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Tips for Increasing Revenue

Many reports enumerates the main reason for declining income in the medical practices. It includes rising costs, declining physician reimbursement rates and declining revenues. Billing and management solutions might be important for well-functioning business models.
 
Analyze Balance Sheet: If the profit shrinks, the initial thing to see is the balance sheet. Is there anything which causes big debt like installment debt, equipment rental, declining profits or burdensome rent that you can't afford really? Repayment of loans for medium size practice can be high and it's around $100K - $200K per year. When income is declined and physicians are in a higher tax bracket, then the prospect of breaking seems to be impossible. The first step to improve revenue is to get out of personal and professional debt.
Enhance collection process: Another important focus area is collection process. Medical practices are not geared to be efficient debt collection agencies. The loss of revenue could be crippling. On the other side, it is possible to contract the collections to right agencies which can give you a net gain. Some experts suggest that if you wait for sixty days to initiate the patient collections, then you won't receive payments. They says that the collection process could start when the patient calls for the first time in order to make payments. The patient should know their obligations when setting up their first appointment. Tell them that co-pays are due if the service is rendered.
 
Build patient base: You can build patient base by referrals, excellent customer service and marketing. The best way to improve revenue is to increase the number of patients. Building a good website is a great way to enhance the quality of patient relations and number of referrals. Another approach to keep your clients happy is giving excellent customer service. No show management can keep higher revenues.
 
Optimize physicians time: Instead of doing paper work, optimize the physician's time so that he can focus mainly on seeing patients to increase revenue. The physicians waste their valuable time by creating reports and performing various non-medical tasks. When the doctor focus on volume, it is sure that there will be increase in patient count and their revenue. Checking the appointments in the morning could free up time for the physicians to mainly focus on the primary tasks. Starting earlier can significantly increase revenue. There are many medical billing companies, which help to increase your revenue stream.
Read 1113 times Last modified on Wednesday, 14 May 2014 09:10

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