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Tips to Augment Medical Practice Revenue
Healthcare Business Review | Wednesday, December 30, 2020
With 72 percent of patients now consulting the internet for healthcare data and 62% using online reviews to find new doctors, an online presence is critical for medical firms. Chances are if the practice is not online, many new patients will be unknown.
FREMONT, CA: In present day’s competitive healthcare space, if one is dealing with crumpling organizational burden and increasing operating costs, they need every tool at disposal to keep the practice profitable. Below are a few strategies that can have a powerful impact on the bottom line, with just a little bit of time or cost investment.
Build an Online Presence
If a business does not already have a practice website or any online presence, it is falling behind. With 72 percent of patients now consulting the internet for healthcare data and 62 percent using online reviews to find new doctors, an online presence is critical for medical firms. Chances are if the practice is not online, many new patients will be unknown.
Besides building a practice website, one can also submit their practice to online directories, create the profile on the major review sites, and get a social media to account up for the practice.
All the steps will help businesses come up in search results.
Enhance the Patient Collection Strategy
A patient collection is an ongoing challenge for many doctors, particularly with the rising number of patients on high deductible insurance plans. 20 percent of most medical practices’ revenue comes from patient co-pays, and yet most physicians only collect 60 percent of what is due. If it is a massive hurdle for the practice, it could be worth it to hire a collection agency. Or else, one can re-evaluate the overall collections strategy and make some of the changes to the billing practices.
Offer After-hours Virtual Visits
Additionally, doing after-hours patient visits is one method to increase medical practice revenue. One can fit more appointments into a day, compete with nearby practices, which are only open 9-5 pm, and keep patients in their practice with convenient scheduling options. Doctors can also offer after-hours visits from home or replace the urgent patient calls with reimbursable video visits. With this change, practices can increase patients, recapture lost revenue from uncompensated time, and maintain a work-life balance.
