Here are the results of the Practice Builders 2008 Economic Survey, with valuable information on your competitors and colleagues that will help you:
- Survive the recession
- Prosper
- Get the most out of your marketing dollars
- Decide whether to expand your practice
- Save money
Enjoy reading our Economic Survey Results. Get ready for some eye-openers…
1) How is your practice performing during the economic downturn in 2008?
| Response | Response Percent |
|---|---|
| No change | 16.9% |
| Decreased by 1-10% | 26.2% |
| Decreased by 11-20% | 20.0% |
| Decreased by more than 20% | 9.2% |
| Improved by 1-10% | 20.8% |
| Improved by 11-20% | 3.1% |
| Improved by more than 20% | 3.8% |
As you can see, the argument about whether or not we are in a recession is over. With 55.4% of respondents already reporting some decrease in their practices, there's no question a downturn has begun and is affecting healthcare practices.
2) If you have seen a decrease in practice revenue, has it been more or less than during previous economic downturns?
| Response | Response Percent |
|---|---|
| Larger decrease | 39.6% |
| Same | 44.8% |
| Less of a decrease | 15.6% |
This recession so far is as bad or worse than previous downturns. If your practice hasn't felt the impact, congratulations — you are doing a good job of marketing your practice.
3) If you have seen an improvement in practice revenue, to what do you attribute this?
| Response | Response Percent |
|---|---|
| Increased marketing | 33.9% |
| Type of practice | 17.7% |
| Patients not affected by downturn | 9.7% |
| Community not affected by downturn | 8.1% |
| Other | 30.6% |
Marketing companies like to tell you that you should keep marketing during a recession. But here is compelling evidence that it's true: Like the 33.9% above, boost your marketing during a recession, and you could actually grow and expand your practice.
4) What are you doing during the economic downturn to protect your practice?
| Response | Response Percent |
|---|---|
| No change | 24.8% |
| Increased marketing | 50.4 |
| Decreased marketing | 3.1% |
| Other (lowering prices, doing special offers) | 21.7% |
Half of your competitors and colleagues are pouring it on, marketing-wise, during the recession — and many are growing (see Question #3). More evidence that marketing aggressively during a recession will benefit your practice.
5) How has your community been affected by the economic downturn?
| Response | Response Percent |
|---|---|
| No change | 7.0% |
| Slightly affected | 49.6% |
| Moderately affected | 35.7% |
| Heavily affected | 7.8% |
Yes, the recession is real. Promote the benefits of coming to your practice to your prospects, and you can reap the lion's share of their shrinking pool of healthcare dollars.
6) Have you changed expansion plans due to the downturn?
| Response | Response Percent |
|---|---|
| Yes | 25.2% |
| No | 74.8% |
Practice owners are staying confident about expanding. Over twice as many responded "No" as "Yes". Your competitors and colleagues are moving forward, even with the recession.
7) Have you changed expansion plans due to the downturn?
| Response | Response Percent |
|---|---|
| Yes, decided not to add an associate | 19.4% |
| Yes, decided not to open another location | 29.0% |
| Yes, decided not to add a new service (medspa, Lasik, etc.) | 29.0% |
| Yes, delayed other expansion plans | 22.6% |
Among those who have changed their expansion plans, deciding not to open a new location or add another service are the most popular defensive strategies.
8) Have you changed expansion plans due to the downturn?
| Response | Response Percent |
|---|---|
| No, planning to add an associate | 33.3% |
| No, planning to open another location | 16.7% |
| No, planning to add a new service (medspa, Lasik, etc.) | 22.2% |
| No, developing other expansion plans | 27.8% |
The majority of your colleagues who are moving forward are planning to add an associate, with "other expansion plans" close behind
What's not shown: Nearly twice as many responded to question #8 — that is, they have not changed their expansion plans — as responded to #7 — yes, they have changed their expansion plans. Your competitors and colleagues are moving forward, even with the recession.
9) How has your patient mix/types of cases changed as a result of the economy?
| Response | Response Percent |
|---|---|
| Not at all | 59.0% |
| Seeing more Medicare patients, fewer discretionary spenders | 19.7% |
| Seeing more discretionary spenders, fewer Medicare patients | 8.2% |
| Other | 13.1% |
You can stem the flow of low-reimbursing patients into your practice, and attract more of the patients you want. Communicate (market) the unique benefits of coming to your practice to these desired prospects, and you'll see more of them.
