While your main goal as a doctor is treating patients, it’s important to maintain a profitable medical practice to ensure you can continue to do what you’ve been trained for.
Here are some of the most important things you can do to help increase your medical practice’s revenue:
1. Conduct a Billing Assessment
A medical billing assessment helps physicians identify what is working effectively and what changes can be made to increase efficiency, productivity, and revenue.
This assessment can do a number of things to improve your business operations, such as helping with:
- Auditing policies and procedures
- Ensuring your technology is up-to-date
- Workflow analysis
Reviewing how your billings are run can help you keep up with the ever-changing medical billing landscape, reduce errors, and eliminate patient dissatisfaction. The results of the assessment also allow you to make wiser financial decisions that can lead to increased profits for your medical practice.
2. Hire a Billing-Management Company
Handling your own billing can be a time-consuming and costly responsibility in terms of staffing, documentation, and record keeping.
By hiring an experienced medical billing and collections team, you can eliminate the time, frustration, and expense associated with those dreaded tasks. This efficiency allows your staff to devote more quality time building relationships with your patients. After all, patients who feel valued and appreciated will be loyal to your practice.
3. Conduct a Medical Practice Assessment
An assessment of your business as a whole can help you achieve and maintain an organized, successful, and revenue-generating medical practice.
It can provide valuable insight such as:
- Whether you’re charging too little or too much
- If collection rates should be higher
- If your labor costs are too high
- How to measure your staff’s productivity
Because the assessment is done by a qualified third party, it allows for a nonbiased evaluation of your practice, complete with recommendations for improvement.
4. Increase Your Online Presence
In today’s tech-savvy marketplace, it is vital to start conversations and engage your patients and potential patients on social media.
Reports have shown that nearly 20 percent of time spent online is on social media; therefore, this is a great avenue to engage in conversations about your practice and the services you offer. Social media helps build relationships with patients, their families, and prospective patients by becoming a helpful resource for the community.
Social media presence also influences search engine rankings. Having great search engine rankings improves your chances of being found. In fact, many people now use social media as a method of finding people, places, and services they’re looking for either by asking friends or people in the community or by searching for the business directly.
The bottom line is that social media can give you more exposure and interaction with your patients, which can help increase your profits
5. Create a Welcoming Environment
A clean, comfortable, and welcoming environment can make or break a medical office.
First impressions are everything. The first step is to make sure the staff are friendly and available to patients. Staff should be trained and made aware of the importance of excellent customer service, no matter how busy the office gets.
The aesthetics and physical environment of the office is also very important. By equipping your office with clean and comfortable waiting areas, free Wi-Fi, and good reading materials, you are making your patients feel warm and welcome. This will help ensure return visits.
Let ProMD Practice Management help you maximize your profits. We promise to increase your revenue by 20 percent within 90 days. To learn more about how we can help boost your medical practice’s revenue and profitability, call us at (844) 236-5488 or fill out the online form to request an appointment.