67 Tips to Increase Medical Practice Profits

June 27, 2017

Take Control of Your Medical Practice Profits

How to increase revenue in a medical practice?

For a medical practice to withstand the test of time, a healthy profit is a necessity. Professionals are constantly looking for ways to increase medical practice revenue. But where do you start? Making cuts or raising prices? Add new services or create a new marketing plan? How to attract patients to your practice? How can you increase average revenue per patient visit?

All important questions. Below you will find over 60 ideas from 9 medical professionals and companies to help increase your practice’s revenue. Each author provides their take on how to increase medical practice profits. Some ideas are unique, while there seems to be agreement on several key strategies.

There is no single best way to increase profit margins. Find the strategies that work best for your practice.

3 business strategies to keep your practice profitable

By Elaine Pofeldt

The human element is the theme of Elain Pofeldt’s article. From engaging patients on social media to working with staff and providers to reduce costs and increase revenue.

Highlights from the article:

Focus on the front desk
Master Social Media
Fine-tune operations

Read the full posts: 3 business strategies to keep your practice profitable

Keys to profitable medical office management

By athenahealth

athenahealth’s walkthrough goes beyond just increasing medical practice profits. They provide a practice management knowledge hub focused on streamlining your practice management

Highlights from the athenahealth walkthrough:

Figure out what you can and can’t do
Convert “lost” patient time into billable time
Pre-process patients to ensure efficient, profitable appointments
Don’t let money walk out the door
Bill appointments immediately and make sure claims are received
Swiftly review and appeal denials and underpays
Track, benchmark and improve practice performance

Seven Ways To Build Primary Care Practice Revenue

By LBMC

This year, overall healthcare cost is projected to be 19.5% of the our gross national product. While everyone is looking for opportunities to cut costs, practices rely on revenue to deliver higher quality of care to their patients.

LBMC offers these ideas to increase revenue:

Extend practice hours
Offer more timely appointments
Maximize Your Marketing
Offer new or expanded services
Delegate care as appropriate
Add Patient Visits To The Physician’s Day
Manage overhead

Read the full article here: Seven Ways To Build Primary Care Practice Revenue

15 ways to increase group practice revenue without cutting staff

By MGMA

A quick and common strategy to increase medical practice profits is to cut staff. MGMA offers a different approach by focusing on 15 ways to increase revenue without cutting staff.

Collect ideas from staff
Convert paper to electronic format
Renegotiate with vendors
Work to lower supplier costs
Manage inventory closely
Reorganize the business office by functional area
Add one more patient per day to your physician’s schedule
Renegotiate your managed care contracts
Create “standby” appointments for patients with a history of no-shows
Encourage your patients to refer their friends
Look for opportunities to save energy
Train physicians to code correctly
Re-evaluate your payer mix
Implement an electronic health record
Start social media accounts on Facebook and Twitter
Take advantage of free or discounted online education

Read the full article here: 15 ways to increase group practice revenue without cutting staff

5 Tips to Increase Medical Practice Revenue

By Tyson Downs

Tyson Downs offers a simple approach to increasing medical practice profits. His list goes beyond 5 if you include all the tips for ancillary services. Expect a straight forward and helpful article.

Controlling costs
Listening to patients
Offering ancillary services for primary care
Benchmarking your medical practice
Maintaining a smart schedule management
Improving your productivity (bonus tip)

Read the full article for tips on each: 5 Tips to Increase Medical Practice Revenue

4 ways to increase practice revenue

By Amanda Guerrero

Increasing your marketing budget if you want to increase revenue is a reasonable proposition. Unfortunately not ever practice has that luxury.

Smarter Schedule Management
Appointment for Prescription Refills
Email Marketing
Target the Right Patients

See the complete article here: 4 Ways to Increase Practice Revenue

10 tips to increase medical practice profits

By Keith Borglum

Going through the motions day in and day out can make us lose sight of the fundamentals of running a medical practice. Keith Borglum offers 10 tips to help you keep your eye on the prize.

Take an ICD/CPT coding class
Work in at least more patient per day
Drop your worst reimbursing insurance plan
Add a non-physician provider
Slip an extra $20 bill into the cash drawer
Add an ancillary service that you commonly refer out
Move supply purchasing online
Minimize staff overtime and pay
Delegate, delegate, delegate
Consider hiring a consultant

Read the full article: 10 Tips to Increase Medical Practice Profits

9 TIPS TO INCREASE MEDICAL PRACTICE REVENUE

By eVisit

Is your medical practice leveraging technology to maximize profits? eVisits recommends using technology to build a profitable practice.

Build an online presence
Improve your patient collection strategy
Offer after-hours virtual visits
Motivate your staff
Use your extenders
Build a better appointment schedule
Renegotiate missed appointments
Consider a concierge model

Read the full article: 9 Tips to Increase Medical Practice Revenue

How to perform services that increase primary care revenue

By Betsy Nicoletti, MS

Like Caesar, Betsy Nicoletti gives a thumb up or thumbs down to strategies that can help increase primary care revenue.

Thumbs up to wellness visits and problem visits at the same encounter
Thumbs up to transitional care management (TCM)
Thumbs down to chronic care management (CCM)
Thumbs up, equivocally, to advance care planning (ACP)
Thumbs down to HCPCS codes with low RVUs

Read the full article here: How to perform services that increase primary care revenue

How to Maximize Revenue with Minimal Effort

Terry L. Mills, MD, FAAFP

“Finding time for more patient visits may be easier and more lucrative than you think.” The key to a physician’s success is having the ability to increase gross revenue. Terry L. Mills, MD provides his take on what medical practices can do to meet this objective.

Review Your Scheduling Practices
Work Smarter
- Have a huddle
- Negotiate an agenda for the visit
- Don’t leave the exam room during a visit
- Delegate work that doesn’t require a physician’s license
- Dictate in the patient’s presence
- Avoid batching your work
- Streamline your message traffic
Keep Multiple Revenue Streams, including procedures