Why collaboration is key for medical practice success

With a society centred on the individual, their successes and achievements, collaboration can seem like an outdated concept. But more often than not, behind every genius is a team of people working collectively to see the vision come to life. After all, great things are never done by one person. They’re done by a team of people.

The same goes for building a successful medical practice – you can’t do it alone. To be successful, you need to bring together the best people and the right teams to collaborate and work toward the same goal.

So, where are the biggest opportunities for collaboration in medical practices?

1. Collaborating as Medical Practice Team

Much of a medical practice’s success starts with culture – setting teamwork and collaboration at the core of the business. One way to build collaboration is by establishing roles, responsibilities and an effective communication system to allow the team to work together and independently. This will help ensure that nothing or no one falls through the cracks.

Your team’s ability to communicate easily will ensure that the scope of the patients’ health care is taken care of while also building a cost-effective practice.

2. Collaborating with other Medical and Health Specialists

The patient’s health is the priority, and they may need additional medical care or advice from other providers. This is where medical practices can collaborate interprofessionally.

The World Health Organization defines Interprofessional Collaboration as “multiple health workers from different professional backgrounds work[ing] together with patients, families, carers (caregivers), and communities to deliver the highest quality of care.”

When GPs, specialists, pharmacists, nurses and other professionals collaborate, they can bring their different skills and expertise together to start medical treatments quicker, reduce inefficiencies and health care costs, and, ultimately, ensure the patient is receiving the best care possible.

In some cases, medical practice owners bring together these specialists under one roof – with GPs, nurses, physiotherapists and even an in-house pharmacy all operating under the one brand, together, to serve the broad needs of the local community. 

3. Collaborating with Finance Specialists

Working in the medical profession is challenging enough, let alone running your own private medical practice.

This is where partnering with a specialist medical accounting firm can ensure your cash flow, budgets, projections and financial plans work together like a machine. A medical accounting partner can also provide benchmarks to ensure you’re on track with your goals and industry standards.

4. Collaborating with Other Businesses

A patient’s needs go beyond the medical industry, so collaborating and building partnerships with like-minded organisations can be an invaluable opportunity to grow together. These partnerships can also facilitate cross-referrals with other related (but non-competitive) organisations.

5. Collaborating with Technology Platforms

Technology is a significant part of our world today and is having a substantial impact on healthcare and various practice management systems and platforms. Medical practices and doctors have the opportunity to utilise digital tools and services to unite the various areas of their business to provide streamlined care and business management.

Not adapting to the health-tech industry’s evolution could be detrimental to your practice’s growth and performance.

6. Collaborating with Patients

You may have come across patients who seem unwilling or unmotivated to put your advice into action, which can turn into a frustrating exercise. This is where collaborating with your patients is key.

A doctor is only as good as the information a patient gives them, so it’s important to take the time to ask questions, to understand the problem from the patient’s perspective, and try to find a solution together.

Get started with collaboration now

All in all, if you want to see your practice grow, it will require more than just you – actively look for ways to collaborate and build a team and network of people with the same vision.

DocWealth specialises in helping medical practices grow and thrive. Not only will we take care of all of your business and accounting needs, we’ll help you assemble the best possible team to help you accelerate. Contact us today to find out more!

We operate in Adelaide, Sydney, Melbourne and throughout Australia. Managing partner Kym Nitschke is available for a free initial discussion about your situation. Call us on (08) 8379 9950 or send an email.

– Kym Nitschke

The information contained on this web site is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.
Taxation, legal and other matters referred to on this website are of a general nature only and are based on DocWealth’s interpretation of laws existing at the time and should not be relied upon in place of appropriate professional advice. Those laws may change from time to time.
DocWealth specialises in accounting, tax and financial advice for superannuation. Contact us now for a no obligations discussion about your needs.

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Call 1300 059 670 for a no obligation discussion about your needs, or fill out the form and we’ll be in touch.

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