Medical practice revenues have come under increasing pressure from the complexities of policies enacted in the medical industry. These policies have made it progressively complicated for small practices to run their business at an even clip. Optimizing revenues has therefore become one of the foremost issues small and medium practices seek a solution for as they work out how to build profitable businesses. In this article, we share a few pointers on what you can do as an ENT to optimize your revenues without making drastic practice changes.
Technology
Technology is a wonderful enabler and can boost efficiency significantly. Medical technology such as Practice Management (PM) software is one such example of technology that can boost a practice’s efficiency and optimize revenues. Consider a scenario where there are a number of customers who have been treated, however they still have outstanding charges. Your staff could spend vital minutes every day calling them up to pay or you could use automated billing reminders that send out reminders periodically to these customers. The same goes for following up with payers. If a payer denies some payments, the system should be able to immediately alert you so you can take the necessary measures. These and other scenarios demonstrate how technology, if fully utilized, can transform a practice’s revenues.
Staff Members
Recruiting and training staff members represent a long-term approach to revenue optimization. While technology may offer quick wins, your practice’s staff is ultimately where the big wins will be had.
How so? If your recruitment process only looks for people with the right qualifications and stellar resumes but does not take into account soft skills, you may end up with a team of over qualified but unsuited staff members. Unlike many other industries, the medical industry requires staff who can be friendly throughout the day, remain motivated even when they’ve been working all day through tough situations, are focused on offering the best care possible to their customers, etc. These are not traits you can find in a resume or that are taught at any school.
Great employees are the powerhouse that generates ever-increasing revenues.
Upgrades
We live in a world today where everyone is constantly upgrading everything.
Whether it’s practice software, waiting room advertising, or mobile apps that will revolutionize your staff’s productivity, the list is endless. These upgrades add up, especially when considering implementation costs associates as well. Either way, the real important question to ask is, “How will this put more money in my pocket over time?”
Revenue optimization is rarely an issue of just how to make more money. In many cases, more revenue can be realized by creating efficiencies in your ENT practice that save you money, moving a few extra dollars from the expense column of your balance sheet to the income column.
