How to Maximize Your Revenue?
To maintain a profitable practice in the face of a crushing administrative burden and rising operating costs, you need to use every available resource. By investing only a small amount of time or money, the strategies outlined below can significantly impact revenue growth in the healthcare industry.
Provider credentialing is a process that verifies that nurses and physicians have the required training, certification, and professional experience to provide patients with healthcare services. Maintaining high levels of safety standards is critical in the medical profession. This process is also known as medical credentialing.
Utilizing any healthcare software can be extremely challenging without provider credentialing services. More importantly, no healthcare provider can expect to thrive in the medical industry without it.
If an organization lacks medical credentialing, it is typically unable to receive reimbursement or get paid at a reduced rate for providing services from insurance companies, thereby reducing the revenue. Hence, complete the provider credentialing process at the earliest and improve your revenue.
Establish a Web Presence
You’re falling behind if you don’t already have a practice website or some other internet presence. Your online presence is vital since 72 percent of patients increasingly scan the internet for healthcare information, and 62 percent use online reviews to discover new providers. If you’re not online, many prospective patients will likely be unable to locate you.
Build a profile on the major review sites; submit your work to internet directories, and develop a social media profile. All these steps will increase your visibility in search engine results, and your current patients will be thrilled to find you online.
Provide Virtual Visits after Working Hours
After-hours patient visits are one technique to improve the medical practice’s revenue. Convenient scheduling options allow you to schedule more daily appointments, compete with other healthcare providers that are only open from 9 am to 5 pm, and retain patients in your practice.
If you could offer after-hours visits from your home and replace the after-hours urgent patient calls you currently receive with reimbursable video visits, it would greatly assist you. With this modification, you might learn how to increase patients in your clinic, recoup lost revenue from uncompensated time, and maintain a healthy work-life balance.
Improve Your Appointment Schedule
Appointment scheduling optimization appears to be an endeavor that strikes a balance between art and science. The implementation of virtual visits can help you address many challenges.
Virtual patient visits can be more adaptable because patients can log in online from anywhere. If you have a last-minute cancellation or a 10-minute opening in your schedule, you can start a virtual visit online without losing any time.
In addition, unlike a typical walk-in, the patient does not have to wait in the office until you are available. Patients with urgent medical requirements will not be referred to the nearest retail clinic.
Enhance Your Patient Collection Method With medical Billing Solution Software
The increasing number of patients with high-deductible insurance plans makes patient collections a constant source of stress for many doctors. Patient co-payments account for 20% of most medical practices’ revenue, yet most physicians only receive 60% of what is owed.
If it is a significant obstacle to your practice, it may be beneficial to contact a collecting agency. Alternately, you may wish to reevaluate your overall collections strategy and implement any medical billing solution software.
Encourage Your Employees
Your employees are your most precious asset. Embrace the policy that happier staff will result in satisfied patients. Give daily comments and encouragement to your team. Please give them a say in the practice’s operations, name them project leaders. Attempt one-on-one meetings to check in. numerous effective strategies motivate employees to give their utmost every day.
Make the Most of Your Co-workers
Even if your practice is small, you likely employ a few physician assistants or nurse practitioners. Ensure that they are performing at the peak of their abilities whenever possible. The more they perform duties at the top of their pay grade, the more cash they generate.
Restructure Contracts with Your Payers
Numerous physicians never renegotiate their payer contracts to raise their fee schedules. But you can! If you can prove to payers that your practice produces excellent care results at a low cost, you can negotiate a higher fee.
Reduce Appointment Cancellations
Each year, missed appointments and late cancellations can cost your practice tens of thousands of dollars. Adding a cancellation policy with a fee can be helpful. But allowing patients to do virtual visits from their homes can be pretty valuable. Patients who do not have to deal with traffic or take time off to see you are significantly less likely to miss their appointments.
Maximizing revenue is not as difficult as it seems. A little effort with several measures like provider credentialing, making an online presence, improving appointment schedules, and getting help with medical billing solution can show you major revenue changes in your financial reports.