Ancillary Services to Increase Your Practice Revenue
With insurance reimbursements in decline and rising operational costs, many medical practices are looking for new ways to increase revenue. Ancillary services are an excellent way to diversify your practice and augment your income. These services can benefit both your practice and patients by making healthcare more accessible to consumers while offering opportunities to make your operation more profitable. There are a wide variety of ancillary services to choose from, each offering unique benefits. However, if you are looking to increase profitability, these are some of the best ancillary services to consider:
If you notice that your practice serves a high volume of patients with sports injuries, osteoporosis, or joint problems then you should consider setting up an in-house physical therapy program. This service is one of the most profitable since start-up costs are very low when compared to other ancillary services and reimbursements can bring in $2,000-$3,000 per patient. If you are referring a large number of patients to specialists for physical therapy, you could be missing out on a potentially massive income boost.
Portable video EEG
Portable Video EEGs are another great opportunity for medical practices to increase their income. First of all these devices have a better chance of detecting abnormalities, as normal EEGs only detect electrical activity in your brain for short periods while portable EEGs typically record electrical activity for 24-72 hours. Another reason to consider portable video EEGs as an ancillary service for your practice is the low start-up costs. For example, most ancillary services will provide practices with equipment, technicians, and technical infrastructure without any financial commitment. Practices working using portable video EEGs benefit from excellent quality studies to help diagnose patients while generating significant ancillary revenue.
The sheer number of lab test requests your practice makes every year should demonstrate just how lucrative in-house lab testing can be. The downsides to this type of ancillary service are the steep up-front costs. Lab equipment is expensive, requires obtaining accreditation, and means you will need to hire trained technicians to operate your lab. However, with a high enough patient volume, an in house lab can make tests more convenient for both patients and clinicians while bringing in several hundred thousand dollars per year.
Acquiring a single Holter monitor could cost up to $2,000 when you account for the software and additional supplies required such as batteries and prep pads. Although these upfront costs may seem dismaying, medical practices can make a significant return on investment if they have a high enough patient volume. For example, if you paid $2,000 total for a Holter monitor but are reimbursed just under $200 for each 72-hour monitoring session, then your practice might 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.
Curious to see how we stack up against the competition? Download our comparison chart to see how our Holter monitor compares with our leading competitors!