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Do you study the competition of your practice?

Do you study the competition of your practice?

No matter how new or old your medical practice is, it is important to identify your competitors and evaluate their strategies to determine their strengths and weaknesses relative to those of your own.

Understanding the competition is a crucial business activity for any physician owner. Some practices hire professionals to track competitors and assess the competitive landscape on a regular basis. But it doesn’t always have to be a complicated, time-consuming, and expensive process—particularly given the new wealth of data that can be assembled using the internet.

By investing even a small amount of time, physician practices of any size can develop a framework for making competitive assessments, gather intelligence on rivals, and understand how to position their own brand, services, and practice in the community. Not only can you learn best practices from competitors, but you can also learn to avoid the mistakes they make.

I often tell physicians that keeping track of who your competitors are, what patients and referring physicians are saying about them, and what they are saying themselves can help you differentiate your practice and stay ahead of trends that could impact your business. Staying smart on the competitive landscape helps you make very practical decisions around what services you offer, who you hire, what your messaging is, and where you fit in the brand landscape…

 

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