Industry Optimism Surges: Three Ways for Dermatologists to Capitalize

Despite a tumultuous past year, a recent Medscape survey shows that 85 percent of dermatologists are happy with their profession and optimistic about the future. This optimism is likely brought on by an increase in vaccination efforts, local economies reopening, and patients returning to in-office visits. 

Dermatologists can take advantage of this renewed optimism by investing in staffing, technology, and infrastructure to ensure they have the resources they need to be successful, prepared, and stand out from the competition.

At Bankers Healthcare Group, we work with dermatology professionals by offering custom financial solutions  to invest in their businesses and profession. One specific area of interest for our dermatologist borrowers is having access to working capital, which provides the flexibility they need to fund their unique long- and short-term goals,and be confident the road to normalcy is a smooth one. 

Here are three ways dermatologists are investing in their future: 

1. Upgrade Technology and Equipment

In 2020, Medical professionals across industries needed to adapt to new technology, and dermatology was no different. Telemedicine became a must-have for many practices, and it seems to be staying put for many dermatologists. A recent studyshows that teledermatology is expected to grow not only in the United States but globally. This is no surprise, as dermatology is a highly visual field.

As telemedicine demand increases, more practices are likely to continue looking at investing in software, upgrading their network systems to manage it, and purchasing more devices that staff can use around the office.

Telemedicine isn’t the only technology dermatologists are investing in to meet patients’ needs. Many practices can also benefit from purchasing new scheduling tools, software, and new medical equipment to expand their services further. 

2. Invest in Marketing and Patient Outreach

To diversify and grow their patient base, dermatologists can utilize working capital to market their services. Those who put more money, time, and effort into marketing can stand out from the competition and position their practice for growth and success. 

When marketing strategies are applied correctly, they can drive business results. Advertising, direct mail, website redesign, and social media marketing are all effective strategies that are also scalable, so you can start with as small (or big) of an investment as you’re comfortable with. Embracing a long-term strategy to marketing can help you get the most out of your dollars, as oftentimes one-and-done tactics don’t have lasting power.

Regardless of how you choose to market your practice, let your community know that you’re operational, inform them of the improvements you’ve made at the office, and urge patients to book an appointment. 

3. Hire and Recruit New Talent

Another area of investment is in staffing and recruiting. As patient influx increases, practices are going to need more staff—from adding additional dermatologists, support staff and administrative staff to hiring a larger maintenance and janitorial crew. Preparing for your staffing needs now can help you best serve patients. 

If you don’t have time to focus on hiring, a working capital loan can enable you to hire a recruiting company or invest in building a career portal on your website. Also, investing in current staff through additional training and continuing education can help them sharpen their skills and increase loyalty to your practice. 

Despite an unprecedented past year, research around practitioners’ renewed optimism and confidence in the future is encouraging. Not only is now an opportunity to ensure a successful continued path to normalcy for your practice, but it’s also a time to reflect on the different ways that investing in your business and your people can create a quality experience for your patients.