Business

Recession-Proof Medical Practice Marketing

Published

2 years ago

June 22, 2023

What’s the difference between a recession and a depression? In a recession, your competitors close their doors. In a depression, you close yours. As physicians across the country increasingly worry about their economic and financial future, the specter of the largest recession in decades or possibly a depression looms large. For medical practices, the stakes are particularly high as patients delay elective procedures, and even ongoing wellness care or chronic disease treatment.

The question that looms large for many practice owners is: how do you prepare for an uncertain financial future?

When preparing for an economic downturn, it is important to understand the difference between Practice Marketing Resistance and Resilience. Marketing Resistance is the ability of a practice to withstand a disturbance in revenue flow by putting in place marketing processes that make it possible to return to normal operations with minimal disruption. Marketing Resilience, on the other hand, is the ability of a practice to recover after suffering great harm from a serious revenue disturbance and continue to operate in a devolving situation.

This article is developed using insights from Peter J. Polack, MD, a practicing ophthalmologist who specializes in laser refractive and cataract surgery. Additionally, he is the founder of Emedikon, a venture marketing firm that leverages his proprietary Practice Domination Marketing Protocol to help medical practices improve their marketing strategies. With a family background in ophthalmology, Peter has witnessed firsthand the changes affecting healthcare practices and delivery. For many years, he has been fascinated by the role of technology and marketing in the medical field.

Peter shares his insights on marketing through his blogs on Healio Ophthalmology and Eyes on Eyecare. He is also a prominent contributor to Quora.com, an expert platform where his posts have garnered over 4 million views. This gives him an unprecedented insight into what patients want, which informs how he views crafting excellent patient experiences, which we all know is the coin of the realm.

The good news, he reveals, is that in an economic downturn Marketing Resistance and Resilience programs as integral parts of your marketing efforts can be the deciding factors in whether your practice thrives, survives, or closes its doors. The key is to understand your practice’s situation and tailor your marketing accordingly. Here are three steps that can help your practice build resilience or resistance and prepare for an uncertain future.

Step 1: Marketing Triage

The first step is to perform Marketing Triage by critically evaluating every opportunity source you are currently investing in. Make sure you have a full inventory of every lead source that brings in opportunities. Are you tracking all leads that come in through the phone, email, website, or other sources? After you have built your lead sources list, assess each one’s ability to capture leads, nurture, and convert them into revenue. Are you following up with them in a timely manner and nurturing those leads through the entire patient journey? By identifying gaps in your lead capture and conversion process, you can prioritize your efforts and allocate resources to where they will have the most impact. In broad strokes, this means you will have to do a detailed performance evaluation of your traffic and funnels.

Step 2: Focus on High-Value Cash Services (for prospects who still have money)

During a recession, as we experienced in 2009, patients are more selective about the cash services they choose. This means that practices should focus on offering high-value cash services that you know will always be in demand by patients with discretionary dollars. In the marketing world, this is known as “marketing to the affluent,” a term of art first articulated by Dan Kennedy, whose book about it is on Amazon if you’re interested. By prominently marketing these services and tailoring your messaging to emphasize their value and affordability, you can maintain revenue and build a marketing list of prospects with disposable income. You can instantly promote directly and on demand to this audience (practically free) using email and SMS. The money’s in the list.

Step 3: Diversify Your Marketing Efforts

Finally, it is important to diversify your marketing efforts to reach a wider audience and maximize your exposure. This means using a mix of online and offline channels, such as social media, email marketing, search engine optimization, print advertising, and community outreach. There are only four ways to reach your audience of choice:

Online + paid traffic – advertising on social media and various ad networks
Online + free traffic – known as content marketing
Offline + paid traffic – print, TV, radio, ads, billboards, local events, and sponsorships
Offline + free traffic – referrals, word-of-mouth, waiting room signage

With a diversified marketing approach, you reach patients where they are and increase your chances of success.

In conclusion, building Marketing Resistance and Resilience requires a strategic approach that takes into account your practice’s risk tolerance levels and its unique situation and challenges. By performing marketing triage, focusing on high-value cash services, and diversifying your marketing efforts, you can prepare your practice for a recession and emerge stronger on the other side.

Business

YesLoanz: How to Borrow Money Without Regrets

Published

12 hours ago

February 19, 2025

Matthew Wiles

The experience of dealing with a loan can vary, but it seems that there are more negative stories than positive ones. In fact, this is not the case, it’s just that such stories are better remembered. If you know how credits are structured, what the overpayment is for, and if you are sober about the burden, loans can be a good financial instrument to benefit yourself. How can I borrow money without regretting my decision? The experts at YesLoanz share their insights.

