Explain The 80/20 Rule Of Medical Practice

Apply the 80/20 Rule to Market Your Medical Practice More Effectively I'm a firm believer in the "80/20 Rule" and I've found that you can apply the rule to many things, including the marketing of your medical practice. Historically, the 80/20 Rule is actually called the Pareto Principle and comes from an economic study that was done by an Italian economist, Wilfredo Pareto who learned over 100 years ago that 80% of the wealth was owned by 20% of the population. This came to be known as the Pareto Principle. Most people today refer to it simply as the 80/20 Rule.

Here's an example of the 80/20 Rule in healthcare - in most markets that I've worked in, 80% of the market share is usually controlled by the top 20% of practices. These successful medical practices are the premier, "go-to" practices that everyone talks about. The remaining market share is controlled by the other 80% of medical practices. These are the practices that are often times struggling because they are competing for the remaining, smaller 20% of the market share pie. So ask yourself this, "where does my practice fall? Am I among the elite 20% that is getting the lion's share of the market or am I among the bottom feeders that are struggling to compete with the "go-to" practices?"
Using Pareto's Principle will focus your marketing and drive you to become more efficient. Here's an example: Typical medical practices should be spending 80% of their marketing budget using the marketing methods that gain the greatest return on