Not only can effective marketing help grow your practice, but it can also increase your dollar value when you potentially go to sell it.
Do you intend to sell your practice? If you are just starting out or in the height of your career, the answer is probably, “well, maybe, someday…” No matter how far in the future that day is, the time to start planning is now.Setting a reasonable price for buildings, furniture, and equipment is relatively simple. However, the value of your practice is much more than the cumulative cost of these tangible assets. The greatest value is intangible assets such as patient loyalty, projected income, and your practice’s good reputation. Known as goodwill, this can account for as much as 70 to 90 percent of a practice’s sale price.
The IRS (Internal Revenue Service) defines goodwill as “the value of a trade or business attributable to the expectancy of continued customer patronage. This expectancy may be due to the name or reputation of a trade or business or any other factor.” Unlike tangible assets, goodwill cannot be acquired overnight.If you are getting enough patients, marketing might not be a top priority. However, a comprehensive marketing plan is much more than just advertising. It is about outreach, branding, patient retention, and — most of all – building your good name. A good strategy should include:
A winning marketing strategy addresses your short-term and long-term goals. It should be designed to not only increase annual revenue but also build the value of your practice.
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About the Author:
Naren Arulrajah, President and CEO of Ekwa Marketing, has been a leader in medical marketing for over a decade. Ekwa provides comprehensive marketing solutions for busy doctors, with a team of more than 180 full-time professionals, providing web design, hosting, content creation, social media, reputation management, SEO, and more. If you’re looking for ways to boost your marketing results, call 855-598-3320 for a free strategy session with Naren.