YesLoanz is an innovative lending platform that offers a wide range of financial solutions for real estate, business, and investment purposes. The company focuses on transparency and efficiency, providing borrowers with flexible terms and minimal documentation requirements. By leveraging modern technology and a customer-centric approach, YesLoanz simplifies the lending process, enabling clients to achieve their financial goals with ease.

Do You Really Need the Loan?

The first and main question to ask yourself is: is lending really necessary? A lot of times credits are taken out on impulse, be it to buy a new gadget on urgency, take off to a trip, or give an expensive present. If the goal is short-term, a credit card may be a better option, especially since most offer interest-free grace periods of one to three months.

However, moneylending is good when it works for you — it helps improve your financial situation, increases your income, or allows you to make investments. For instance, a loan for education or business development can provide more benefits in the long run than a debt for an expensive phone that will quickly depreciate.

Understanding Loan Terms

The moment one decides to go for an advance, the next step is to study the conditions well. Many people make the mistake of focusing only on the interest rate. You must bear in mind other aspects such as the annual percentage rate (APR), hidden fees, extra for being late, the chances of early repayment, and, lastly, the total overall overpayment. In some cases, the low interest rate is offset by high insurance fees and additional payments.

It is also important to understand how the percentage is calculated. The annuity gives you constant repayments per month with higher sums paid in total as interest, while a differentiated payment scheme reduces your interest costs with decreasing payments. If you realize that you don’t have the patience to delve into everything, then perhaps you should consider postponing your loan application or seek professional guidance from lenders like YesLoanz.

Choosing the Right Lender

Selecting the right bank or lending institution is just as important as choosing the allowance itself. The difference in contracts from one offer to another may be staggering. Let’s say one bank offers a lower interest rate, but at the same time requires additional insurance, and another gives a loan with a slightly higher rate, but without unnecessary payments. It is worth comparing the offers of several financial institutions before signing a contract.

Currently, there are many online services for comparing lending terms that will help you choose the most profitable option. Additionally, check the lender’s reputation by reading customer reviews, examining contract terms, and reviewing their financial ratings.

Assessing Your Financial Stability

Borrowers often get into big trouble when they underestimate their financial burden. Many people take out larger credits than they can comfortably afford, only to struggle with high monthly payments. According to YesLoanz financial experts, debt obligations should not exceed 30-40% of monthly income. Beyond that, this money will turn into a financial strain.

Creating a detailed financial plan before borrowing can help you understand how payments will fit into your budget. It’s also important to factor in inflation and potential risks, if you need to pay off the loan for several years. During this time, your financial conditions may change: salary levels can fluctuate or new family responsibilities can arise.

Planning for the Unexpected

In addition, it’s always wise to have a backup plan in case of financial difficulties. What if suddenly your income would decrease? Some lenders offer loan deferment or restructuring options, but it’s best to inquire about these policies in advance.

Emergency funds are useful for the repayment of any debts in situations of force majeure. Theoretically, any such fund must cover expenses for three to six months, enough to meet credit liabilities even under unforeseen financial contingencies.

Making Timely Payments

A timely payment is a good credit score saver. Non-payment draws charges and penalties, and negatively affects the credit history such that getting a mortgage can be tough in the future. You can set autopayment for deduction of the amount of the monthly installment so as not to get into trouble. If you have any difficulty in making payment, discuss the problem immediately with the lender and offer suggestions for a solution, canceling any missed payments that could result in a legal procedure.

Exploring Alternative Financing Options

Before borrowing money, explore alternative funding sources. For example, if you want the money for a short period of time, it might be to your advantage to use a credit card with a grace period rather than a consumer advance. In some cases, one may arrange zero-interest installment plans from the seller, which is way better than borrowing from the bank. Special government loans or some nonprofit organizations may offer financial products with advantageous market rates for a particular group or organization.

Beyond numbers and contracts, borrowing also has a psychological aspect. Before applying for a loan, you need to make sure that it aligns with your financial goals and that repayment will be manageable. Financial literacy plays a key role: understanding the basics of money management, budget planning, and credit mechanisms helps avoid mistakes and make informed decisions. With the guidance of YesLoanz experts, navigating the borrowing process becomes significantly easier, ensuring you get the right financial solution with confidence and clarity.

Credit is neither evil nor good in itself. It is a tool that can be used wisely or recklessly. A responsible approach to borrowed funds allows you to avoid problems and make them a useful financial instrument. Therefore, before signing a contract, it is important to carefully weigh the pros and cons, assess the possible risks and make sure that the loan will really be a step forward, and not a burden for many years.