How to increase revenue coming into your private practice
One of the questions we commonly get from private medical practice owners is how to increase revenue. We’ve compiled a list of seven ways you can increase private medical practice revenue, but you can’t take shortcuts. Some of these changes require more from your staff, while others will require more from you.
Are you ready to increase private medical practice revenue? Here’s how.
It’s time to go paperless with an EHR like Parasol Medical Billing offers to help you streamline your processes. Move intake documents like your explanation of benefits to an electronic format. Automatic your processes will save you time on data entry and filing.
Train Your Staff to Code Correctly
Health care providers are audited on coding, so accurate coding is vital to the success of your practice. Medical is not easy, and it’s ever-evolving. It’s important to hire and train staff properly, which can be expensive for a small medical practice. Outsourcing medical coding may be your best option, costing less and helping you grow faster. Save time training employees, and spend more time growing your practice.
Add One Additional Patient Visit Per Day
One more patient per day can add about $25,000 to your practice’s annual earnings for primary care, assuming $100 for a new patient visit). This isn’t an option for every practice. If you’re already having challenges allocating enough time per patient, the opposite advice might be useful.
Consider Cutting Back
If too many patients is your issue, consider dropping one insurance company. You can reduce operations costs as well by reducing the amount of patient communications you have to handle out-of-office for example.
Don’t overstock your inventory. Ditch product you’re not using. Keep a lean inventory to save.
Improve Front Desk Staff Performance
Patients often complain about poor experiences with front desk staff on review sites. When front desk staff enters incorrect information, other people have to spend valuable time correcting their errors. Their mistakes can have a major impact on patients, who may leave your practice as a result. Take the time to train your staff and evaluate their performance. Read online reviews to hear what your patient’s have to say.
Social media is a great place to increase your brand awareness, reach potential patients and educate them on why they should choose your practice over others.