Your medical practice is about healing patients, but it is still a business. To stay afloat, medical practices must rethink their business models. The tech revolution has transformed healthcare. If physicians don’t embrace new technology, they may miss out on untapped revenue. Here are five ways to boost your practice revenue.
1) Streamline Collections
If you have uncollected bills or spend too much pursuing late payments, your collections process needs an overhaul. Create a more focused system to boost your bottom line, and keep more liquid capital in practice accounts. Leveraging mobile tech and making full use of ICD-10 for your medical coding and supplemental medical coding is a good place to start.
2) Outsource Billing
Outsourcing billing may seem like a huge investment, but it can enhance your profit margins. Many doctors report outsourcing their billing process saves overhead costs and the headache of processing claims in-house. It makes good business sense- billing outsourcing firms have to be competitive- so it only stands to reason that doctors would use to improve their revenue cycle.
3) Monetize Checkup Calls
Checkup calls and emails with patients are becoming increasingly more common, and frequently go unbilled. Consider replacing some follow up calls with online video visits. Patients will happily pay for the convenience. Many patients are more enthusiastic about this option than they are about traditional appointments, and it’s a great way to increase the volume of visits.
4) Enhance your Online Presence
Over 70% of patients search reviews online before choosing a doctor. If you don’t have a website or online reviews, you will miss out on many new patients. Start by setting up a profile on Yelp, Healthgrades, and Vitals. Then ask your most satisfied patients to review your practice. Developing your online presence is a low-cost way to raise revenue over the long term.
5) Concierge Medicine
Only 20% of physicians practice concierge medicine. Their patients pay a retainer fee and skip medical insurance billing. Many doctors find adding concierge options can increase revenue.