One of the areas many local medical practices could use help with is knowing the true worth of brand authority and brand value. The amount of trust patients have in your practice, as well as what your practice is worth financially, can have a large impact on its health and growth. Taking a closer look at these can improve both your practice and the experience of your patients.
Different aspects of brand value
While Forbes defines brand value by how much the brand would be worth if it was sold, there is much more that goes into determining that number than just inventory on hand or what is in the bank account. Revenue can sharply increase or decrease based on aspects such as brand authority and brand equity.
Brand authority
The level of trust patients have in your practice, as well as the degree to which patients view your practice as providing expert care in your specific field, determines its brand authority. Because this can be very subjective, brand authority can fluctuate quickly. Cure a high-profile patient or master a difficult medical procedure, and your practice will typically earn more brand authority. Cause complications for a well-known patient or get involved in a medical malpractice case and your brand authority will generally plummet.
Brand equity
The loyalty of your patients, who your practice is associated with, and how visible your practice is combine to form brand equity. Like brand authority, brand equity can shift quickly because it is subjective. Become associated with a popular medial foundation or heal the mayor, and your practice is likely to get more visibility, thus increasing patient loyalty and, subsequently, brand equity.
The importance of brand value for patients
A higher brand value can not only help increase the profitability of your practice, but also assist with improving patient relations.
Increased patient loyalty
If the brand authority or brand value of your practice is low, patients tend to be warier about scheduling a procedure and can have negative expectations about their experience. In this case, it is easy for those expectations to become a self-fulfilling prophecy, even if nothing major goes wrong. When brand authority is high, patients are more likely to expect a positive experience at your practice. As long as these expectations are met, you have most likely created a patient for life.
Faster work in progress times
Have you ever looked at a stack of unpaid patient statements and wondered what you could do to encourage a faster work in progress time? Building brand authority and value can be part of the solution. Not many patients are rushing to pay the bill from a small, seemingly insignificant practice no one is talking about. However, patients can be more likely to submit payment more quickly for a well-respected practice that is popular in the community.
Build your brand and your practice
Building your practice starts with patient acquisition, which our team at Doctor Genius knows all about. Our experience can help you understand and market your brand so that you can increase both brand awareness and your patient roster. Everything from web content to patient experience packages can be optimized with a little assistance from our trained team members. We are here to talk to you about customizing your package today.
Doctor Genius, located at 16800 Aston Street, Suite 270, Irvine, CA 92606, provides a range of services for practice success. We seek to meet our clients’ needs by providing a variety of marketing, SEO, practice optimization tools, and coaching to transform the healthcare experience. Though we work to provide the most accurate information, the content found on this website is solely intended for entertainment purposes. Therefore, we cannot guarantee that the information provided is entirely correct. You may not use the information on this site to cure, prevent, or diagnose a perceived medical issue. If you have healthcare-related needs, please speak directly to a healthcare professional. Never self-perform medical treatments discussed on this website. All images displayed are also for entertainment purposes only, and personal experiences may differ. Please note that the business tactics mentioned on this site might not be applicable to your industry or practice.
