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 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.