Infographic: Tips to Increase Medical Business Revenue

increase medical practice profits

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.

increase medical business revenue

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

Sources

3 business strategies to keep your practice profitable

Keys to profitable medical office management

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

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