10) What type of practice do you have?
| Specialty | Response Percent |
|---|---|
| Allergist | 0.9% |
| Anesthesiologist | 0.05% |
| Audiologist | 6.5% |
| Bariatrician | 0.05% |
| Cardiologist | 0.9% |
| Chiropractic | 1.9% |
| General Dentist | 15.7% |
| Dermatologist | 0.9% |
| Endodontist | 2.8% |
| ENT | 1.9% |
| Family Practitioner | 2.8% |
| Gastroenterologist | 0.0% |
| General Practitioner | 4.6% |
| General Surgeon | 3.7% |
| Hearing Specialist | 0.0% |
| Neurologist | 2.8% |
| OB/GYN | 1.9% |
| Ophthalmologist | 4.6% |
| Orthodontist | 7.4% |
| Orthopedic Surgeon | 3.7% |
| Pain Management Specialist | 4.6% |
| Peridontist | 1.9% |
| Physiatrist | 0.9% |
| Physical Therapist | 13.9% |
| Plastic Surgeon | 4.6% |
| Podiatrist | 7.4% |
| Pulmonologist | 0.0% |
| Radiation Oncologist | 1.9% |
| Sleep | 0.9% |
| Urologist | 0.9% |
| Veterinarian | 0.0% |
11) Your age is:
| Age | Response Percent |
|---|---|
| 30-35 | 8.2% |
| 36-40 | 18.0% |
| 41-45 | 23.8% |
| 46-50 | 17.2% |
| 51-55 | 18.0% |
| 56-60 | 10.7% |
| 61-65 | 3.3% |
| Over 65 | 0.8% |
12) Your practice is located in what state?
| State | Response Percent |
|---|---|
| AK | 0.0% |
| AL | 1.7% |
| AR | 0.0% |
| AZ | 0.8% |
| CA | 10.8% |
| CO | 6.7% |
| CT | 1.7% |
| DC | 0.8% |
| DE | 0.8% |
| FL | 7.5% |
| GA | 5.0% |
| HI | 0.8% |
| IA | 0.8% |
| ID | 1.7% |
| IL | 5.0% |
| IN | 2.5% |
| KS | 4.2% |
| KY | 1.7% |
| LA | 2.5% |
| MA | 1.7% |
| MD | 0.0% |
| NE | 0.0% |
| NH | 0.8% |
| NJ | 2.5% |
| NM | 0.0% |
| NV | 1.7% |
| NY | 5.8% |
| OH | 0.8% |
| OK | 0.0% |
| OR | 1.75% | PA | 2.5% |
| RI | 0.8% |
| SC | 0.8% |
| SD | 2.5% |
| TN | 0.8% |
| TX | 8.3% |
| UT | 1.7% |
| VA | 0.0% |
| VT | 0.0% |
| WA | 0.8% |
| WI | 2.5% |
| WV | 0.0% |
| WY | 0.0% |
That concludes our economic survey results.
What's your next step for protecting your practice during a recession?
Partner with Practice Builders to market and grow your practice.
Practice Builders™ has helped thousands of physicians grow their practices for nearly 30 years — through several recessions — and is North America's leading partner in healthcare practice success.
We have hundreds of testimonials from satisfied physicians who were able to grow their practices with our help. Here are a few:
"The marketing materials you made for me are phenomenal, and so many patients say the design and layout is beautiful. I'm proud to give them out. Plus, I've pulled in $5,000 in new business in just the first three weeks. I'm very, very happy." — Carl A. Mazzara, MD
"The number of new patients in my office since marketing with Practice Builders has increased 15-20% per year. " — Larry Burt, DMD
"Teaming up with Practice Builders doubled my revenue in a year and a half. And my staff now feels a sense of direction in my practice that they didn't feel in other doctors' offices. It's more fun for all of us to come to work." — Christopher Hove, MD
You can do what this practice owner did. Practice Builders can help you gain:
- More patients
- cases
- Increased revenue
- Greater professional satisfaction
- And more…
When you work with Practice Builders, you can choose from:
- The Strategic Growth and Marketing Workshop, an interactive format where you learn about marketing with colleagues and enjoy the interaction while you receive customized consulting on your practice. When you call us before August 8, you can take advantage of our special Summer Rate of just $995, a savings of $500, plus we will allow you to bring along a member of your staff for free--that's an additional savings of $500 for a total savings of $1,000! Plus, your satisfaction is 100% guaranteed, or your money back.
- A House Call Onsite Consultation that occurs in your office and can involve multiple members of your staff. Take advantage of our Summer Rate of just $1,995 -- a savings of $2,500 off our regular fee — when you order your House Call by August 8, 2008. And you will have our unmatched House Call guarantee: We guarantee that you will reach your practice growth goals within one year, or we will refund your entire Onsite Consultation fee.
- The Virtual Marketing House Call, a new option we've just introduced that provides customized consulting for your practice via phone and web without leaving your office or spending more than a few hours with your consultant. The Virtual Marketing House Call offers the convenience of our traditional House Call with the low introductory price of just $595 (good through August 8, 2008 only), a $300 savings off the regular price. And again, your satisfaction is 100% guaranteed, or your money back. Now, Practice Builders offers you three ways toll-free at 800.679.1262 and tell us what you'd like to achieve.
These offers positively expire on Friday, August 8, 2008.
Call now. You'll be glad you did. Thousands of your colleagues are.
Sincerely,
Joel Ellis
President, Practice Builders