Growing a successful medical practice can seem like a daunting task for many healthcare professionals. Thankfully, there are many ways to significantly boost your revenue and successfully grow your organization into the future.
By following solid medical practice fundamentals, analyzing areas for improvement, and building a solid team, your practice will be on its way for long-term growth and prosperity.
So what can you do to boost revenues and growth within your practice? Here are five great ways to get started:
1. Improve Staffing Efficiencies
The biggest component of medical practice success is, of course, the people that run the organization. Take time to motivate your staff. Encourage them to challenge themselves and find ways to improve operations and revenues.
Instill a mindset within your team that is always on the lookout for new ways to save while also generating new income streams. Reward those that help the practice innovate in these ways, and always encourage a positive environment in which people are happy to come to work.
2. Lower Cancellation Rates
Medical practices can lose thousands of dollars every year due to cancellations and missed appointments. Thankfully, physicians do have options in which to address this issue. One great way to lower cancellations is to make sure all patients are aware of your cancellation policy.
By having a clear statement and guideline about what happens when an appointment is canceled, patients will be more likely to keep their original times. Another great way to lower cancelation rates is to offer flexible appointment options such as virtual or remote meetings with your clients whenever possible.
These days, patients have a lot on their schedules including work, family life, and demanding traffic routes. Offering flexible ways to meet can go a long way in boosting revenues.
3. Outsource Medical Billing to Specialists
Did you know that nearly 75% of physicians reported getting reimbursed on time and maintaining a healthy cash flow as the two greatest challenges they face in their medical practice?
In fact, 20% of practice revenues originate from patient co-pays and yet physicians typically collect only 60% of what’s due!
Hiring medical billing specialists, like Billing Savi, can go a long way in boosting total revenue while establishing a consistent flow of cash for the practice. Most organizations simply do not have the level of billing expertise within their offices to do a great job of collecting all the revenue they possibly can.
For these reasons, hiring a medical billing outsourcer can be an incredible investment for physicians.
4. Optimize Your Appointment Schedule
Analyzing your appointment scheduling process is a great way to find additional opportunities to bring in revenue. Your goal should be to have a consistent flow of patients throughout the day by looking at ways to smooth out both slow and rush hours.
For example, what bottlenecks are causing long wait times for patients at certain hours? What can you do to boost business during slow periods in the day?
One option may be to allow for virtual appointments during lulls in patient visits. Work with your staff to encourage patients to book appointments that round out your schedule and avoid gaps throughout the day.
5. Encourage Word of Mouth Through Patients
Having a happy and satisfied patient is one of the best parts of running a medical practice. One of the best ways to boost awareness of your practice and grow revenues is by encouraging those satisfied patients to spread the word.
Offer patients incentives to refer their friends and family to your practice.
Ask some of your favorite patients if they’d be willing to give you a testimonial that you can share on your website.
Encourage happy patients to leave positive reviews about your practice on platforms such as Yelp
Great word of mouth and satisfied customers are some of the best ways to boost revenues and grow a successful practice. Making a difference in someone’s health is highly rewarding and means so much to each and every patient. Be sure to leverage your success so other people can take benefit of your incredible services.
There are so many ways to boost medical practice revenues and grow your organization well into the future.
If you have any further questions or would like to learn about more ways to grow revenue, please contact Billing Savi by clicking here.