Physicians seeking growth turn to marketing firms

Just hours after the government approved a medicated patch for depression, an e-mail went out offering reporters the opportunity to speak with a "doc in private practice stunned at FDA approval of depression patch." While Eric Braverman was being interviewed over the phone by a reporter, another call came in: CNN was on the line. Score another one for the doctor's public-relations agent, Hope Kaplan.

A decade ago, the idea of doctors and dentists marketing themselves would have been shunned by the medical community. Now, driven by higher costs and inspired by direct-to-consumer pharmaceutical ads, doctors are hiring publicists to increase business.

But don't call it marketing – doctors call it "practice development." "There has to be this admission that being in medicine is also a business," said Rudy Svezia, president of DocGrow, a medical marketing firm in Englewood, N.J. He said his clientele increased sharply about five years ago, as remuneration from insurance companies decreased. Still, there's plenty of resistance to the idea. "If Dr. Jones is willing to at least investigate what marketing is about and deal with some professional sneering, he will see that he'll do better business than the guy down the street," Svezia said.

About the Author

Reed Tinsley CPA

This article is written by Reed Tinsley, a Houston, TX-based CPA with over 30 years of experience advising physicians and medical practices across Texas and the United States. Reed holds certifications as a Certified Valuation Analyst (CVA), Certified Healthcare Business Consultant (CHBC), and Certified Financial Planner (CFP), specializing exclusively in the healthcare sector. He is a published author, nationally recognized speaker, and trusted advisor to physicians on accounting & tax, practice management, and financial planning. Schedule a Free Consultation.