Six Ways To Drive Revenue Growth For Your Practice

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Growing Revenue

It doesn’t matter how big or small your business is, or what industry you are in; revenue is always a concern. 

To be more precise, growing revenue is a concern that tops the list of every business owner. 

Medical practices are no different. 

We don’t have to tell you that it costs money to operate a successful medical practice. Which means you have to generate a lot of revenue every month just to stay in business. 

To combat rising costs and to meet potential goals of growth and expansion, you need to find ways to generate as much revenue as possible. 

Let’s examine some strategies that will help you generate that revenue: 

  1. Make Sure You Get Paid – This an obvious step, but many practices still struggle with it. When your practice delivers care to someone, your practice deserves to get paid. This means filing claims on time and in the correct manner or properly following up should a claim get denied. Ensuring that your practice is getting paid for the services that you provide is an excellent way to drive revenue growth. 
  2. Train (or Retrain) Your Staff – Another way to drive revenue growth is to make sure that your staff is trained properly when it comes to submitting claims. There are a number of ways you can do this, which are beyond the purview of this blog. But suffice it to say, the key is to make sure your staff knows how to properly submit a claim to boost the chances that it won’t be denied. And, should that claim be denied, what to do from there. 
  3. Promote Your Practice Effectively – Attracting new clients is a goal for every business. Finding ways to promote your practice should be one of your top priorities. You can do this via word of mouth by asking your patients for referrals or for them to leave positive Google reviews. You can also lean into digital marketing tactics like a website, email, and social media. Or you could trust traditional forms of marketing like radio, TV, and print. Whatever the case might be, it is important that you are doing some sort of outreach to attract new potential patients. 
  4. Lean Into Telehealth – Telehealth has gotten quite the boost in terms of usage and popularity due to the pandemic. Many patients will now expect their providers to offer healthcare via telehealth. This is an excellent opportunity to lean into an industry trend that is not likely to disappear anytime soon. 
  5. Reduced Missed Appointments – Missed appointments can be a killer for revenue growth. While there is no single solution that will prevent all missed appointments, there are things you can implement that will help you keep them to a minimum. Make sure you have a cancellation policy, offer reminders via phone, email, or text, and if someone cannot make it in-person, offer a virtual appointment if possible. 
  6. Consider Outsourcing – It might seem counterintuitive, but outsourcing is an excellent way to increase revenue growth, especially when it comes to medical billing and coding. Think about it: you take an incredibly vital task and pay a highly qualified and experienced company like Mednet to handle all of your billing needs. That is money, time, and energy that you don’t have to spend worrying about training staff internally and following up on every unpaid claim. Rather, you have the peace of mind knowing that trained professionals are doing it for you the right way. 

As long as your practice is in business, you will be concerned about growing your revenue; it’s just the reality of being in business. The great thing about the strategies we shared above is that they are fairly evergreen. You can employ or revisit them at any point that you feel you need to create a bump in revenue. 


Revenue, Telehealth

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