Ways to Increase Medical Practice Revenue

Tips to Increase Medical Business Revenue

Revenue sources for medical practices can be broad and varied, but all have one common goal: to support the practice’s overall financial success. It’s important for medical practices to consider multiple revenue sources to ensure a reliable and lasting revenue stream.

Maximizing Revenue

One way to maximize revenue in a medical practice is to implement telehealth services. Telemedicine allows patients to receive consultations and treatment remotely, which can increase the number of appointments and reduce no-shows. This not only generates more revenue for the practice but also improves patient satisfaction.

Another strategy is to offer cash-based services such as cosmetic procedures or wellness programs. These services are not typically covered by insurance, so patients pay out-of-pocket, providing an additional source of income for the practice. Additionally, offering package deals or discounts on these services can incentivize patients to purchase them.

Finally, implementing efficient billing and coding practices can optimize revenue cycle management. This includes timely submission of claims, accurate coding and documentation, and following up on denied claims. By doing so, practices can ensure they receive all payments owed for their services rendered.

Streamlining Processes

By making the workflow more efficient, you can reduce costs and improve patient care. One way to do this is by implementing electronic health records (EHRs). EHRs allow doctors to access patient information quickly and easily, reducing the time spent searching through paper records.

Another way to streamline processes is by automating tasks such as appointment reminders and prescription refills. This not only saves time but also ensures that patients are receiving the care they need promptly. Additionally, implementing a patient portal where patients can schedule appointments and view their medical information can further streamline the process while increasing patient satisfaction.

Streamlining processes in a medical practice can lead to increased revenue through improved efficiency and reduced costs. Implementing EHRs, automating tasks, and utilizing a patient portal are just some of the ways that medical practices can achieve this goal.

Online Bookings & Payments

One of the most effective ways to increase revenue for a medical practice is by offering online bookings and payments. This modern approach offers patients the convenience of booking appointments and paying bills from the comfort of their homes. In addition, it reduces the administrative workload for staff members, which can free up more time for patient care.

With online bookings, patients can easily schedule appointments through the practice’s website or mobile app at any time. This eliminates the need for them to call during business hours and wait on hold. Online payments also provide convenience since patients can pay their bills securely with credit card information they have already saved in their accounts.

Overall, implementing online bookings and using medical billing software are simple ways to streamline operations while providing better service to patients. It’s an investment that will save time and money in the long run while increasing revenue for your practice.

Increasing Visibility

One of the essential ways to increase the visibility of your medical practice and boost patient engagement is through search engine optimization (SEO). This method involves optimizing online content such as blogs, websites, and social media profiles to rank higher in search engine results pages (SERPs). This will help potential patients find your practice faster and more easily. SEO techniques involve using relevant keywords, creating high-quality content that engages prospective patients, and improving website loading speeds.

Another way to increase visibility is by utilizing social media platforms. Social media has become a powerful tool for medical practices to connect with their patients and build brand awareness. You can use platforms like Facebook, Twitter, Instagram, or LinkedIn to share informative posts about your services and interact with potential clients. By doing so, you create a social media presence that can attract new leads while keeping current patients engaged with your practice.

Finally, consider investing in paid advertising campaigns such as Google AdWords or Facebook Ads. These platforms allow you to target specific demographics based on age range, location, interests, or behaviors. Paid advertising helps ensure that your practice’s message reaches the right people at the right time- those who are most likely interested in your services- increasing visibility and driving conversions.

A visual graphic to help build your medical business revenue

Focusing on your customers is a proven method to increase your bottom line. In the healthcare industry, this means 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 your officestaff
  • Listen to patients and promote patient interactions
  • Consider hiring a consultant
  • Delegate, delegate, delegate
• Sales & Marketing
  • Improve your online presence
  • Make your website patient-centric
  • Leverage email marketing
  • Participate in Social Media
  • Target the right patients for increased patient satisfaction
  • Add an ancillary service that you commonly refer out
  • Offer new or expanded health care services
  • Add patients to the healthcare provider’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 using technology
  • 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 using dedicated software
  • Improve your patient collection strategy
  • Consider a concierge model
  • Motivate your staff for improved quality of care
• 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

Sources

3 business strategies to keep your practice profitable

Seven Ways to Build Primary Care Practice Revenue

15 ways to increase group practice revenue without cutting staff

5 Tips to Increase Medical Practice Revenue

4 Ways to Increase Practice Revenue

10 Tips to Increase Medical Practice Profits

9 Tips to Increase Medical Practice Revenue

How to perform services that increase primary care revenue

How to Maximize Revenue with Minimal Effort

About Unicom Teleservices

Unicom is HIPAA compliant live answering service based in Chicago, IL. Our live agents are trained to deliver an amazing patient experience 24/7/365.

Learn more about how we can help increase medical business revenue.

Post Update: The article was updated on March 10th, 2023, originally published on August 15th, 2017. It has been completely revamped and updated for accuracy and comprehensiveness.