Medical Practices: Maximize Your Revenue

Utilize every resource at your disposal if you want to keep your practice profitable in the face of a crushing administrative burden and rising operating costs. The strategies listed below can have a big impact on revenue growth in the healthcare sector by only requiring a small investment of time or money.

Provider Certification

A process called provider credentialing confirms that doctors and nurses have the education, licenses, and work experience necessary to provide medical care to patients. In the medical field, upholding high safety standards is essential. The process of healthcare credentialing is another name for it.

Without provider credentialing services, using any healthcare software can be very difficult. More importantly, without it, no healthcare provider can expect to succeed in the medical sector.

Lack of medical credentialing typically prevents an organization from receiving insurance company reimbursement or only receives payment at a reduced rate for services rendered, which lowers revenue. Therefore, finish the provider credentialing process as soon as possible to increase your revenue.

Develop a Web Presence

If you don’t already have a practice website or some other online presence, you’re falling behind. Your online presence is essential because 62 percent of patients use online reviews to find new providers and 72% of patients increasingly search the internet for healthcare information. Numerous potential patients might not be able to find you if you’re not online.

Create a profile on the most popular review websites, submit your writing to online directories, and create a social media presence. All of these actions will improve your search engine rankings, and current patients will be delighted to find you online.

After-hours virtual visits are made available

Increasing the number of after-hours patient visits is one way to increase the medical practice’s income. You can schedule more daily appointments with the help of practical scheduling options.

It would be very helpful for you if you could provide after-hours visits from your house and replace the after-hours urgent patient calls you currently receive with reimbursable video visits. With this change, you might be able to draw in more clients to your clinic, make up for lost income from unpaid time, and keep a good work-life balance.

Improve Your Schedule for Appointments

It appears that appointment scheduling optimization strikes a balance between art and science. Implementing virtual visits can assist you in overcoming a variety of obstacles.

Because patients can log in online from any location, virtual patient visits can be more flexible. You can start a virtual visit online right away if you have a last-minute cancellation or a 10-minute gap in your schedule.

The patient does not have to wait in the office like they would with a typical walk-in, either. Patients who require immediate medical attention won’t be directed to the closest retail clinic.

Using medical billing software, improve your patient collection strategy

The rising proportion of patients with high-deductible insurance policies makes patient collections a constant source of stress for many doctors. 20 percent of most medical practices’ revenue comes from patient co-payments, but most doctors only get 60 percent of what they are due.

It might be advantageous to get in touch with a collecting agency if it is a significant hindrance to your practice. You might also want to implement any medical billing solution software and reexamine your overall collection strategy.

Encourage Your Staff

Your most valuable asset is your workforce. Accept the idea that happier employees will make patients happier. Encourage your team each day with comments. Please name them project leaders and let them have a say in how the practice is run. Try having one-on-one conversations to check in. There are many successful tactics to encourage employees to give their all each and every day.

Get the Most Out of Your Coworkers

There are probably a few physician assistants or nurse practitioners working for you, despite the fact that your practice is small. Whenever possible, make sure they are giving their best effort. Their ability to generate more money depends on how well they perform tasks above their pay grade.

Change the terms of your payers’ contracts

Numerous doctors never negotiate new payer agreements to increase their fee schedules. Though you can! You may be able to bargain for a higher payment if you can convince payers that your practice delivers high-quality care at a reasonable cost.

Lessen the number of cancelled appointments

Your practice could lose tens of thousands of dollars a year due to missed appointments and late cancellations. It can be useful to include a cancellation clause with a cost. Allowing patients to conduct virtual visits from their homes, however, can be quite beneficial. Patients who don’t have to travel far or take time off from work to see you are much less likely to be late for their appointments.

Conclusion:

It’s not as difficult as it first appears to maximize revenue. You can see significant revenue changes in your financial reports with a little effort put into several measures, such as provider credentialing, creating an online presence, streamlining appointment schedules, and getting assistance with a medical billing solutions.