Infographic: Tips to Increase Medical Business Revenue

August 15, 2017

A visual graphic to help build your medical business revenue

A proven method to increase your bottom-line is to focus on your customers. In the case of the medical industry, your patients.

According to research done by Frederick Reichheld of Bain & Company, “that shows increasing customer retention rates by 5% increases profits by 25% to 95%.”

Sounds good, right?

We designed this infographic based on our previous medical practice post when we curated tips to increase medical business revenue from 6 industry leading professionals.

In this infographic, we took it a step further. We organized the tips by relevant categories to make it a little easier to absorb this valuable information.

Summary of Revenue Tips

How to Get Started
- Figure out what you can and can’t do
- Collect ideas from staff
- Listen to patients
- Consider hiring a consultant
- Delegate, delegate, delegate
Sales & Marketing
- Make your website patient centric
- Leverage Email Marketing
- Participate in Social Media
- Target the right patients
- Add an ancillary service that you commonly refer out
- Offer new or expanded services
- Add one more patient per day to physician’s schedule
- Encourage your patients to refer their friends
- Offer after-hours virtual visits
Billing
- Convert “lost” patient time into billable time
- Bill appointments quickly and verify claims
- Swiftly review and appeal denials and underpays
- Drop your worst reimbursing insurance plan
- Renegotiate missed appointments
- Re-evaluate your payer mix
Operations
- Focus on the experience at the front desk
- Pre-process patients for profitable appointments
- Don’t let money walk out the door
- Track, benchmark and improve practice performance
- Extend practice hours
- Delegate care as appropriate
- Convert paper to electronic format
- Create “standby” appointments
- Train physicians to code correctly
- Maintain smart schedule management
- Appointment for Prescription Refills
- Add a non-physician provider
- Move supply purchasing online
- Improve your patient collection strategy
- Consider a concierge model
- Motivate your staff
Costs
- Manage overhead
- Renegotiate with vendors
- Work to lower supplier costs
- Manage inventory closely
- Look for opportunities to save energy
- Minimize staff overtime and pay