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
Sources
3 business strategies to keep your practice profitable