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Top 46 Ways to Boost Your Medical Practice Revenue

Posted by Teresa Iafolla, Mar 1, 2016

Looking for ways to improve your practice's bottom line? We've assembled a quick list of 46 tips to help you pick and choose ideas to increase your medical practice revenue. 

You may already be doing some of these, but chances are there are at least a few new tactics that could help your practice's financial health. Interested in learning more about how to implement one of these revenue tips? If there's an included link, click to read more.

  1. Boost Curb Appeal —Make sure that the outside of your business is inviting to patients.
  2. Create a Welcoming Environment — Make your office user-friendly with services like free Wi-Fi, clean and comfortable waiting areas, and good reading materials.
  3. Encourage Online Reviews — Positive reviews drive new patients to your door. Encourage patients to leave comments on review sites like Yelp!
  4. Become a Social Media Master — Start conversations and engage your clientele on social media.
  5. Create YouTube Videos — Videos help people understand topics like women's health, dieting, and medication.
  6. Become an Authority Through Content — publish articles in journals or write a book. Or just start small with a few blog posts on your practice website or another medical site. Being an authority drives new patients to you.
  7. Compete Using Your Strong Points — Use quality service as a weapon against cheaper prices.
  8. Encourage Wearable Products and Brush up on mHealth — Wearable technology is a driving force in healthcare. Patients are interested in using technology to better manage their health. Showing you're up on the trends will get you happier, healthier patients who are impressed with your level of service.
  9. Update your Practice Website — create a custom page that highlights your strengths. Avoid the cookie cutter templates and fill your site with helpful links to articles you've written, social media, and YouTube.
  10. Use Technology to Attract Younger Patients. Millenials want more convenient, tech-integrated healthcare. Try offering online appointment booking, virtual visits, text reminders, and optimizing your patient portal.
  11. Give Back — Donate some time or sponsor community groups that are improving healthcare. The goal is to get your name out there.
  12. Expand Your Medical Services — Consider adding alternative medicine and therapy to your office's list of service. Medical massage, chiropractic services, or even a nutritionist  helps differentiate you from your competition.
  13. Offer Free or Affordable Patient Education Classes — Target your audience such as diabetics, dieters, people trying to stop smoking, etc. Some classes may be billable.
  14. Expand Appointment Options — Can you offer weekend or evening appointments at your office? Could you supplement in-person visits with virtual care in the off-hours?
  15. Consider Wellness Clinics — Group visits and clinics help raise ROI for you and your patients.
  16. Encourage Boosters — Flu shots, school vaccines, MMR's are all easy money. Try sending out an email campaign to patients with reminders to get all their vaccines.
  17. Embrace Medicare — There are a lot of services that Medicare covers such as DME, diabetic supplies, etc.
  18. Partner with other Vendors — Partner with a local gym so your patients get a discount for getting healthy. That is a marketable service that draws in more patients.
  19. Reduce Your Wait Times — Long wait times can be a key reason patients decide to leave your practice, or go to the retail clinic down the street for quick, minor conditions.
  20. Lease a Classroom — There are plenty of other professionals that would lease a classroom from you. Yoga is a good example.
  21. Add a Cash-Pay Side — cash services are a big business. Try offering additional services that may not be covered by insurance, on a cash-pay basis to patients.
  22. Work-Related Services — physicals, drug screens, health screenings for employers, insurance companies, and government agencies can be a great way to get more business and find new patients.
  23. Train Your Staff on Top Customer Services — Customer service is key in healthcare. Train your staff to be polite, professional and engaging.
  24. Renegotiate Payer Contracts — Review and renegotiate your rates. Add new ones at least annually.
  25. Evaluate Scheduling — You want to see as many patients as possible, but you don't want to downplay quality.
  26. Refills by Virtual Appointment — Instead of calling in prescription refills, do them via virtual visit with patients so you can charge for the service!
  27. Your Ideal Patient Persona — Learn what your practice's ideal patient is and then focus marketing to that target audience.
  28. Buy Rather than Lease — Evaluate your financials and the location and see if you can buy. Rent can be a huge cost, and money that's not going towards any future investment in your practice.
  29. Bill for Missed Appointments — No-shows cost your practice money. Institute a cancellation policy and charge for these.
  30. Change with Technology — Offer the best services with new equipment.
  31. Go Digital — Cloud-based storage saves doctors thousands of dollars each year. Go digital!
  32. Review Billing — Submit bills daily, follow up on denied claims, do not let revenue sit out in unpaid claims.
  33. Check Insurance Often — Copy insurance cards and verify the insurance is up-to-date at the time the appointment is made, to avoid any billing headaches later on.
  34. Let Patients Pay Online  — If patients have a way to pay online, there's less likely to be a delay in payment, or a case of the bill getting lost in the mail.
  35. Hire More Staff — Avoid overtime and offer flexible hours or shifts.
  36. Evaluate Your Marketing Strategy — Make sure that your marketing metrics are measurable. Get rid marketing that does not have a positive ROI.
  37. Offer Discounts on Certain Days — If Tuesdays are slow, offer a discount or waive a percentage of the co-pay.
  38. Consider Outsourcing — Is it cheaper to outsource some office work?
  39. Join a Purchasing Club — Save on office and cleaning supplies.
  40. Pre-certification — Make sure you have authorization on all services over a specified dollar amount.
  41. Government Contracts — Apply for contracts that bring patients into your practice.
  42. Review Your ICD-10 Codes — At least monthly make sure you have the correct codes.
  43. Expand Your Online Presence — many new patients are looking for new doctors by searching online.
  44. Create an Online Library — Encourage patients to read care sheets by making them available online.
  45. Collect Co-pays and out-of-pocket expenses at the time of service.
  46. Switch to a Better EHR — Is your EHR the right fit? It might be time to consider a switch to boost your practice productivity.

These 46 tips can help you address your marketing, office efficiency, services, and billing and get you to a better practice ROI.

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Topics: eVisit Blog Posts, cash flow, hcmktg, Marketing, practice growth, Practice Management, revenue, website

Teresa Iafolla

About Teresa Iafolla

Teresa Iafolla is an expert writer, researcher, and content wrangler who has previously worked as director of content marketing for a telehealth company and associate editor for a healthcare publishing company.

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