Running your own practice is making sure that your patients are getting the best care you can offer. But is your practice healthy enough to provide your patients with efficient systems of healthcare? Do you need to rethink your medical practice performance? Your medical practice is indeed a business for you, and there are some factors you need to think about while sustaining and expanding your business. The same goes for medical practice.
Regardless of the size of your practice, whether you are a paediatrician or a multi-speciality medical practice, you might be facing certain challenges in expanding your practice. But did you know, there are many ways to improve and execute processes to improve the performance of your practice?
First things first
First, practitioners must have a deep understanding of each process’ financial performance. Experts said that means building the budget from the ground up rather than basing it on the previous year’s performance. Using both internal and external benchmarks to point out gaps in every expense category is important.
We know this is getting a bit technical.
Let us be simple and analyse what factors can be implemented in order to streamline your practice performance and improve it.
“For practice performance to improve, you need to analyze historical events and identify factors in the growth opportunities to build solid plans”
Basically, improving and expanding your practice is dependent upon the increase in revenue. In the healthcare world today, competition is increasing, there are so many ways people are using to improve their performance and create a monopoly in their niche segment. Burdening administrative and operational costs need attention with every tool at your disposal in order to keep your practice lucrative.
The factors we are explaining in this article will provide a powerful impact in increasing your revenue and allow you more time to focus on your patient care.
These factors won’t work for every practice out there, but most of them. Please go through these points and evaluate if they work for your practice.
To help you better, let’s start with different ways you can work out at your practice. Try them out.
Better Appointment Schedule
Advancing an appointment schedule is one of those activities that appear to be a fine balance of science and art. How would you keep your patient stream up without getting bottlenecks and long waiting times? How would you keep appointment waiting times down and allow same-day walk-ins? Furthermore, how to further improve clinic business through everything?
Adapting to advanced and trending appointment software and systems will allow you to get a better appointment schedule.
Build an Online Presence
If you still don’t have your practice website and social media accounts, you are falling behind and apart. Around 72% of patients consider getting help from the internet for their healthcare queries and 62% of them rely on online reviews while finding new doctors. If you are not online, your patients won’t be able to find you online.
You can consider hiring a digital marketing agency to get your practice online and optimize your profile online. Request your patients to leave nice reviews for your service which will help you get more business.
Your patient hours are not enough to improve your practice. You can try more appointments after hours for your practice and get more patients. Telemedicine is also useful and easy to use for your patients. Your patients will prefer convenient scheduling options with telemedicine. We know a bit of work-life balance will be disturbed but telemedicine will allow you to gain more experience along with more revenue.
Motivate Your Staff
Your staff is your most valuable asset. Make sure you follow a culture to keep your employees happier. Happier staff means happier patients. Offer your staff positive feedback, encouragement, and rewards. Allow them to take a step forward in the practice goings-on, offer them a chance to handle patients and independent projects, and try to give them a chance to grow. There are many ways to inspire your employees to give every day their all.
Reduce Missed Appointments
Late cancels and no-shows may cost your practice a lot of money. And the fact is – there are so many ways patients may do so – drive through traffic, taking time off work, or even finding a babysitter. Virtual visits and again telemedicine can help your patients with effective care.
Consider a Concierge Model
For some practitioners, especially those with a high Medicaid population, the concierge model may not suit. But for many other doctors and physicians, stepping up to the concierge model can be a great way to improve revenue while leaving some of your administrative stress. Adapting a concierge practice is not a small task, but it can have huge payoffs.
Improve Your Patient Collection Strategy
With the rising number of patients on high deductible insurance plans, patient collections are now a headache for many physicians. 20% of revenue comes from patient co-pays and still, most physicians can collect only 60% of the due amount. If it’s a huge burden for your practice, consider hiring a collection agency or a medical billing company. Your collections strategy can be improved immediately when you outsource your collection, billing, and coding to a specialized agency.
Renegotiate Your Payer Contracts
It’s half of 2021, but many physicians still don’t care about renegotiating their payer contracts. Handling payer contracts can increase your fee schedules.
Want to learn how you can make changes in your revenue schedule and improve your practice? Chat with the 24/7 Medical Billing Services team and get a simple revenue model revolution for your practice. Get ready to improve your ROI while doing so. Visit https://www.247medicalbillingservices.com/ today!