One of my mentors, and one of the best marketers and writers in the world, Dan Kennedy, has long maintained, “There’s Riches in Niches!” This is true in virtually any business you can think of.
Sure, specialized knowledge was one of the key ingredients Napoleon Hill identified in his key work, “Think and Grow Rich”. His advice is just as sound now as it was one hundred plus years ago.
Specialized knowledge separates us from the masses, allows us to perform exceptional services to humanity, and build the ultimate rewards, including freedom from debt and worry.
Your private practice is no exception; a specialty practice vastly differentiates itself from others’!
You’ll need a blueprint for design, and a very solid business model to situate yourself for success in private practice.
There are exceptions, especially if you still have powerful AND profitable revenue from referral streams. If that is the case, read on and you’ll still likely find that adding a specialty practice center or two may very well serve as a powerful level of career protection!
But many have found that third-party driven practices can melt like ice cream in the August sun! This is simply because you relinquish control of your patient flow and income streams. This is where too many make costly mistakes.
In this day and age, with internet-driven patient resources, patients smell a faux practitioner a mile away; especially if they are suffering greatly. Doing a specialty or self-pay practice wrong could cost big-time hits to not only your reputation, but future earnings.
Add to this the financial reality that many niche services are self-pay means you need to assure a Disney World-style level of service every single day!
To pull this off means you’ll need a blueprint for design, and a very solid business model to situate yourself for success.
This crucial step is the one commonly neglected by those who underperform—or downright fail—in private practice.
Don’t let this be you!
Patti Hayes is CEO of Perfect Practice Web, and has 30+ years experience in practice management.
Our team may be reached for a free 15 Min “Strategy Session” by texting 339-793-8591 – just be sure to leave your name and time zone and we’ll get back to you 9-5 EST Monday-Thursday.
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