February 7, 2019 admin

Skyrocket Your Medical Practice Revenue with These 10 Tips

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We all strive to perform better than we did yesterday. After all, our biggest competition is ourselves!

We at Qodoro have jotted down a few points, to help your medical practice revenue boost by optimizing it for the better. From social media to medical billing services, we have got it all covered!

So wondering about How to Increase Your Medical Practice Revenue?

Here are a few things we are going to cover in this blog.

  • Understand Your Current Medical Practice Revenue Process.
  • Know what makes you stand apart.
  • Create a Welcoming Environment.
  • Go Online
  • Motivate Your Staff
  • Focus on Patient Engagement
  • Eliminate Missing Appointments
  • Schedule free or pocket-friendly health education
  • Review your office software, coding practices

Understand Your Current Medical Practice Revenue Process:

Well, in personal terms we call it introspection, but this time it is for our business. Till the time we do not look into ourselves, how will we ever identify the pain points?

Understanding and analysing the current medical practice revenue process helps you get an idea of what works for you and what doesn’t.

By understanding the areas of your practice that is holding you back, you can start strategizing to eliminate these issues and ultimately increase the revenue.

Analysing which areas in your practice needs improvement should also include feedback from your staff. We often tend to underestimate its importance. You need to listen to what your team and customer look forward to, and constantly work to make their lives easy and comfortable.

Also, brainstorm before preparing a feedback form. After all, asking the right questions is what going to lead you the right way.
Now that you know the problem, here are a few tips that can help you form strategies to increase patient volume and eventually your revenue as well!

Know What Makes You Stand Apart:

As medical practice is a part of the service industry, has an advantage of U.S.P as no two places can offer the services in the same manner. There is something that is unique and different in what you provide, which keeps your business going. Learn what it is? And make sure that it remains the constant.

Have a U.S.P. A unique selling point is something that sets you apart from your competitors. Apart from everything that you offer, a U.S.P is something that people recognize your business for. Having a U.S.P. helps you focus and ensures quality no matter what! This builds your credibility as well as defines your niche.

As much as everything matters, quality is the only thing that is going to keep your practice rooted.

Create a Welcoming Environment:

Create an environment that helps people relax and feel welcome. A welcoming environment increases your customer retention, plus the word of mouth marketing is cherry on the top. And trust us, it is the most reliable form of marketing. You could have a few plants, free Wi-Fi, Comfortable waiting area, good reading materials and puzzles. These small things do make a huge impact.

Go Online:

Having a reputable online presence can open doors to a ton of opportunities. Being on the internet, helps many new patients discover you.
Encourage your patients to leave online feedback. For example Google My Business. Having an online rating and reviews consulting the internet for healthcare information and 62% using online reviews to find new doctors, your online presence is crucial.

Leverage Social Media: The amount of reach social media has these days is impeccable! Starting a conversation and engaging with your clientele on social media is just going to cost you some time! Consider it as an investment. In the long run, it could ripe many benefits!

Create YouTube Videos: Videos help people understand topics like women’s health, dieting, and medication.

Give out some advice, share your knowledge: Write blogs or publish some articles! This will give you authority online, which in return will drive more patients to you.

Motivate Your Staff:

Your staff is the most valuable asset. Treat them right, and your company will soar high in no time!

For example, having various incentive programs is an excellent way to keep them motivated and encourage better performance.

Looking for more ideas to motivate your staff? Here is a blog about how to keep practice staff creatively motivated.

Focus on Patient Engagement:

Technology being a crucial part of our life, can result in many benefits with correct implementation. Use technology to attract younger patients. Millennials want more convenient, tech-integrated healthcare. Offering online appointment booking, virtual visits and text reminders can attract them.

Create a webpage that showcases your strengths. Avoid distracting templates and fill your site with helpful links to articles you’ve written, social media, and YouTube.

Provide Patients With a Flexible Appointment Schedule:

Optimizing an appointment schedule is like having an excellent balance of art and science. We live in a busy world, and It is indeed difficult to make time on a working day. People often tend to turn-away because they do not get the option of flexible timing.

Here Are a Few Options to Offer a Flexible Appointment Schedule:

Build a Better Appointment Schedule: Providing virtual visits can help you. Virtual patient visits are comparatively manageable since they can log in online from their location. If you have some extra time saved due to a last-minute no-show or happen to have a 10-minute time slot open in your day, you could get online and start a virtual visit.

Reducing waiting time: Long wait times can be a primary reason for patients decide to neglect your practice and look for an alternative service.

Expanding appointment options or offering after-hours virtual visits could also be a convenient option for patients.

Providing such options that blend in with a schedule encourage the patients to stick to the same doctor over a long period of years.

Eliminate Missing Appointments:

Late arrivals and last minute cancellations can cost your practice a lot. And the truth is there’s hardly anything we can do when patients need to take time off from their work or find a babysitter or drive through traffic to get to your office.
While adding a cancellation policy with a fee can help. Also, offering patients a way to do virtual visits from their home can be effective. If they don’t need to get through traffic or take some time off to visit you, the chances are that they would not skip their appointments.

Schedule Free or Pocket-friendly Health Education:

Target your audiences such as people with diabetes, dieters, people trying to stop smoking and more. Suggest them to attend such seminars and classes like yoga, which could help them learn as well as help you make contacts!

Also, you could collaborate with other vendors relating to your medical practice, such as the local gym or yoga classes. Your patients could get a discount to get healthy, and this would draw in more patients for you.

Hire a Medical Billing Company:

While, this step might not increase your revenue by getting in more patients, but it will definitely cut costs till a huge extent. Hiring a Medical billing agency helps you serve your patients better.
Every practitioner should know where they stand when it comes to basic medical billing. These numbers are directly related to medical practice revenue and provide a roadmap to how it is truly performing.
Many practice management platforms offer reports as well for you and your staff to review. So that you can compare your figures and gain a better understanding of where you stand against your peers.

While we have covered most of all the possible solutions to increase your revenue are a few more add-ons to aim for the sky!

  • Send out an email campaign to remind your patients to get their vaccines.
  • Offer a virtual visit instead of calling in a prescription for refills.
  • Offer an Online payment option.
  • Provide a discount on days with fewer patient visits.
  • Outsource some of your work. Costs less, plus gets the job done spic and sparkling.