Running a business is not easy. Two former GPs share their proven techniques for making business much more worthwhile.
What could you do differently to strengthen your clinic’s financial viability?
This week in The Tea Room we chat with two former clinic owners who have figured out how to do business better and with more satisfaction and greater income.
Dr Todd Cameron owned medical practices that became listed on the ASX. He says there are many ways to maximise revenue and lower your fixed and variable costs, but good business nous is essential.
“Sometimes running a medical business can feel like you’re running a wedding – you get a special surcharge on top of everything that you’ve paid for,” Dr Cameron says.
Dr Sachin Patel co-founded the business consultancy Scale My Clinic with Dr Cameron. As a child, his parents owned a small business and he learned very early exactly how much effort that takes.
“There’s always this competition between needing to serve those you love and those that buy from you so that you can put dinner on the table,” Dr Patel says. “I’ve seen people struggle to get the rewards that their time and sacrifices deserve.”
According to our guests this week the foundation to better profits is clinical excellence. They then outline five big-ticket items to improve profit including outsourcing, optimising who does what and deep analysis on why and how much bulk billing really gets done.
You can listen and subscribe to the show by searching for “The Tea Room Medical Republic” in your favourite podcast player.