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Best Ways to Increase Medical Practice Revenue

By Author , in Health , at May 26, 2021

Increasing revenue in healthcare is becoming more difficult due to the rising levels of today’s competition. Creating a steady and consistent revenue stream requires unique tactics and planning. The following are some of the best ways to increase the revenue of the medical practice.

Build a Strong Online Presence

A stronger online presence can have tremendous benefits. More patients than ever before are looking to consult the internet for healthcare advice. This includes looking for reviews of doctor surgeries and trying to find health information. The reasons for this should be clear, using the internet is much easier and more accessible than traveling to a local practice. Without a strong online presence, you will be more likely to miss out on potential customers. The main way that practices try to build a strong online presence is through their website. Creating a site that is both accessible and aesthetic for patients is imperative. Nobody wants to visit a website that is hard to use.

However, building a stronger online presence is about much more than just updating your website. You will need to ensure that you have a presence beyond your site, making sure that potential customers will be able to come across your site when they search for certain terms. You can create a profile for online review sites and make sure that you have a working social media platform to engage with potential customers. All of this will make your practice more likely to come up in search results. 

Try to Limit Missed Appointments

There is no getting around it; missed appointments can be incredibly costly for a practice. Although you need to understand that there are some events that are uncontrollable, such as a busy schedule or emergency. Luckily, there are several incentives your practice can introduce to help discourage missing appointments. One thing that several other practices have introduced has been a cancellation policy. This essentially charges the patient a small fee for missing an appointment. This will help to cover some of the costs that the missed appointment has incurred. Another strategy you could use is encouraging patients to use virtual appointments during times that they are going to miss an appointment. This helps to alleviate any concerns the patient may have about taking time off work and lets them speak to a doctor from the comfort of their own home.

Try Virtual Visits

With technology playing a greater role in people’s lives, now is the best time to start introducing virtual visits. These types of appointments offer a lot of benefits, both for the practice and the patient. This offers patients greater freedom with appointments, as they can be done from pretty much anywhere they won’t have to worry about booking time off work or finding someone to look after the kids, giving them a much better incentive to attend the appointment. In turn, this helps to minimize the amount of missed appointments for the practice.

Another great way to take advantage of technology is by offering virtual sessions after hours. The nine to five schedule of most practices doesn’t suit most working people. By offering after-hours sessions virtually, you will be able to connect with a much bigger base of patients. Not only are they more convenient for most patients, but they also result in a practice saving money annually. The best way to advertise these virtual sessions to patients is through your website and social media links. These virtual visits can be a powerful ally in trying to increase the revenue of a practice.

Chronic Care Management

The process of chronic care management is becoming increasingly popular. Both patients and practices are feeling the benefits from these programs. A chronic care management program is essentially a term that refers to the various medical and educational activities that help patients to live successfully whilst suffering from chronic diseases and pain, and healthcare professionals or providers undertake this. Chronic care management systems aim to motivate patients to engage with therapies and solutions. There are various companies that offer this system; for example, Chartspain is a well-respected and trusted Chronic Care Management company. All the necessary information and resources regarding the chronic disease that the patient suffers from are pooled together in one platform, ensuring that the patient won’t have to visit several different specialists to get it managed effectively. Through a chronic care management system, they will have everything they need at their fingertips. The benefits also extend to healthcare professionals, due to the increased efficiency, there is an opportunity to increase revenue in a substantial way.

How it Increases Revenue

There are a variety of ways that well-implemented chronic care management can help to increase revenue for a practice. One big way that chronic care management increases revenue is through reduced staffing costs. As many chronic care management systems are outsourced, you won’t have to worry about hiring staff to fill positions. This also alleviates the costs needed for adequate training. These savings will make an almost immediate impact on the revenue of chronic care management providers.

If you haven’t outsourced your management systems yet and you’re still working with high staffing costs, you should definitely consider partnering up with professionals like Wellness Works Management Partners. Rather than offering traditional MSO services, we’ve developed a Deconstructed MSO healthcare model to give you all the flexibility your practice needs.

Another way that a chronic care management system can improve revenue is through its ability to create loyalty amongst its users. Those patients who use the chronic care management system see improved scheduling as well as a more coordinated and tailored effort from the provider, this makes them much more likely to have an improved quality of life. With a more humanized healthcare experience and more personal approach, the patient becomes more loyal to the provider, essentially earning the practice a loyal and steady revenue. 

Final Thoughts

Increasing revenue requires the ability to make tough decisions and recognize the areas which need improvement. Luckily, there are several strategies that you can employ to do this, including integrating a chronic care management system to get an alternative revenue stream and further embrace technology to build a stronger online presence. Improving your revenue stream is vital to ensure your practice can grow and provide even better care in the future.

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