How Providers Can Recession-Proof Their Practice
By Travis Schneider, chief corporate development officer, Tebra.
Two-thirds of economists believe an economic downturn is in the pipeline for the U.S. economy. While there has been a myth that the healthcare industry is recession-proof, historically, that has not been the case. Expert reports suggest the health sector tends to be affected later during a recession and typically takes longer to bounce back.
Independently owned practices tend to see the effects more quickly than other healthcare institutions. The rising cost of medical care often delays many Americans, with nearly seven out of 10 putting off an appointment or procedure due to the cost. Independent practices must take a proactive approach to safeguard their business and continue delivering care to patients.
Invest in Practice Growth
Many businesses tend to cut expenses at the first sign of a recession, and marketing expenditures are often the first on the chopping block. However, previous recessions have proved that businesses that continued to market during times of a downturn were not only able to stay in business but also bounce back faster. As the lead generating funnel for a practice, it can be detrimental to reduce marketing efforts. Investing in practice growth technology and clinical management software are worthwhile marketing investments that will help retain a practice’s patient base, expand its market share, and attract new patients.