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5 Ways to Improve Medical Practice Revenue

February 20, 2020

Medical-Practice-Revenue

In this environment of ever-tightening payout schedules and reference codes, it’s essential for medical practices of all sizes to look for ways to boost their revenues. Keeping revenues growing helps drive the success of the medical practice and complements the compassion of the staff. Follow the tips below for a seamless combination of both objectives. 

1. Analyze the Current Process

Before taking steps to improve medical practice’s revenues, it’s crucial to analyze and evaluate the current system it has in place. This includes determining which elements within the company’s workflow are problematic. Only after understanding that, can a strategy to address them be developed. 

In addition to taking an objective look at the current process, it’s also valuable to gain insight from the staff that must use the system. They often have input regarding issues — such as those that relate to patient experiences — that might not be readily evident otherwise. 

When completing the evaluation phase, it’s crucial to look at the platform that’s currently in use to organize the practice. It should not only keep patient records organized and easily accessible, but it should also provide the medical practice with insight regarding their revenues. 

2. Tap into Staff Resources

The heart of any medical practice is its staff. This particularly true for the office staff as they are the driving force behind the business. Motivating the team by providing incentives tied to increased revenues can help achieve the medical practice’s goals. 

Goals set by upper management can often lead to a disconnect between their execution and staff. Providing incentives such as quarterly bonuses, free lunch Fridays, additional vacation time, or tickets to local entertainment venues can boost interest in meeting those goals. 

3. Be Clear About Expectations

Patient engagement and customer expectations are interconnected. The expectations of the medical practice should be conveyed each time a patient engages with the staff. 

During office visits, for example, the expectations regarding payment solutions and patient financing, if offered, should be spelled out. Providing patients with the resources to understand the policies regarding payment ensures that they know what is expected of them. 

Approaching expectations in this manner alert the patients about the entire process from start to finish. Because patients are aware of expectations from the beginning, the relationship between the patient and the medical practice can be more easily preserved. 

Given all the media coverage regarding breaches in private data previously believed to be secure, patients should also be reassured that any sensitive information they share with the medical practice is protected. Keeping a clear flow of communication between patients and the medical practice provides a positive revenue stream in the short and long term.

4. Encourage Patient Engagement

Today’s medical patients are more informed and knowledgeable than ever before. Because of the availability of vast amounts of knowledge thanks to the internet, patients feel empowered to take control of their health. A medical practice that focuses on making that engagement a priority can see a boost in its revenue. 

By offering incentives to those patients who meet milestones and are vigilant about their health, a medical practice can see increased visits as well as referrals. A medical practice that is deemed to be a partner in protecting a patent’s health is more likely to be recommended to others. 

5. Choose the Right Medical Billing Solution

Each time a bill is rejected by an insurance company, it costs the medical practice additional funds in time and workforce to resubmit it. By using an up-to-date medical billing software suite, human errors can be reduced, and denials slashed. The best medical billing solutions are regularly updated with the latest codes and features, so medical practices don’t have to do this step manually.

Established in 2002 by a group of physicians, we are a national provider of medical billing services to group practices, clinics, and individual physicians. We also specialize in provider credentialing, payer contract reviews, and medical coding. We provide solutions for today’s medical practices to increase their revenues and meet their goals.

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