Effective Ways to Increase Practice Revenue

Medical practices are stretched thin between changing payments models and declining reimbursements. There are effective ways however that practices can start making money without spending any on marketing and ultimately do more with less:

  1. Smarter Schedule Management: Properly training the front office staff to manage your schedule can help increase revenue. For example, office staff should double-book a patient when necessary in order to guarantee they don’t go to another practice. The double-booking should be scheduled in between a Medicaid or follow-up patient since 25-50% of those patients cancel or don’t show. As long as one of the scheduled patients comes in, your practice is assured revenue for that time slot.
  2. Appointments for Prescription Refills: One way your practice can start getting paid for refill requests is to require appointments for certain patients including follow-up appointments for patients with newly prescribed medication. In addition, it would be effective to establish a policy requiring patients to come to the office for an evaluation if they need to refill prescriptions after 90 days.
  3. Effective Email Marketing: A newsletter is one inexpensive way to keep patients informed of their health issues as well as promote new services and special offers to encourage repeat business. Setting up a newsletter is easy using an online email marketing solution such as MailChimp or ReachMail. Both services feature professional pre-designed email templates and offer free plans that allow users to send up to 12,000 or 15,000 emails per month.
  4. Target the Right Patients: Consider targeted newsletters to patients who are due for annual physical exams or preventive care check-ups. In addition, a newsletter should be sent to patients with chronic conditions who are due for follow-up appointments and another newsletter should be targeted at high-risk patients. Run reports in your EHR or practice management software to identify these targeted sets of patients in order to increase practice revenue.

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