Grow Your Medical Practice with These 6 Strategies
Physicians today face a highly competitive healthcare space. Medical practices are dealing with large administrative burdens and rising operation costs. The following strategies will help your practice bottom line, and don’t require major time or cost investments. Increase medical practice revenue today by making a few changes.
Invest in Branding
To increase medical practice revenue you need to increase brand awareness. Your best place to build a brand today is online. Luckily, companies don’t need to spend money on expensive billboards or TV commercials. Your dollar can go far online, if you invest well.
If you don’t currently have a website for your practice, you’re already behind your competitors. Studies show that 72 percent of patients now consult the internet for healthcare information and 62 percent use online reviews to find a new doctor.
It’s not enough just to have a website, you need to have a good website. It doesn’t have to be expensive but spend your money on a design that’s modern and provides a good user experience. A good-looking website communicates success and helps build confidence with prospective patients. A modern website gives the appearance of a modern practice, and what patient doesn’t want to go to a doctor that’s up on modern practices.
In addition to investing in a good website, you should also submit your practice to online directories. Create profiles on major physician review sites and set up a social media business page for your practice.
Improve Patient Collections
Patient collections is one of the biggest challenges facing physicians and medical practices. This has never been truer thanks to the rising number of patients on high deductible insurance plans. About 20 percent of most medical practices’ revenue comes from co-pays, but physicians only collect about 60 percent of what’s due.
Hiring a medical billing company can help you stay on top of billing and ensure you’re charging patients the right amount.
Start Accepting Virtual Visits
Working after traditional hours can help you increase medical practice revenue, but it typically comes with a loss of work/life balance. Replace after-hours visits with video visits. Chances are, you’re probably already accepting urgent patient calls for free after hours. With virtual visits you could be compensated for that time.
Optimize Your Appointment Schedule
The goal is to keep your patient visits up without causing long wait times. Virtual visits can help you see a high volume of patients without crowding your waiting room or making patients wait. Virtual visits can also help you fill in holes in your schedule due to no-shows.
No-shows and last-minute cancellations can cost a medical practice tens of thousands of dollars a year. While you can’t control your patient’s lives, you can make it harder for them to cancel by adding a cancellation policy with a fee.
Renegotiate Your Contracts
You’re not stuck with your current payer contracts. You could renegotiate to increase your fee schedules. As long as you have proof that shows your practice provides great care outcomes in a cost-effective way, you have the leverage to ask for a pay raise.
Increase medical practice revenue by making these changes and reach your practice goals.