Everywhere you look, costs are on the rise. From the food we eat to the medical supplies we order, everything seems to cost more and more everyday. With record inflation and economic uncertainty, it is imperative to ensure that your medical practice remains profitable and retains a loyal client base.
Luckily, there are a few things that every medical provider can do to increase the amount of revenue that they keep.
Build an Online Presence
As we go further and further into the 21st century, building an online presence is one of the best ways to attract new clients. This includes things like managing your Google Maps business account and creating a website that is both user-friendly and optimized for SEO. If having a dedicated person on your staff that can handle digital marketing may not be within your budget, you may want to consider outsourcing to a freelance virtual assistant or digital marketing specialist.
Offer After-hours Virtual Visits
Offering virtual visits after hours is a great, low-cost way to increase your revenue and diversify your product offerings. It also allows you to outperform your competitors who may not be offering such flexible appointment times and attract new patients who are looking for a practice that better suits their day to day needs.
Reduce Missed Appointments
There are only so many hours in a day to make money and missed appointments can really impact your overall revenue. If you consistently faced missed appointments, you may want to invest in an automatic system that sends out reminders of upcoming appointments. In addition, you can also charge a nominal deposit when the booking is made that is then used to offset the final payment. Even this small amount will often make patients be more conscientious about their appointments.
You can also institute a cancellation policy where patients must pay the full appointment fee if they cancel within a certain time frame. This will ensure that you are still able to make some revenue for that appointment slot.
Optimize your revenue cycle management
Revenue cycle management refers to the entire lifecycle of a patient account from intake to their final payment. Making sure that you collect any outstanding payments is crucial when it comes to your cash flow and unpaid bills can quickly impact your revenue stream.
While this is easier said than done, Orchard Medical Management can take a lot of the pain out of revenue cycle management, handling everything from scheduling to correct coding initiatives and reporting. This will help you free up valuable time that you and your team can dedicate to your patients. Give us a call at (603) 232-4513 to learn more!