3 Ways to Increase the Value of Your Practice, Quickly!

Written by on June 30, 2017 in Insight - No comments

1. Develop or Enhance Your Web Site

Having a practice web site is not optional; it is a must if you want to be relevant in your medical community.  The top practices in your area and out of your area, for that matter, are pulling patients their way.  If you haven’t lost patients to your competitors through their web site, you will.  Once you wake up and smell the gig-a-bites, you will wonder how you survived without a web presence.  Showcase your practice, tell patients about your services, and allow them to make appointments and talk with your staff.

2. Incorporate Another Provider Into Your Practice

As long as you are the only provider in your practice, the best you can do is to make a good living.  You really are not a business if you are a solo doctor; you are a Sole Proprietorship according to the IRS.  What do you do when you get sick?  What do you do when you are on vacation? What to do when you need to attend a meeting during work hours?  I can come up with one hundred more reasons your practice will close when you can’t be there.  You lose income when you are not open and your patients get frustrated.  By adding another provider; a locum doctor, physician assistant, nurse practitioner or another dentist to work with you one or more days per week makes you a business.  Now you can make additional income because you can see more patients, perhaps provide additional services and certainly keep your doors open when you are away.  Invest in the business you have created, it will pay off.

3. Develop or Enhance Your Referral Base

My staff and I are in numerous practices throughout the year.  We talk about a lot of topics and we talk a lot of shop too.  Among our most talked about subjects is the practice Referral Book.  I am always surprised to hear from practices that they really don’t have a Referral Book.  We simply call someone in the area and there is nothing in place for the referral process.  By developing a network of colleagues to send your specialized referrals to, you are more professional in your patients eyes, your colleagues will refer back to you and you improve the quality of your medical care.  This takes some work on the part of your practice’s marketing person, (If you don’t have one, get one).  Call and visit a colleague, discuss days to set up appointments, determine the insurance interaction, talk about each other’s procedures and sending the patient back for continued care.  Meet your fellow referral base for lunch or development meeting groups that will be informative and rewarding.

Here are a few other things to increase the value of your practice almost immediately.  If you are considering your practice options; selling, expanding, re-locating, retiring, closing, partner buy-in or buy-out or simply are thinking about getting a valuation performed, you need to consider these practice improvements;

  • Convert paper explanation of benefits to an electronic format;
  • Renegotiate with your vendors or look at other services and compare;
  • Reorganize your practice by functional areas, such as check in, check out, claims, denials & follow-up;
  • Uncluttered and place an Orchid on the check in counter;
  • Add two more patients per day to the doctors schedule;
  • Renegotiate your managed care contract as soon as allowable;
  • Create “standby” appointments for patient with a history of no-shows;
  • Get a better understanding of your coding options and modifiers;
  • Develop your social media accounts; especially on Facebook and Linked-In;
  • Replace that old carpet, paint, cut your grass, clean your door-windows and upgrade your toilets and waiting areas.

By introducing some of these ideal and practical upgrades to your practice, you have increased its value by 30% to 50%.  Your practice may be your most valued asset.  Do you know what yours is worth?

By Philip Driver
CEO, Physician Solutions, Inc.

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