The formula for increasing your practice's revenue may initially seem simple. Attract new patients, take in a larger volume of patients, and minimize costs in the office. However, it may be time to think differently about practice profitability. Consider one of these nontraditional options to increase the value of your services and generate more revenue without freezing wages or eliminating overtime.
Use Technology for Patient Engagement
Today's patients want to participate in their care. It is the job of the physician to support that desire with education and encouragement. Consider adding a patient portal to your website that will allow your patients easy access to their health information, appointment scheduling reminders, and more.
You can also consider adding an "ask the doctor" feature to your website, or maintaining an informational group on a social media website such as Facebook. Offering easily accessible and personalized services will keep you in the forefront of your patients' minds, resulting in more frequent appointments and more word-of-mouth referrals.
Examine Your Payment Policies
You absolutely need a clear and consistent policy regarding payment at time of visit. Standardize your policy and train your staff on how to collect at the time of visit. This will both increase your daily revenue and reduce the amount you need to collect later on.
It may also be worth your while to consider dropping some payers completely. Run reports regularly to better understand your reimbursement percentage across carriers. Consider renegotiating fees if at all possible.
Find the Right EHR
There is no question that using EHR software can simplify the billing process and increase your practice's profitability. A healthcare index conducted in 2013 revealed that utilizing “prior authorization and referral certification” has “a potential savings of $13 per transaction.”
Using EHR software renders your practice management more efficient, reducing the amount of time spent on paperwork and allowing you to focus on your patients. EHRs can also improve patient outcomes by alerting physicians to criical lab values, identifying needed lab tests, and allowing physicians to access charts remotely. It's important to find an EHR that will work for you. Do your research so that you feel confident when making a selection.
Grow Your Medical Practice
Whether you're beginning to interact with your patients on social media, revisiting your practice's payment policies, or considering an EHR, you understand that revenue cycle management is the lifeblood of your medical practice. Don't miss an opportunity to increase your revenue. We've put together a Tip Sheet with 4 Essential Resources to Increase Practice Profitability. Download it for free today, and you will be one step closer to a thriving and growing medical practice.