In this episode of the Health Practice Insights podcast, host Wallace Long speaks with business advisor and chartered accountant Philip Arnfield.
Philip shares practical strategies for health practice owners to address their biggest business challenges. The conversation covers pricing for profitability, becoming an employer of choice, customer segmentation, and the crucial distinction between compliance and advisory services.
Whether you're a sole trader, small or medium sized practice, this episode is a must listen.
Key Takeaways
- Price Strategically for Profitability: Don’t just absorb rising costs - review and adjust your pricing to ensure you can invest in your people and maintain a profitable practice
- Become an Employer of Choice: Attract and retain quality staff by offering a valued work environment, professional development, competitive earnings, and modern facilities
- Segment Your Customers: Analyse your patient base by payer type and value, and manage appointment bookings to ensure higher value clients aren’t crowded out by lower - paying ones
- Leverage Your Team: Recognise the critical role of front desk staff in shaping profitability through strategic diary management and customer prioritisation
Our Guest
Philip Arnfield is a chartered accountant and business advisor with over three decades of experience. After selling his successful chartered accounting practice, Philip now advises businesses and delivers his ‘How to Build a Better Business’ training programs across Australia to small businesses and accounting firms.
Timestamps
00:00 – Welcome
02:00 – Guest Introduction
03:00 – Main Challenges Facing Health Practices
04:00 – How Businesses Are Responding
05:00 – Research Insights & Attracting Patients
06:00 – The Simple Business Equation
07:00 – Accountants vs. Business Advisors
09:00 – Becoming an Employer of Choice
10:30 – The Cost of Being an Employer of Choice
11:00 – Pricing and Profitability
12:00 – Health Sector Pricing Mindset
13:00 – Customer Segmentation
14:00 – Diary Management & Receptionist’s Role
15:00 – Hidden Sales & Marketing Issues
16:00 – Practical Strategies
Connect
Mentioned in this Episode
Unearthing drivers of patient demand and practice productivity. CommBank Dental Insights 2024. Australian Dental Association 2024.
General Practice Health of the Nation 2024 - an annual insight into the state of Australian general practice. Royal Australian College of General Practitioners 2024.
Build a Better Business
Resources
Use this link to request the following resources
- Ep 1. Increasing Practice Profitability Philip Arnfield CA - Podcast summary (PDF)
- Subscribe to the free Health Practice Insights Email Newsletter
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Disclaimer
This podcast is for informational purposes only. The views expressed are those of the hosts and guests and do not constitute professional advice. We make no representations or warranties regarding the accuracy, completeness, or applicability of the content. You should consult your professional advisors for specific advice relating to your situation.
