Knowing the competition that exists in private practice is important. The challenges posed by competition makes practices stronger, competition can provide valuable ideas, and competition requires healthcare clinics to differentiate themselves, adding to the diversity of services that exist within a community.
Knowing your competition can be a challenging exercise, but it doesn’t have to be expensive. This article from StartupNation describes how competition analysis can be performed on a tight budget in any industry.
No matter how much you think you know about your competition, no matter how much experience you have in your chosen field, without a clear understanding of the market for your business you might as well be driving blind. Big companies spend thousands of dollars to conduct competitive market analysis, but fortunately for those of you on a tight budget, you can do quite a bit of this yourself, without spending much at all.