There are typically two things medical practices want to do with an increase in revenue. 1) Use the additional profits to incorporate new services, expand coverage area and grow the business. 2) Use the additional profits to push back creeping overhead costs and keep the doors open. Regardless of your rationale, we have compiled a few tips to help you increase profit margins without extraneous and unnecessary overhead charges.
Build Your Client Base
This one is a no-brainer – more clients equals greater revenue. However, this is more of an objective rather than a comprehensive strategy. If it was so simple, wouldn’t everyone be doing it? Take a look at some of these quick tips to garnering new clients to your growing patient base:
- Increase curb appeal and welcome foot traffic by maintaining the storefront, refreshing exterior paint jobs and updating signage
- Build social media presence and relevancy using Facebook, Twitter and Instagram advertising, while encouraging interaction from existing clients
- Track down and resolve bad reviews in online directories, such as Yelp, Facebook and Healthgrades; encourage happy clients to share their experiences on preferred ratings websites
- Get your name out there to new people by using community events and sponsorships as networking opportunities
- Consider hosting your own free event and offer these potential clients something in return for their contact information
- Learn from your mistakes; if a client should jump ship, collect as much information about their departure as possible and make changes accordingly
Telemedicine has been on the healthcare horizon for years, but it has only recently reached substantial support, adoption and retention. Virtual consultations and checkups allow for an increase in patients treated while minimizing physician burnout. This strategy is mutually beneficial for clients and providers, but it also adds to a practice’s list of capabilities with little additional overhead. Learn more about telemedicine reimbursement and how it could benefit your practice here.
Outsource Accounting Duties to the Dedicated Professionals
When running a business, every second counts. You shouldn’t be spending your time counting pennies. Consider hiring a professional accounting firm to handle all in-house bookkeeping and tax duties. An outsourced accountant has the expertise and time to dedicate to your cause, so you can concentrate your energy on your performance. CPAs can spot problematic areas and tie up loose ends that would otherwise go overlooked. Not only that, but they can protect you against possible IRS and reporting conflicts long into the future.
Consider Expanding Office Hours to Get a Leg Up on Competition
The standard operating hours for a medical practice are 8 a.m. – 5 p.m., Monday through Friday. But this schedule isn’t necessarily conducive to the busy lives of potential patients. By opening up a few hours on a Saturday or Sunday, opening up at 7 a.m. or closing at 7 p.m., you open the doors to a whole new crop of clients. There is an implicit value placed on convenience and, if you’re going out of your way for patients, they are more apt to express loyalty to your practice, resulting in long-term, repeat customers.
For more information on how to boost your medical practice revenue, contact Holbrook & Manter’s Business Services & Solutions Team today.