When media outlets cover B2B (business-to-business) issues in the modern economy, they invariably focus on manufacturers, consumer retailers, financial service organizations, and technology companies. All too often, journalists forget about or simply ignore the professional medical sector, which includes more than 1 million physicians, about 1.2 million mental health counselors and therapists, more than 300,000 massage therapists, and about 200,000 licensed dentists. For owners and entrepreneurs in those fields who want to establish solid, growth-based practices, it’s essential to consider patient satisfaction and customer service in the same way the big retailers and manufacturers do.
That entails taking action before and after opening the doors of a practice by starting and maintaining long-term B2B relationships. In today’s complex economy, medical-based, for-profit enterprises need to build referral networks, offer patient-oriented financing options, partner with vendors and suppliers, join relevant organizations, and get involved with community events. All these efforts are strategic alliances that have a direct impact on long-term profits and patient acquisition. Here are details about the most powerful ways to make B2B relationships that last for decades.
Offer Patients Seamless Financing
Supercharge the patient-acquisition process by offering attractive, straightforward financing options. Team up with reliable partners so current and prospective clients can obtain immediate service without having to worry about high upfront costs or long approval delays. The number one reason people delay medical procedures is the fear of high out-of-pocket and upfront costs. This situation has been the status quo for decades, but the availability of new payment arrangements is a gamechanger for providers and patients alike. Fortunately, there is a simple way to increase case acceptance, and it is finance focused.
Medical practices that team with third-party financing firms can offer zero interest or low APR plans. How? By embedding the lender’s POS (point of sale) platform into the practice’s website.The mere existence of flex pay options is usually enough to attract new patients who worry about affordability and large initial payments. Step one is to review a simple guide that explains all the medical financing options for every procedure you offer. It’s important to let people know that the application process takes just seconds and will not impact their credit scores.
Build a Referral Network
The longest journey begins with a single step, so don’t be discouraged that it takes months to develop a worthwhile referral network with fellow professionals. The effort is a time investment that pays huge dividends when done with forethought and diligence. Be careful to focus on non-competing professionals by sending them formal letters of introduction and invitations for meet ups during which you can both explore potential joint opportunities.
Build Long-Term Vendor Relationships
Vendors are the lifeblood of any medical practice. No matter how many patients you have, a weak vendor network will stifle growth and put a major damper on profits. Invite preferred vendors to do demos at your office where they can also offer continuing education credits to your employees. Doing so is a simple way to position yourself as an innovator and attract excellent front office staff members.
Be a Joiner
There’s no need to join every organization that sends you a spam email or text message. However, be sure to sign on with relevant entities, like the local Chamber of Commerce and at least one professional association, among others. Staying current on industry best practices and making local contacts with banks are just two of the multiple benefits that come with being a joiner. Other productive moves include joining healthcare alliances that open the doors for serving on committees and arranging seminars on hot topics like telehealth and patient engagement. Offer webinars in your specialty area and boost visibility by publishing a newsletter for all your B2B contacts on a monthly or weekly basis.
Host & Promote Community Wellness Events
Being passive is no way to operate a business, and that goes for professional entities as well. Just because you have MD or PhD after your name is no reason to avoid hosting fun and educational community events. The trick is to choose what kinds of events to sponsor or host and to avoid spending too much or too little money on the effort. Hosting an information booth at a weekend 10K road race is not enough; think along the lines of active outreach and participatory sponsorships. For starters, contact reputable senior centers, gyms, nutritionists, and corporations to discuss their interest in teaming up with your practice to host workshops. Popular events include no-cost preventive healthcare screenings, hearing tests, stress management seminars, brown-bag presentations on ergonomic work habits, and free dental checkups.
Consider using shared advertising strategies, like email blasts and hard copy flyers to get the word out. During the events, have at least one trusted employee or principal on hand to oversee sign up for free consultations, giveaways, and discounts for new clients. Co-branding with trusted local partners is a great way to extend your reach and build goodwill in the local community.
