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Diversify Medical Practice to Increase Revenue

July 13, 2017

Diversify Medical Practice

Diversifying services is a smart way for medical practices to increase their sources of revenue. But what services should you consider adding? Radiology, laboratory, dietary supplements and medspas are popular ancillary services for general practitioners. Here are five popular ancillary services getting most popular now a days.

1. In-House Physician Dispensing

There are several ways an in-house physician dispensing might work at a physician practice. Some vendors provide a kiosk for your office that’s stocked with common, generic prescriptions. Upon checking out, patients can pick up their prescriptions from the turn-key kiosk. Another arrangement would see your office bring in a pharmacy tech to fill prescriptions that you write. Some companies offer this service as a package deal. That way, you wouldn’t have to manage human resources matters or order pharmacy inventory. Patients love either arrangement since it prevents them from having to make a separate stop on the way home. 

2. Sleep Studies

You pay rent or a mortgage on a building to house your practice. But that space sits empty and idle for at least 12 hours a day. Why not put your office to work when you’re not there? Adding a sleep clinic will serve a portion of the 20 million Americans who experience sleeping disorders. And since the number of sleep studies have increased dramatically since 1997, it’s a good bet that you’ll be able to capitalize on this revenue stream. Many physicians chose to provide in-home sleep studies instead of creating a pricey brick-and-mortar sleep lab. Patients are generally more agreeable to a test administered in his or her own home. This allows a greater number of tests to be administered. Keep in mind there are some regulatory requirements, especially when it comes to treatment options. 

3. Allergy Medicine

More than 50 million people in the United States suffer from allergies of some sort. That’s why offering allergy testing services and allergen immunotherapy treatment is a smart move for a general practitioner. Patients appreciate the convenience of getting allergy tests and medication from a provider they already trust. Adding allergy services will also allow you to attract new patients to your practice. Some companies offer packages with a technician, antigen and supplies to operate the program in your office, leaving you with little work to do yourself. 

4. Sports Physicals

Millions of kids play sports every year and virtually every one of them will need a physical. Kids also need physicals for camps and other extracurricular activities. By offering these relatively straightforward exams, you can easily increase your revenue. Consider opening your office on a Saturday for physicals. Charge each person a set cash fee for your services. Not only will you be able to see dozens of patients in a short amount of time, but you won’t have to file insurance paperwork or wait for reimbursement. Plus, if you catch any problems or concerns, you could turn these quick exams into a new patient.

Related Article: Reduce AR and Increase Medical Practice Profitability

5. Telemedicine

Telemedicine is an emerging trend in healthcare. Providing consultations via video calls is a great option for chronically ill patients who simply cannot come in for office visits or for people who live in rural or medically under served communities. In fact, revenue from telemedicine services is expected to reach $1.9 billion by 2018. Increasingly, telemedicine services are being offered by small physician practices that invest in the information technology infrastructure to make it possible. Some physicians chose to join a company that markets the telemedicine service and pay him or her for non-emergent consultations via a technology interface.

We can help your office as you look to diversify your services. Call me at 770-666-0470 or email for an analysis of your practice’s needs. 


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