Protecting Your Revenue

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With COVID-19 virus still very much a dangerous presence still disrupting our lives and communities, it should not be surprising to hear that the pandemic has caused financial woes for many private practices. Some may even shut down permanently.

It should go without saying that your safety and the safety of your staff and patients should come first. That said, if you have already opened or are in the process of reopening, you must keep an eye on protecting your stream of revenue.

Otherwise your practice may not survive for long.

Let’s take a look at three ways you can protect your revenue stream so you can survive through this difficult time and set your practice up for a profitable future:

  1. Make Telehealth a Permanent Offering – If you were not offering telehealth services prior to the pandemic, you mostly likely are now. As we wrote a few months ago, telehealth is here to stay.This can be a very profitable stream of revenue because many of your patients have become accustomed to being able to “visit” their physician from the comfort of their living room.Many industry experts believe that some of the restrictions that originally made integrating telehealth into practices more difficult will come back for security reasons. But the cat is out of the bag. For your practice to succeed moving forward, you WILL have to offer a menu of telehealth options to survive.Luckily, Mednet has some helpful information to get you started.
  2. Keep an Eye on the Patient Experience – Conducting medical visits virtually helps your patients get care they need while keeping them, you, and your staff safer. However, there is a level of personal connection that cannot be created virtually.To make up for that lost personal touch, do what you can to make the experience as positive and as personal as possible. Keep the process simple and convenient, and try to make the virtual appointment feel familiar. If possible, send a follow-up survey, and if any complaints get back to you, make contact to see what you can do to make the next virtual appointment better.By making the virtual experience a positive one, you will increase the chances of your patient remaining loyal and potentially referring others to you.
  3. Focus on the Basics – By basics we mean proper coding, filing claims in a timely manner, and working accounts receivable consistently and aggressively. These are basic accounting tasks that have always been important but take on extra significance now.With all of the uncertainty in the industry, economy, and the country, the bottom line is you can ill-afford to do work that you cannot get paid for. You must keep a close eye on your billing and coding, ensuring your claims are filed properly, and that someone is working accounts receivable.Fortunately, Mednet offers end-to-end medical and billing solutions. Get a free estimate.
  4. Bonus: Keep It Safe – As we mentioned above, your safety and that of your staff comes first. Protect your revenue by protecting yourself and your employees.

It may seem crass to focus on revenue during a time like this. However, as a business owner, you have the right to maintain that business and ensure it is in a position where it is most likely to succeed. Otherwise, why risk reopening? Focusing on the areas listed above will go a long way in ensuring that your practice will make it through this pandemic.


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