Health

How To Increase Your Medical Practice Revenue Without Adding More Patients

Physicians need a good work life balance just like everybody else does. Yet, they struggle to find the time to enjoy off work because of the need to add more and more patients to cover their rising costs.

Getting burned out is very real for physicians of every kind so there comes a time when you have to stop adding new patients and risk losing revenue.

Unless you take some active measures to find ways to increase your revenue. There are ways to do this without adding any new Patients so read on for some helpful tips.

Negotiate

Are you getting the market rate from insurance providers for your services? You may be surprised that there is money being left on the table. Sometimes you simply have to ask for more.

Contact the reps for the providers and see where you can negotiate for higher rates. If they don’t budge then it may be time to look into another provider.

You can also be negotiating rates on your disability insurance or again finding a new provider.

Improve Your Scheduling

When people arrive late for their appointment or don’t show at all, this really impacts how much money you make. Likewise, when you don’t account for enough time for certain procedures and end up running late on the rest of the appointments for the day.

You can reduce this wasted time by trying a new scheduling system. Find where the bottlenecks are and figure out better ways to move those appointments around to avoid this.

Another possibility is to use some time in between appointments to do some virtual visits online. If you do this right, you can have people ask you questions from the comfort of their home which reduces the need to take time out of your busy day.

Patients

They can log in and see what times are available for that day and then not need to come to the office.

Market Yourself

Set yourself up with a website that doesn’t just give office hours and basic information. Start a site that is a marketing machine that can streamline your business.

One great way is to use email marketing. From your website, collect emails from your patients and then market services to them. The previously mentioned virtual visit is a good example. If you have a day with some gaps in appointments, send out an email blast letting patients know.

You can also let them know if you have weeks coming up with times available. If they are feeling like they are coming down with something then they might fill those slots.

Conclusion

It takes a little creativity and thinking outside the box, but you can Increase your revenue using these techniques.

Take a hard look at your practice and you will surely see some low hanging fruit that can be easily grabbed to add more money without having to work harder to make it. Work smarter, not harder!

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