7 Ideas for Boosting Profits that your Office will Love

Looking for ways to improve your medical practice’s bottom line as we are now in the thick of a new year? Here are seven ideas for boosting profits this month that your office will love.

Revamp your look.

You’ll never get another chance to make a first impression, so make sure the outside of your practice looks inviting to current and potential patients. While you’re at it, it may be time for a quick indoor makeover as well. Make the inside of your office user-friendly with services like Wi-Fi and ensure your waiting room is clean and inviting. Don’t hesitate to go one step beyond and add a coffee bar with quality reading materials.

Build an online presence.

Chances are, if you’re not online, new patients aren’t finding you. Besides building a practice website, there are a few other important things you should be doing. Submit your practice to online directories, create your profile on the major review sites, and get a social media profile up for your practice. This will help your practice come up in search results and your current patients will be excited to see you online.

Become a social media guru.

Start conversations and engage your clientele on social media. It’s 2019, so if you haven’t already, it’s time to embrace social media and make it work for you and your practice. In today’s world, it is essential to have a working social media strategy, even in the medical field.

Improve your collections strategy.

Patient collections is an ongoing headache for most medical practices, especially with the number of patients on high deductible insurance plans. If it’s a major obstacle for your practice, it could be worth it to hire an outside agency. Otherwise, you may want to re-evaluate your overall collections strategy and make some essential changes to your billing practices.

Reduce missed appointments.

While this may seem impossible, it’s a goal worth working towards. No-shows are a substantial problem for most medical practices as they lead to scheduling issues and will negatively impact your bottom line. Work with your team to come up with a new and effective plan that will help your profits, without scaring away your patients.

Offer after hours visits.

Offering after-hours patient visits can truly increase revenue. You can fit more appointments into a day, compete with nearby practices that are only open later, and keep patients in your practice with convenient scheduling options.

Use technology to your advantage.

Use new technology to attract the younger generation. Millennials want more convenient, tech-integrated healthcare. Try offering online appointment booking, virtual visits, text reminders, and optimizing your patient portal.

By implementing these small changes, your bottom line will feel a big difference. We hope these tips help you find new ways to connect with and engage your patients! For more helpful tips, follow our blog and “like us” on Facebook!

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  • As a speaker at the first ad hoc meeting of rheumatology practice managers gathered in a single small room at its infancy a decade ago, I’m amazed to see how NORM has blossomed into a high energy organization of depth and professional meetings with parallel break-out symposia between plenary sessions. NORM has truly come of age. This is where the “business” of rheumatology gets learned. The ”guildmanship” for rheumatology practice management is now strong.- Paul H. Caldron, DO, FACP, FACR, MBA, Arizona Arthritis and Rheumatology Associates
  • In a time of demanding changes in the management of medical practices in the US, NORM has been a lifesaver to the community of Rheumatology practices.  NORM has allowed our practice to stay ahead of the many demands of CMS and others payors and has ensured that our practice remains cognizant of new issues that arise in HIPPA compliance, human resources and medical billing to name a few. Sending our Practice Manager to NORM's conferences has been cost-effective and beneficial to our practice because she returns to our office with an abundance of information that otherwise would have taken months to compile. Every Rheumatology practice that wishes to stay on top of emerging issues in practice management should consider sending a member of their staff to NORM's conference.- Michael S. Rosen M.D., Chester County Rheumatology PC
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