8 Tips to Boost Your Medical Practice Revenue

Written by on November 1, 2017 in Insight - No comments

In today’s aggressive healthcare services industry, you find yourself managing pulverizing regulatory requirements and rising working costs. You search for every skill set available to keep your practice profitable. If you’re facing a ineffective appointment procedure, high staff turnover, or patients leaving due to long hold up times, these suggestions might be beneficial to you. The following eight tips can assist in your search for efficiency and profitability, utilizing only a small amount of time and cost expenditure. Please read and choose which strategies would work best for your practice.

1. Assemble an Online Presence

A recent study demonstrates that 72% of patients now consult the web for information on medical services and 62% utilize web surveys to discover new specialists, so your online presence is critical. Other than building a delightful practice site, a few of things you ought to do are submit your practice to online indexes, make your profile on the significant audit destinations, and get a web-based social networking profile up for your practice.

If you’re not on the web, new patients aren’t discovering you and your current patients know little about you.

2. Enhance Your Patient Collection Strategy

Patient accumulation is an on-going pain for some specialists, particularly with the rising number of patients on high deductible insurances. Just 20% of practice income originates from patient co-pays, with most doctors gathering just 60% of what’s expected overall. It could be worthwhile to enlist an independent collections firm in the event that this is a concern at your practice.

3. Offer After-hours Virtual Visits

We all realize that doing a twilight patient visit can increase income. It just bodes well – you can fit more appointments into the day by going longer than your regular 9 to 5 hours and help your patients arrange visits around their busy schedules.

On the chance you decide to offer night-time visits from your office or provide reimbursable video visits, you can recover lost income in a very timely manner.

4. Respect Your Staff

Your staff is your practice’s most important asset. Understand a content employee means a more satisfied patient. Give your staff positive criticism and support each day. Give them a voice in the practice’s day to day procedures, designate leaders for specific ventures, and perform one-on-one gatherings to re-enforce a team spirit. If you treat your staff like people and valuable resources to your office, you will see your personnel turnovers decrease and your profits increase.

5. Utilize Your Mid-levels

It doesn’t make any difference if you’re a small or large practice, you most likely have a few physician assistants or nurse practitioners on staff. Ensure they’re working at their highest level of professionalism. Have them handle immediate patient demands and conditions, so patients can get in for same-day treatment when your calendar is full. The more they’re relieving demands on your time and directly interacting with patients, the more income you’ll be acquiring and the happier your patients will be.

6. Construct a Virtual Patient Procedure

Optimizing an appointment timetable is one of those ventures that appear to be a miracle, combining both fine workmanship and science. A possible means of achieving this is rolling out a virtual visit procedure that will enable you to address appointment gridlock. Virtual patient visits can be more adaptable to your schedule since patients can essentially sign in online from wherever they are. In the event that you have a last moment no-show or happen to have a 10-minute schedule vacancy in your day, you can get on the web and begin a virtual visit and lose no billable time.

7. Missed Appointment Options

Missed appointments can cost your practice countless dollars every year. The fact of the matter is there’s just so much you can do when patients need to miss an visit because of work demands, baby sitter difficulties or traffic problems getting to your office. Cancelation fees can assist to recover some of this cost; but offering patients virtual visits from their home for repeat missed appointment offenders can be truly beneficial for both parties.

8. Consider a Concierge Model

For a few specialists, particularly those with a high Medicaid populace, a concierge model may not be the right answer. But for many doctors, transitioning to concierge medicine can be an extraordinary approach to increase income while dropping some of your regulatory weights. Changing over to a concierge practice is no little venture; however it can have tremendous benefits.

If you want to learn more about concierge medicine, check out https://www.forbes.com/sites/johngoodman/2014/08/28/everyone-should-have-a-concierge-doctor/#61e9ee9f6323

By Vishal Gandhi, BSEE, MBA
Founder and CEO

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