Finding new ways to increase revenue can be a struggle for many medical practices. While the primary goal of any healthcare organization is to provide excellent patient care, that cannot be done without a consistent influx of revenue.
There are a number of ways that you can increase the revenue of your medical practice, but no one-size-fits-all approach will work. What may work for a certain practice may not be a great solution for another.
This is why healthcare administrators need to be prepared to tailor their strategies based on individual business needs and emerging trends in an ever-changing marketplace. With that in mind, here are five proven ways that you can improve revenue in your medical practice:
One of the most effective ways to increase your medical practice’s revenue is by increasing the volume of patients that you see. While this is something that is obviously easier said than done, the right combination of targeted marketing and excellent care can do wonders for increasing your practice’s patient volume.
Marketing your practice to a wider audience or offering new and innovative services will help you to attract new patients from previously untargeted demographics. You can also increase your patient volume by offering extended hours or by accepting new insurance plans.
If you want to increase your medical practice revenue, introduce new processes or update current ones to ensure that you are collecting all of the money that you are owed from patients. This means having an efficient collections process in place that is able to conduct the proper communications with patients so that these payments can be completed in a timely fashion.
It is also helpful to work with patients to set up payment plans if necessary. This enables your organization to accommodate any patients who are not able to pay their entire bill upfront by allowing them to pay on a set schedule over time.
Beyond payment plans, you may also want to consider using a third-party billing service to help improve your collections process. This can save valuable time for your current staff and allow a dedicated team to focus on securing outstanding payments.
Making sure that your employees are working efficiently and not spending too much time on any one task is key if you want to increase your revenue. Certain software enables you to track how much time is being spent on each task and assess where efficiency can be increased and where goals are being met. It’s also important to ask questions like:
Understanding the relationship between time spent on tasks and their associated costs can provide you with the objective insights required to make decisions that can improve or optimize processes. It may also highlight a need to upgrade certain tools, equipment, or other resources.
Reducing your expenses is a great way to increase your revenue. The less money that your medical practice is spending, the more money you will be able to gain in revenue.
Take a close look at your budget and see what areas are bloated and can be cut back on. You may be able to save money by negotiating better rates with outside vendors or by doing something as simple as switching to cheaper office supplies. You can also save your practice money by reducing energy costs or by eliminating unnecessary expenses around the building.
Medical practices that take advantage of existing technologies are often able to increase revenue more effectively than those that do not. Investing in technology that can help automate or offset recurring low-level tasks is crucial for allowing your staff to spend more time with patients and focus on improving the visitor experience.
Examples of this can include an electronic health record (EHR) to manage medical records electronically so that less time needs to be spent on manual tasks. An EHR could also allow patients to complete intake forms online so that your staff doesn’t have to spend as much time processing paper documents.
Utilizing the right technology in your medical practice can do wonders for increasing your revenue. When it comes to choosing the perfect software for your practice’s unique needs, ER Express has you covered.
ER Express is an innovator of time-saving and performance-enhancing software solutions for emergency departments and urgent care organizations.
To get started, request a demo today.