In today’s highly competitive healthcare market, when faced with an overwhelming administrative burden and rising operating expenses, you’ll need every tool available to ensure your practice is profitable. The methods we’ve listed below will greatly influence how you earn money by putting in a tiny amount of effort or expense.
If you’re looking for ways to increase medical practice revenue, consider what strategies are most effective. Examine where possible areas for improvement are (inefficient appointment schedule, employee turnover, patients leaving due to long waiting periods, etc.). Take on them with these strategies.
Build an Online Presence
If you don’t have a website for your practice or other web presence,e then you’re slipping far behind. As 72% of people search the web for health information, and 62% rely on online reviews to locate new doctors, having a presence on the internet is vital. It’s likely that if you’re not on the internet, many new patients can’t find you.
Apart from creating a stunning practice website In addition to establishing a beautiful practice website, there are additional things you need to consider. Upload your practice’s information to directories online, set up your profile on the top review sites, and create your social media profiles on behalf of your company. These steps will ensure that you rank in search results. Plus, your existing patients will be happy to know that you’re available.
Improve Your Patient Collection Strategy
Collections of patient copays are a constant problem for many doctors, particularly with the increasing number of patients on high-deductible insurance plans. 20% of medical practices’ revenues come from co-pays for patients; however, most doctors only get 60% of the amount due.
If this is a major obstacle to your business, hiring an agency for collection may be worthwhile. If not, consider reconsidering your entire collections strategy and applying certain adjustments to your billing methods.
Offer After-hours Virtual Visits
We all know that scheduling patient visits after hours can help increase revenues for medical practices. It’s logical since it allows you to fit more appointments in a day, compete with practices that only operate from 9-5 pm, and retain clients in your practice with flexible appointment times.
Of course, if you’re like most medical professionals, chances are you’re searching for a bit more work-life balance and don’t wish to work late into the night. What if you could provide after-hours appointments at your own home? Could you substitute the urgent calls to patients after hours you receive now with reimbursable video visits? By making this change, you can boost your patient count, recover the lost revenue from non-compensated time, and maintain your work-life balance.
Motivate Your Staff
Your employees are your most important resource. Learn from Southwest and implement the idea that happier employees equal happier customers. Provide your employees with positive feedback and support every day. Include them in the daily practice, make them the leader of a project, and hold one-on-one sessions to check in; there are many methods to motivate your employees to give all they have.