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Key Questions to Answer Before Opening Your Business

Four years ago, Marlon Moore, CO, realized his dream of owning a business. After just two years of working in the O&P field, he opened Red Stick O&P LLC in Baton Rouge, La., and has enjoyed success ever since. As he prepares to expand his practice and move into a brand new, state-of-the-art facility, Moore took a moment to talk with the O&P Almanac and explain the steps he took to open his facility, build his referral base, market his business and grow his thriving operation.

Q: What was your business strategy?

A: When you open up a business, you have to do research on the area in which you want to set up your practice. You must then narrow that area down to a 60-mile radius and establish you can get in--network with the insurance companies. And you must determine who you're going to serve and that there is a need.

You must also determine what you can offer in your business that is unique. Most O&P facilities carry the same products, so the difference comes in the service and in the delivery.

Q: How did you establish a core referral base?

A: You always have to ask [your referral sources], "What can we do for you and your patients? What can we do to make your practice run smoother?" You have to show them that you're working as hard as they are to ensure the patient is completely comfortable.

Once you get to where they trust your judgment, they're not going to send their patients anywhere else.

You should have three "layers" to your core group of referrals, and you should always track your referrals.

In your first layer, you should have one vascular surgeon, a rehabilitation doctor and about four physical therapists. This inner circle will support you 100 percent, sending you 10 out of 10 patients.

In the second layer, you should have another two or three vascular surgeons, rehabilitation doctors, one or two podiatrists and orthopedic surgeons and an internal medicine doctor. This layer will send you about four out of 10 patients.

And finally, in your third layer, you can go after whatever other vascular surgeons, rehab doctors, PTs or family practice groups are in your community. All you want from this layer is one or two patients out of every 10.

Eventually, as you work with each layer, you pull them closer to your core group. And before you know it, you have a rock-solid, undisturbed referral base.

Q: Why is it important to market your business? How do you do it?

A: I always tell people, "No one can sell my business like I can."

First, brand your practice. You can use a logo or color theme. Some people like to drop off pens, donuts or coffee mugs. Whatever you do, get something and stick with it, let it represent your practice, and make sure people know it's yours. Once you've established your brand, you have to start pushing it.

You also have to know what you're marketing. You have to know your business through and through and be able to educate others on what you do and your business philosophy.

To market effectively, you also have to get past the front desk. We forget about how important it is to market to the physician and nurse assistants, while they're the ones who make the rounds in the hospitals, write the prescriptions for the doctors and suggest referrals. They're your communication line with the physician, so don't forget about them.

A big part of marketing is repetition and visibility. You have to get yourself in front of people on a consistent basis—at community events or in-services—and then follow up.

Q: How do you maintain your relationship with your referral base and your patients? A: Be sincere. Be open to making tradeoffs benefiting your referral sources. And only make promises you can keep.

You must also maintain a good relationship with the community. If there is a community event, set up a booth there, show off your logo, give free pens or cookies or whatever else you want to pass out. Also, if possible, hire locally—it puts money back into the community.

And, most importantly, you must provide excellent, quality care for your patients. You have to deliver the product and follow up to make sure the patient is 100 percent satisfied. Ultimately, the patients are your biggest advocates, especially when they go back to their doctors and praise your work.

Q: How is your staff involved in the success of your business?

A: The people you have on staff can make or break you. You must make sure your staff has the same vision you have, and you must keep them motivated.

Remember: every person in your office markets your business, for good or bad. So, everyone in the office must be on the same page.

Your staff is going to study your behavior and attitude, and use it as an example for their own. So, as the business owner and employer, you have to be positive and open. I have monthly meetings with my office staff. And I start each one by taking complete blame for whatever problems there are in the office, so my staff sees I'm taking responsibility for how my business runs.

Q: What one piece of advice would you give to a new business owner?

A: To make your business successful, you must commit yourself 100 percent. You have to be dedicated and loyal to your practice and to your patients. You promise your service is going to be different and better. And you have to hold to that promise.

For my business, I did whatever it took to be successful—as a practitioner and business owner.

THE POLLING PLACE

Poll

What strategic initiative do you feel is the top priority?
Link Service, Quality, Provider, Payment
Improve Payment System
Research Outcomes/Evidence-Based Practice
Licensure Initiative
Curriculum Recommendations to Schools
Build "GrassTops" Federal Mechanism
Comprehensive Public Relations Program
Communications
Improve Practitioner Skills
Ideal Office of Tomorrow
Different Business Models

Results

Votes : 2

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