Medical Practice Management
Aug 05

Prepare a market analysis to market physician services

Market analysis is extremely important in helping you with your practice’s marketing efforts. Your local chamber of commerce and hospital marketing department can be good resources to use when gathering community data. Collect statstics by demographic group (e.g., sex, age, race, income, education, employer, etc.) and by the following:

  • Population density and distribution by locale
  • Anticipated trends in population growth or decline by locale
  • Family income
  • Major employers
  • Major health insurers
  • Annual healthcare expenditures
  • Major hospital participations

Next, analyze this information to determine where best to devote your marketing efforts. Use this information in the development of your marketing plan (which begs the question – do you even have a marketing plan?; if you don’t, you’re considered a competitive "trailer"!)

About Reed Tinsley, CPA

As a top advisor to physicians, I help increase practice profits by delivering hands-on, expert medical accounting/tax support, practice counsel, and revenue-building strategies. Read more →