Tips for helping your cash flow to be more stable than ever.
If you are starting a business, the most important thing that can determine whether or not it is successful is revenue. Especially in the medical field, whether you can continue operating your practice will depend on how much income you are generating. Thus, it is imperative to find ways on how to increase your medical practice revenue.Whether your practice is a newfound one or a long-standing one, it is important to continuously think of ways to increase medical practice profits. There are many methods and tactics that are helpful for a practice, and you may already be using a few of them. Notwithstanding that, here are 10 other tips that may be of great help in increasing your medical practice revenue and help your cash flow be more stable than ever:
1.Pay attention to your curb appeal
The outside of your business should make a good first impression.
The staff should be polite, agreeable, and accommodating to the patients. Remember that a happy staff also means happy patients. Never hesitate to give your employees words of encouragement and positive feedback every single day. Always make sure they are heard and appreciated because this will motivate them to do better. Schedule outings, mental health days, and other activities that inspire and motivate your workforce.
3. Create a welcoming environment
The patients may have to wait in line while waiting for the provider. Thus, create an environment that won't allow them to be bored. Install Wi-Fi and provide good reading materials.
4. Reduce wait times
No matter how welcoming the environment will be, if the wait time is too long, the patients will get impatient. That is why you should significantly reduce your wait times.
5. Compete using quality services
There are two ways on how your practice becomes more distinguished than your competitors: quality services (i.e., offering late nights and weekend appointments) or cheap prices. Opt for the first one. It is better to offer quality services rather than cheap prices if the latter means you'll have to cut corners.
6.Promote boosters
Don't just focus on doctor's appointments. You may also offer other services such as patient education classes, flu clinics, etc. Having extra flu clinics can generate extra income for the practice.
7.Pay attention to missed appointments
Patients who don't turn up for their appointments cost you money. Clarify with your patients your cancellation policy. You can charge for no-shows or for missed appointments for private insurances.
8.Offer online payment and collect co-pays/balances at time of visits
There are cases when it is more convenient for a patient to pay online or when reminded at their visit. Allow them to do so. You may be able to reduce delayed payment with that.
9.Don't sit on unpaid claims
Bills should be submitted daily. If there are denied claims with your patient's insurance provider, follow up on them. Don't let go of revenue from unpaid claims.
10. Offer cash-pay services
Some medical services are not covered by certain insurance. Offer these as additional services.
Alpha B. Journal, PA-C, MBA, is the founder and CEO of Journal Solutions, LLC.
