider your operational needs to evaluate which characteristics of space you really need, what you must have versus what you would like to have.
You should also map the other related costs of moving from one location to another, including your architectural project, furniture, painting, decoration, etc. It may be interesting to consider a place where you keep seeing yourself in the mid to long term, when thinking about expansion.
We hope this article can guide your next moves in your Direct Specialty Care Practice. As you embark on this path, remember that growth is not just about numbers; it’s about creating a robust healthcare ecosystem that nurtures patient trust and cements your practice’s reputation. With thoughtful planning, a willingness to adapt, and a focus on delivering exceptional patient experience, your practice can set new standards in Direct Specialty Care.
This article was written by Malu Buriham, Marketing Manager at SigmaMD.
SigmaMD is a comprehensive care and practice management platform specifically designed for Direct Care and Independent clinicians. We offer an All-in-One suite of features, including EMR, Communication Tools, Membership, Billing, Practice Management, Employer Solutions, AI Copilot, and more. Discover more at: https://sigmamd.com/