Optimizing the Revenue of Your Medical Practice: 5 Ways

RevenueIt’s no secret that the environment in which doctors operate has changed dramatically. With health reform, many people are now required to have insurance and can shop around for providers more freely than ever before.  The challenge is that hospitals and physicians feel the pinch of this increased patient load, as reimbursements rates go down due to cost shifting from premiums to overutilization. The greater number of patients in the system affects how practices are run, including staffing, equipment needed to perform procedures or tests, and revenue targets that have to be met.

So how do you effectively optimize your practice’s performance? Here are 5 ways to increase revenues:


1. Participate in a Healthcare Exchange (if applicable)

If you’re in a state that has implemented the ACA (Affordable Care Act), it’s crucial to participate in its exchanges.  The past few years have shown how much of an impact these have made by driving down costs and increasing access for consumers.  It provides a platform for patients who are required to purchase health insurance to view the available providers and their associated pricing for covered services.  By participating in a healthcare exchange, you can also generate leads and increase awareness of your practice.


2. Review Past Reimbursement Data

The majority of doctors do not do this regularly enough to realize that they are being reimbursed less than what should be.  By reviewing past billing and reimbursement data, you can determine where your practice is underperforming in sales without the added pressure of a heavy patient load.  This analysis could identify key areas that need to be improved or help you find solutions for an already overbooked schedule.


3. Update Your Technology

Many practices have tried to keep up with the times without realizing that there are new applications or devices out that can help increase revenues.  By looking at the latest technologies being used by larger healthcare organizations, you will learn how to improve your efficiency for patient care and staff efficiency.


4. Seek Out Strategic Partnerships

One way to accomplish your revenue goals is to team up with other providers in your area. There are many different venues through which you can seek out these partnerships, including health-focused websites and social media groups. Many of these may offer incentives like advertising or compensation for referrals.


5. Train Your Staff

Lastly, and perhaps most importantly, you should make sure that your staff is utilizing all the tools they have at their disposal.  In addition to ensuring your scheduling software helps them optimize patient flow throughout the day while keeping overbooking to a minimum, it’s important for staff members to be able to effectively communicate with each other as well as the general public.

This list is by no means an exhaustive one, as there are so many things that a healthcare organization can do to stay ahead.  However, it does offer some practical areas where you can focus your efforts to increase your medical practice’s revenue. Working with a practice management software provider can help you become more efficient as well.


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