3 Ways to Improve Your Medical Practice’s Profitability
In today’s world, many physicians and medical practice managers are so caught up in dealing with various administrative responsibilities that they don’t have time to come up with new strategies to stay profitable. It can be easy to lose sight of your fiscal goals when immersed in the day-to-day operation of your practice, but there are several simple ways you can improve your practice’s profitability. Here are some changes you can make to bring in more revenue to your medical practice.
Enhance Your Online Presence
Whether or not you set up profiles yourself, somewhere online your medical practice already has an online reputation. There are numerous third-party rating and review sites online that can deter potential patients from giving your medical practice a chance if they find a collection of negative reviews. Most patients nowadays check online reviews before choosing a new primary healthcare provider. By managing your online reputation, you can increase your practice’s patient volume and therefore profitability. Encourage your most satisfied patients to leave feedback on these types of sites. In order to check up on your online reputation, here are some of the most popular medical practice rating and review sites you should keep an eye on:
Aside from rating and review sites, social media is an excellent way to strengthen your web presence. Setting up accounts on popular social media channels such as Facebook, Twitter, and Linkedin will help promote your medical practice and engage people outside of your office. Linking social media posts back to your website is an excellent way to bring in new patients, assuming that your website is regularly updated with relevant content and graphics. You also want to make sure that your website is optimized for mobile and loads quickly so that you do not dismay any potential patients.
Offer After-hours Virtual Visits
Offering after-hours patient visits is one of the best ways to increase medical practice revenue. However, many doctors already struggle with a work-life balance and simply do not have the time. Virtual visits are an excellent solution for doctors who want to fit more appointments into one day while maintaining a healthy work-life balance. You can set up video calls with patients whenever you want, and treat them from the comfort of your own home.
Add an Ancillary Service Such as Holter Monitoring
Ancillary services are one of the best ways to increase your medical practice’s profitability. Although there are usually upfront costs when acquiring Holter monitors, medical practices can make a significant return on investment if they have a high enough patient volume. For example, if your practice pays $2,000 total for a Holter monitor and is reimbursed around $200 for each 24-hour monitoring session, then your practice would see a return on investment after completing just 25 studies.
Physicians Ancillary Systems Holter Monitoring
Thinking about diversifying your practice and increasing revenue by investing in a Holter monitor service? Look no further than Physicians Ancillary Systems! We provide 3-channel digital Holter monitors for increased signal quality and rhythm recognition. You’ll achieve Advanced Arrhythmia Detection with our FDA-approved analysis platform and certified technicians. Our service team does all of the monitoring and scanning of data to build a full report ready for physician review.
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