Are you worried about your declining revenue and patient count? Crushing administrative expense and rising operating cost consuming your earnings? All of these queries have a short answer – Healthcare Revenue Cycle Management. However, in this blog post, we have shared several ways of improving your healthcare revenue and patient count. So keep reading till the end so you can create a robust revenue management strategy.
Tips for Increasing Medical Practice Revenue
The best way to increase your medical practice revenue is to study your business processes and find room for improvement carefully. Look at your competitors and see what they are doing. Do a competitive study of the most successful medical practitioners and develop your new business strategy.
Establish an Online Presence
A significant portion of your customers is searching for doctors online. Most patients read online reviews before their first medical visit. Around 75% of your patients consult the internet for healthcare information. If you aren’t online, you are not reaching your potential customers.
Besides designing a robust website, you should make a social media profile for your medical facility. Social media acts as an extension of your business, giving you the power to reach more people and expand your services. Patients also leave reviews for your practice on social media, improving its reputation.
Manage Your Healthcare Revenue Cycle
The healthcare revenue cycle is defined as all the crucial set of administrative and clinical tasks that directly contribute to patient service revenue. It is a challenging process with complicated factors. Some patients pay their medical bills through insurance, and others are billed directly, and this adds more work for the staff members, and senior management fails in budget allocation. Working with a Healthcare Revenue Cycle Management, Fort Lauderdale’s healthcare-related businesses can expect a boost in their patient count and revenue.
Reduce Wait Time
One of the biggest obstacles in generating more patients in your clinic or hospital is wait time. Patients prefer visiting a different medical facility than waiting in line for their appointment. Reduce the wait time by hiring more staff and doctors in your hospital. You can also keep your patients occupied and engaged with a TV showing interesting content without affecting your revenue by much.
Add Virtual Visits to Your Medical Practice
Building a better appointment schedule is the key to improving your medical practice. Most patients will walk in with a minor problem and take up sitting space in your hospital. By scheduling online appointments and checkups, you can reduce wait time in your medical facility and give your patients the comfort of visiting a doctor from home. Virtual visits also reduce patient anxiety which promotes better medical practice.
Mitigate Missed Appointments
Missed appointments can cause you thousands of dollars per month. It’s a substantial amount that goes unnoticed until the end of the year. If you are facing missed appointment, try including a late cancelation fee. This will motivate your patients to visit your hospital or clinic. Moreover, expanding your virtual visit network will also mitigate missed appointments. Patients who can’t find time off work can complete their routine checkups online.
Use Your Staff Wisely
The key to successful medical practice is using your staff to maximum efficiency. Hire competent nurses and physicians to tend to urgent patients; in the meantime, you can focus on ones that booked appointments. Your revenue increases when your staff can engage with new patients and handle walk-in checkups because you cater to more patients per day.
After Hour Services Without Disturbing Work-Life Balance
Everyone in the healthcare business knows working after hours is one way to increase your revenue and patient count. However, you aren’t the type to give up mental peace for money. Maybe you like spending time with your family, and a 9-to-5 work routine is enough for you. So, how do you improve your revenue and patient count without disturbing your work-life balance? By offering refundable video visits. When your patients have an emergency, they should schedule a refundable video call with you. You won’t have to leave your home to attend these video calls, and you’ll be increasing your patient count.
All the tips for boosting your healthcare revenue can help you increase your patient count. However, you’ll always find yourself struggling to increase your revenue with issues related to managing administrative and clinical costs. When billing is handled by experts known for excellent healthcare revenue cycle management, Fort Lauderdale’s healthcare businesses can focus on improving their services and patient count.
J3 Revenue Cycle Management is well-versed in the ins and outs of medical facilities and manages cash flows and revenue processes for physicians.
If you want to outsource your medical billing process, you can reach J3 Revenue Cycle Management by dialing (833) 974-2699 and visiting our website.