What are the most effective strategies for increasing revenue in your practice?

Utilize customer service as a revenue-building tool by providing positive interactions. Respond early, address concerns clearly, and encourage customer feedback. Create forums or social media groups where customers can connect, share experiences, and offer insights. Asking customers for feedback can enhance products or services, work for customer satisfaction. This approach not only builds a loyal customer base but also establishes a sense of community, contributing to the overall success of your business.

To boost B2B revenue, especially in Professional Services, align with the 30/10/3/1 rule (30 discussions, 10 meetings, 3 proposals, 1 conversion in 6 months). Tackle revenue decline from fragmented accountability and 'seagull management'. Focus on thought leadership, clear accountability, and unified communication in your firm. Strengthen the brand & smartly diversify services to prevent pre-existing business cannibalization. Adjust P&L, targets, Reporting for cohesive direction. Mid-term, aim for targeted marketing & staff development. Short-term, prioritize lead generation and client service. Consistently review against the 30/10/3/1 rule. Addressing internal management challenges is crucial for effective business engagement and growth.

Continuous education and training for billing and coding staff are essential. Ensure they stay updated with changes in coding guidelines, regulations, and payer requirements. This reduces errors and ensures compliance. Perform routine internal audits to review coding accuracy. Compare codes used against documentation to ensure they align accurately. This helps in identifying and rectifying coding errors before submission which enhances payment flow and denial rate.

Maximizing code usage. Verify best code is being used. Verify all charges are being captured. Maximize visit potential, educating providers. Comparisons of code utilization to peers and to past, identifying things that cause you to go “hm”.

Taking care of talanted employee assets is equally important. Revenue come automatically once we have talented people sticking together and focusing on their work and also enjoying their stay in the organization.

We did the following in my practices in Las Vegas- Broaden our practice's scope with new services like telemedicine and teledentistry, catering to patients remotely. For example, offering virtual consultations for routine dental check-ups can attract patients who prefer online appointments, thus opening new revenue streams.

First and foremost you should optimize your core services. Then look for "low hanging fruit" of goods and services that can fill the unmet needs of your patients. Bring them in-house, AFTER you fully understand the financial nuances of them, and you can competently provide them, ethically, to your patients. Do this first before you look for addition of goods or services which are not directly related to your core competency. You are busy enough already, it's likely it will be difficult to create a successful side business in an area which you simply do not have any competency in.

At first glance expanding services and offerings may be appealing indeed. It just makes sense , the more we apply a many to one approach ( that is increase income by providing more services to existing customer as an example). Often complexity and more resources are required to address the expansion, costs and more activities may lead to a reduction in profit. Reducing the number of services and offerings can lead to strengthening brand identity increaed loyalty. customer and staff retention , improved efficiencies and productivity.. lots of things ... Different horses for different courses ... what the business owner ( or shareholders perhaps) want to create should be a guiding light as to which direction to walk in.

Take lots of CEs, network, hire virtual assistants, expanding after hours, do less, focus on 20% that makes 80% of revenue and respect your staff.

Telemedicine Expansion: Broaden telemedicine services to offer remote consultations, follow-ups, and monitoring for a wider range of specialties. This could include mental health services, chronic disease management, and post-operative care. Home-Based Care Solutions: Expand home-based care options by providing home health aides, remote monitoring devices, and telehealth visits for patients who require ongoing care but prefer to stay at home. This benefits elderly patients or those with chronic conditions.

Not all can be replaced with technology. Your people are your brand and the backbone of your company. Give them tools to be more efficient and productive. Include them in discussions around where these solutions can be implemented. Value their ideas.

Digital smidital. Before you look to enhance your reach using digital means, be sure that you have maximized your core marketing resources. Providing exceptional and personalized care can go far in one-to-one word of mouth. It also helps you develop strong relationships with your peers, which often provide referrals to you. If and when you have optimized these sources of patients, then you can look to other promotional avenues. Remember this...it's more important to RETAIN your existing patients and have a true following, than to constantly be looking to bring in new patients. Not that new patients are not important...but higher retention of existing patients reduces the "quota" of new patients you need to grow your practice.

I think it is very important to find where your "ideal clients" participate in the online world. What sources do your ideal clients trust and contribute to online. There is so much "noise" online, it is hard to be seen and hard to choose ... people do business with those they "know, like and trust" think of how to use these fundamentals and you'll get terrific clients.

Expanding the patient referral base medical practices I have setup, has been enhanced by attending healthcare community events such as presentations by the chamber of commerce and CMSA, Case Management Society Association & similar organizations. In-person representation speaks volumes per a business's readiness to receive patients.

