Top Ways to Increase 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.

Patient Environment and Services

1. Street Appeal —Make sure that
   the outside of your business is inviting to patients.
2. Office Environment — Make your
   office user-friendly with services like free Wi-Fi, clean and
   comfortable waiting areas, and good reading materials.
3. Reduce 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 consult
4. Train Your Staff on Your Services — Customer
   service is key in healthcare. Train your staff to be
   polite, professional and engaging.
5. 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.

Customer Feedback

1. Encourage Online Reviews —
   Positive reviews drive new patients to your door. Encourage
   patients to leave comments on review sites like Yelp!
2. Master Social Media — Start
   conversations and engage your clientele on social media.
3. Become a YouTube Content Creator
   — Videos help people understand topics like women’s health,
   dieting, and medication.
4. Create 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.

Online

1. Expand Your
   Online Presence — many new patients are looking for new
   doctors by searching online.
2. 
   Compete Using Your Strong Points — Use quality service
   as a weapon against cheaper prices.
3. 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.
4. 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.
5. Create an
   Online Library — Encourage patients to read care sheets by
   making them available online.

Technology

1. Encourage
   Wearable Products. Brush up on mHealth — Wearable technology
   is a driving force in healthcare.
2. 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.
3. Change with Technology — Offer the best
   services with new equipment.

Sticky

1. Affordable Patient Education
   Classes — Target your audience such as diabetics, dieters,
   people trying to stop smoking, etc. Some classes may be
   billable.
2. 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?
3. Consider Wellness Clinics —
   Group visits and clinics help raise ROI for you and your
   patients.

Care and Interaction

1. 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.
2. Embrace Medicare — There are a
   lot of services that Medicare covers such as DME, diabetic
   supplies, etc.

Your Community

1. 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.ditions.
2. Lease a Classroom — There are
   plenty of other professionals that would lease a classroom
   from you. Yoga is a good example.
3. 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.
4. 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.
5. Renegotiate Payer Contracts —
   Review and renegotiate your rates. Add new ones at least
   annually.
6. Evaluate Scheduling — You want
   to see as many patients as possible, but you don’t want to
   downplay quality.
7. Refills by Virtual Appointment —
   Instead of calling in prescription refills, do them via
   virtual visit with patients so you can charge for the service!
8. Your Ideal Patient Persona —
   Learn what your practice’s ideal patient is and then focus
   marketing to that target audience.
9. 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.
10. Give
    Back — Donate some time or sponsor community groups that are
    improving healthcare. The goal is to get your name out
    there.

Financial

1. 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.
2. Bill for Missed Appointments —
   No-shows cost your practice money. Institute a cancellation
   policy and charge for these.
3. Go Digital — Cloud-based storage
   saves doctors thousands of dollars each year. Go digital!
4. Review Billing — Submit bills
   daily, follow up on denied claims, do not let revenue sit out
   in unpaid claims.
5. 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.
6. 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.
7. Hire More Staff — Avoid overtime
   and offer flexible hours or shifts.
8. Evaluate Your Marketing Strategy
   — Make sure that your marketing metrics are measurable. Get
   rid marketing that does not have a positive ROI.
9. Consider Outsourcing — Is it
   cheaper to outsource some office work?
10. Join a Purchasing Club — Save on
    office and cleaning supplies.
11. Pre-certification — Make sure
    you have authorization on all services over a specified dollar
    amount.
12. Government Contracts — Apply for
    contracts that bring patients into your practice.
13. Review Your ICD-10 Codes — At
    least monthly make sure you have the correct codes.
14. Collect Co-pays and
    out-of-pocket expenses at the time of service.