Hearing Matters Podcast Is My Private Practice Recession Proof?
Battling Strong Economic Headwinds
If you’re a private practice owner, chances are you’ve navigated a business during strong economic headwinds. Running a business during the COVID-19 pandemic was exhausting. I still remember March of 2020 like it was yesterday. Our team was standing in the waiting room talking about the coronavirus and how it was rapidly spreading across the United States. Pennsylvania’s governor reported that all non-essential businesses are encouraged to shut down for 2-weeks to slow the spread. Now, we couldn’t fathom closing our practice for two weeks straight – we’d ever only take 1-week vacations, so this was concerning to us because we wanted to make sure that our patients still had access to us. However, our patient’s health and safety are always #1, so we shut down for the recommended 2-weeks. Well, 2-weeks turned in to almost 3.5 months of being shut down. It was during this time of shut down our team could have given up. However, we banded together to ensure everyone was healthy, safe, and that our patients were being kept in the loop, if you will. Navigating a small business during the COVID-19 pandemic was not easy, but it all came down to teamwork, leaning into vulnerability, and practicing transparent communication. I personally know the anxiety and fear that many private practice owners experienced during the pandemic.
Are We Headed Towards a Recession?
Recovering from the pandemic was hard enough, now numerous financial analysts and institutions are reporting that a recession is inevitable. Chances are, you and your business partners are aware of these strong economic headwinds, and your employees know the GDP has been down for two consecutive months. So, now what? Do we just start panicking and believe that the sky is going to fall? Absolutely not. A calm sea never made a skilled sailor.
I know what it is like to navigate a business during unprecedented times. I know what it is like to lose sleep over making payroll. I know what it is like to cut your pay in half so you can pay your employees and vendors. Countless media outlets continue to share the doom and gloom of an impending recession. However, our goal with this “business best practice series,” is to decrease the anxiety that fellow private practice owners are experiencing, and offer real-life, data-driven decisions that can be implemented today to safeguard your practice against these strong economic headwinds.
What Can Our Practice Do Today?
- Review Variable Costs
- Leverage Technology
- Review KPIs and Focus on Patient Retention and Acquisition
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