Engage your team. Value their perspective and ideas. Be collaborative to build communication pathways for patients, staff and providers. Promote success through online channels.

Technology is a tool, not a solution. Your staff is also a tool, not a solution. In each case look at what "tool" is needed for you to achieve what you want. Then ensure that the tool(s) you select are the best that you can obtain to fill that need. This is true regardless if you are looking for the right billing clerk, or the best EMR, or a new diagnostic machine. Don't fall for "SBOs" (Shiny Bright Objects), but rather carefully and thoughtfully select the tools which will ultimately make up the tool set for your practice. And when a tool is found to be inadequate, incorrect or holds you back...rapidly look to replace it.

The number one thing we did in our practices was implement technologies that saved not necessarily money, but TIME. This approach allowed us to then reinvest the time we saved into training programs that made our teams that much more efficient. We created in essence a virtuous cycle that kept feeding upon itself to generate a better, faster, leaner company at every turn.

"Empowering Care with Expertise & Innovation: Investing in Staff & Tech for Healthier Futures!" Investing in staff and technology not only benefits the healthcare system's bottom line but also significantly improves the quality of care and patient experience, which is paramount in the healthcare industry. By employing predictive analytics, the healthcare system identifies trends in patient admissions, enabling better staffing allocation for peak periods. AI-powered decision-support systems assist physicians in diagnosing conditions more accurately and recommending personalized treatment plans based on a patient's medical history and data.

Support the success of your team with the right tools, the right training and support. Perform due diligence and referenceable insights before purchasing. Ensure ROI and bang for the buck.

Although technically is a tool and not a solution to your revenue disparities it depends on how well you use your tools on how well it can help you increase your revenue. I believe that regular training of staff and proper use of technology can help an organization raise there revenue and find where they maybe losing revenue.

If you follow many of the tenants that I have outlined in previous sections, then "value based care" initiatives should be no problem to enact. In every business there is an unwritten connection between the seller and buyer. In medicine, it's between the provider and consumer. Providing optimal care IS ultimately providing value. But insurance companies and government agencies are playing games with the finances of medical practices, often looking for ways to hold back payment for services you have provided. It is essential for you to fully understand these intentionally confusing requirements for the insurances you accept, in order to be able to be successful and the game that such insurers are forcing you to play.

Focusing your practice's efforts and abilities around controlling the total cost of care, patient health literacy, and improved health status speaks to a commitment to value based care and the quality of care.

Understand and operationalize the billing rules of each of your payers, they will differ and rework is an unnecessary expense, both in time and lost revenue. Understand and make use of appeal processes and be prepared to submit required documentation to support your billing. When entering a risk/performance based agreement, understand and “own” the data metrics corresponding to the triggers, never rely on the payer to track your performance. Also confirm that your ultimate performance goals are aligned with the payer’s and continually monitor your performance against targets. Be receptive to changes in performance to ensure you hit your targets, continuing underperforming ops and hoping for different results doesn’t work.

Address Fear. Change is scary, especially for the more senior staff. Communicating what will be changing and how the resources will help them with the change. Reassure them that they are not alone in this new journey. Someone will be there to guide them every step of the way. Be positive about the change. Embrace it as new adventure and that no one will be left behind.

I enjoy seeing clients use simple rules of engagement to enhance success. My favorite always goes back to the foundation of Visits. Optimize the preventative codes and ensure you are treating patients with the best possible preventative care that is possible with each and all of their visits. Ensure metrics like Hygiene ReAppointment, Net Patient Growth and Pre Appointment are aligned with no less than industry averages for top practices.

Hire a well rounded, experienced biller or promote an internal employee to do audits. We waste too much time on quantity and as a result, lose quality. There is nothing worse than having to back peddle and redo submissions that weren’t done correctly the first (or second time). Training and resources should be made available. And maintained SOP’s are great resources for enrollments and claims. We used to have senior team members called “checkers” (auditors) and they saved time and money while helping to advance the knowledge of billers.

One way to think of a practice is a system with a throughput of patients and an output of health. The system captures value back from the value created. When viewed from this perspective, what becomes obvious is the overall value created is directly related to the constraints within the system. The way to raise top-line revenue is to create an incremental improvement system that recognizes the relevant constraints, attains team alignment around how to relieve constraints, and holds a cadence of accountability ensuring things get done. The first constraint is provider days. The second constraint is patients. The third constraint is patient financing. Identify and relieve one constraint after another, and growth will become automatic.