Medical Office Growth Strategies

Increase your profits, and long term success.

Top Ways to Increase Medical Practice Revenue

You may already be doing some of these, but chances are there are at least a few new tactics that could help your practice’s financial health.

Patient Environment and Services
Street Appeal —Make sure that the outside of your business is inviting to patients.
Office Environment — Make your office user-friendly with services like free Wi-Fi, clean and comfortable waiting areas, and good reading materials.
Reduce Wait Times — Long wait times can be a key reason patients decide
to leave your practice, or go to the retail clinic down the street for quick consult
Train Your Staff on Your Services — Customer service is key in healthcare. Train your staff to be polite, professional and engaging.
Expand Your Medical Services — Consider adding alternative medicine and therapy to your office’s list of service. Medical massage, chiropractic services, or even a nutritionist
helps differentiate you from your competition

Customer Feedback
Encourage Online Reviews — Positive reviews drive new patients to your door. Encourage patients to leave comments on review sites like Yelp!
Master Social Media — Start conversations and engage your clientele on social media.
Become a YouTube Content Creator — Videos help people understand topics like women’s health, dieting, and medication.
Create Authority Through Content — publish articles in journals or write a book. Or just start small with a few blog posts on your practice website or another medical site. Being an authority drives new patients to you.


Online
Expand Your Online Presence — many new patients are looking for new doctors by searching online.
Compete Using Your Strong Points — Use quality service as a weapon against cheaper prices.
Update your Practice Website — create a custom page that highlights your strengths. Avoid the cookie cutter templates and fill your site with helpful links to articles you’ve written, social media, and YouTube.
Use Technology to Attract Younger Patients. Millenials want more convenient, tech-integrated healthcare. Try offering online appointment booking, virtual visits, text reminders, and optimizing your patient portal.
Create an Online Library — Encourage patients to read care sheets by making them available online.

Technology

Encourage Wearable Products. Brush up on mHealth — Wearable technology is a driving force in healthcare.
Patients are  interested in using technology to better manage their health. Showing you’re up on the trends will get you happier, healthier patients who are impressed with your level of service.
Change with Technology — Offer the best services with new equipment.

Sticky

Affordable Patient Education Classes — Target your audience such as diabetics, dieters, people trying to stop smoking, etc. Some classes may be billable.
Expand Appointment Options — Can you offer weekend or evening appointments at your office? Could you supplement in-person visits with virtual care in the off-hours?
Consider Wellness Clinics — Group visits and clinics help raise ROI for you and your patients.


Care and Interaction
Encourage Boosters — Flu shots, school vaccines, MMR’s are all easy money. Try sending out an email campaign to patients with reminders to get all their vaccines.
Embrace Medicare — There are a lot of services that Medicare covers such as DME, diabetic supplies, etc.


Your Community

Partner with other Vendors
Partner with a local gym so your patients get a discount for getting healthy. That is a marketable service that draws in more patients
Lease a Classroom — There are plenty of other professionals that would lease a classroomfrom you. Nutrition is a good example.
Add a Cash-Pay Side — cash
services are a big business. Try offering additional services that may not be covered by insurance, on a cash-pay basis to patients.
Work-Related Services –  physicals, drug screens, health screenings for employers, insurance companies, and government agencies can be a great
way to get more business and find new patients.
Renegotiate Payer Contracts — Review and renegotiate your rates. Add new ones at leastannually.
Evaluate Scheduling — You want  to see as many patients as possible, but you don’t want to downplay quality.
Refills by Virtual Appointment — Instead of calling in prescription refills, do them via virtual visit with patients so you can charge for the service!
Your Ideal Patient Persona —
Learn what your practice’s ideal patient is and then focus marketing to that target audience.
Expand Your Medical Services — Consider adding alternative medicine and therapy to your office’s list of service. Medical massage, chiropractic services, or even a
nutritionist  helps differentiate you from your competition.
Give Back — Donate some time or sponsor community groups that are improving healthcare. The goal is to get your name out there.

Financial
Buy Rather than Lease — Evaluate your financials and the location and see if you can buy. Rent can be a huge cost, and money that’s not going towards any future investment in your practice.
Bill for Missed Appointments — No-shows cost your practice money. Institute a cancellation policy and charge for these.
Go Digital — Cloud-based storage saves doctors thousands of dollars each year. Go digital!
Review Billing — Submit bills daily, follow up on denied claims, do not let revenue sit out in unpaid claims.
Check Insurance Often — Copy insurance cards and verify the insurance is up-to-date at the time the appointment is made, to avoid any billing headaches
later on.
Let Patients Pay Online  — If patients have a way to pay online, there’s less likely to  be a delay in payment, or a case of the bill getting lost in  the mail.
Hire More Staff — Avoid overtime and offer flexible hours or shifts.
Evaluate Your Marketing Strategy— Make sure that your marketing metrics are measurable. Get rid marketing that does not have a positive ROI.
Consider Outsourcing — Is it cheaper to outsource some office work?
Join a Purchasing Club — Save on office and cleaning supplies.
Pre-certification — Make sure you have authorization on all services over a specified dollar amount.
Government Contracts — Apply for contracts that bring patients into your practice.
Review Your ICD-10 Codes — At least monthly make sure you have the correct codes.
Collect Co-pays and out-of-pocket expenses at the time of service.

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