A new year brings new opportunities and challenges for a medical practice, especially when it comes to growing revenues. Your goal will likely be to increase your revenue levels from last year and grow your practice in a healthy way.
For any practice that has this goal, it is essential to adapt with the times and take advantage of any new opportunities that can make an impact on your bottom line.
Equally important, successful medical practitioners will review their current operations and search for ways to improve processes, systems, and general operations.
So what can a medical practice do to grow their revenues in 2019? Check out some of our tips below to start the new year off to a good start:
Revisit Your Billing & Coding Operations
One of the most important things your practice can do to increase revenues in 2019 is reviewing your existing billing & coding operations. Many medical practices have outdated and inefficient processes in place that contribute to significant revenue losses and missed opportunities.
Unfortunately, as time goes by, the medical billing industry is only getting more complicated and difficult to understand.
There are always new innovations and coding changes that need to be stayed on top of. Thankfully, medical billing specialists, like Billing Savi, are stepping in to meet the need and help practitioners establish solid billing foundations.
By outsourcing to a trusted billing specialist, a medical practice can focus more on it’s core strengths and cut back on lost revenue at the same time.
Improve Your Communication Strategy
The success of your medical practice is connected to many individuals and organizations. Taking a good hard look at exactly how your organization communicates with patients, vendors, and employees can reveal simple ways to boost efficiencies and in turn, revenues.
Luckily, it is 2019 and there are a host of different communication channels and platforms your practice can use to connect with different parties.
For example, establishing an internal digital communication channel can really cut down on how long it takes your employees to gain access to files, get answers to important questions, and in turn respond to your patients.
Externally, connecting with vendors and patients is critical to building a solid reputation and keeping your operations running smoothly. It may also be helpful to establish some templates and procedures for handling different processes that repeat themselves.
This way, your employees don’t have to develop their own systems and can instead rely on a tried and trusted process that has been known to work.
Focus in on Scheduling
Most practices don’t think too hard about how their scheduling is being handled. However, this one area has an enormous impact on a practice’s overall revenue.
By establishing an effective scheduling process, your practice can greatly cut down on lost revenue while building patient loyalty and reducing patient losses. It is worth it to dedicate the new year to mastering your practice’s scheduling process. By doing so your staff will have more time to focus on treating your patients with better service and care.
Start by hiring the best scheduling professionals you can find. It is worth it to invest in this individual instead of hiring a low-level employee that doesn’t know how to optimize your scheduling operations.
Work with your staff to establish scheduling guidelines and policies that will increase patient flow in the long-term. Additionally, look into the most efficient digital scheduling systems that make sense for your practice.
Using outdated methods is unnecessary in 2019 and will hurt your income growth as the years go by.
Promote Your Specialties
Does your practice have any unique specialties? If so, try to build a niche for yourself by establishing your practice as the go-to organization in this area. Specializations can help your practice gain traction in a small field and help you build your reputation as the master within that niche.
Eventually, you can build a nice stream of patients who get referred to you via word of mouth.