You work hard at your practice to increase your medical practice revenue and profits. Not only do you pour all your energy into helping people, but you’re trying to build a business. Satisfaction from serving patients is one thing, but you want your practice to thrive and grow as well. Luckily, you can have both. Other practices have problems generating the revenue they need. So, learn from their past struggles. Your medical practice already has the one thing that can’t be successful without you.
Often, doctors and managers get caught up in keeping up with the day-to-day grind. Then, they don’t see a path forward to increase revenue from their practice. It’s important to step back and look at some simple ideas that have been used previously to increase revenue while not bogging you down with extra work. Below, we’ll look at a few of these ways.
Based on our years of experience and expertise, we have prepared a compilation of 5 essential tips that will help you increase the revenue for your medical practice:
Evaluate Overhead to Increase Your Medical Practice Revenue
You need a proper facility and equipment to increase your medical practice revenue. However, overhead can be massive in the medical field, with operating costs often making up 50-60% of total revenue. Facilities shouldn’t be too large. In most practices, any more than 2000 feet per doctor is excessive and leads to inefficiency and larger overhead costs. Obviously, this depends heavily on what type of practice, but any facility should be evaluated for wasteful real estate costs.
Medical equipment also can drastically increase overhead. While medical equipment you stock your practice with is incredibly diverse, the common thread is usually how expensive it is. Carefully tracking inventory and keeping a good storage organization can reduce waste from buying equipment and supplies that you don’t need.
More Patients and New Patients
This one may or may not be possible depending on how busy your practice already is. Squeezing in one extra patient a day through more efficient scheduling increases your medical practice revenue. If you think that it will be difficult to incorporate this strategy or may cause your quality of care to suffer, you can consider opening for a half-day on a weekend. While weekend hours can increase overhead and payroll, your patients will appreciate the convenience and this could attract new patients who are busy during the week.
Continue to introduce new patients regularly into your practice. Shoot for 10% of patients being new if possible. If you’re not actively seeking new patients, you’re asking for your income to reduce as your current patients move on and no longer need your care. Taking on massive influxes of new patients can be stressful to your staff and cause overtime and increased staffing costs, so it’s important to try to see new patients every week, or even every day if possible. Your new patients are the future of your practice, and you should invest in them now.
Analyze Your Insurance Claims
As the bulk of your payment from patients will come from insurance claims, this is where your revenue stream can really be made or destroyed. Claim denials can be costly, and underpayments and delayed payments can leave your practice lacking revenue it should’ve had. Partnering with someone familiar with streamlining insurance claims can help massively. A partner like Gentem has tried and tested methods of minimizing claim denials and simplifying the approval and verification process to make sure you get what you should from insurance companies.
Update Your Practice with the Latest Technology
Medical technology is constantly evolving. If you want to grow your medical practice, you need to make sure you have the latest medical equipment, software, and tools.
Make sure you have a portable ultrasound device as well as the latest X-ray device. The lightweight, battery-powered handheld model greatly increases staff flexibility and saves time by eliminating the need to send the patient to the laboratory.
With the rise of ransomware attacks that take practice data hostage until it spits out a large amount of cryptocurrency, it is necessary to prioritize using the latest cybersecurity technology to protect sensitive data stored for each patient.
Learn More About Increasing Your Medical Practice Revenue
You shouldn’t have to stress about how to increase revenue when insurance companies are denying you pay for the work your practice has already done. Making your practice more efficient can help give slight boosts to revenue over time. However, if you aren’t getting paid for treatment you’ve already given then any work you do on increased profitability within your practice will likely not be very effective.
At Gentem, we know all the ins and outs of medical billing and have helped many practices solve the problems in their income streams so that they can get back to concentrating on doing what they love- helping patients. Sign up for our free revenue cycle/billing analysis and see how much we can help you today.
Enhance Your Medical Billing with the Right Medical Billing Software
If you handle your medical bill yourself rather than relying on a specialist, it’s very likely that your practice will leave money at the table. You and other stakeholders know that proper medical billing software can improve financial management and make a big difference in your workflow.
With the right software, you can also help manage your billing coding. However, for better results, consider outsourcing your health care costs. Third-party billing professionals are always dedicated to improving revenue flow by reducing errors and using the right code first. Fewer bills will be rejected and cash flow will be stronger. Another benefit of outsourcing this important task is that it has a good reputation because it has a well-operated office.
Gentem offers a great solution for medical practices through its advanced technology:
- Transparency and real-time reporting
- You have access and ownership of all your data
- Dedicated team
- Direct contact with revenue cycle managers
- Certified Professional Coders working on every account