20 TIPS TO BOOST YOUR MEDICAL PRACTICE REVENUE

20 TIPS TO BOOST YOUR MEDICAL PRACTICE REVENUE

Looking for ways to improve your practice’s bottom line? We’ve assembled a quick list of top tips to help you pick and choose ideas to increase your medical practice revenue. 

You may already be doing some of these, but chances are there are at least a few new tactics that could help your practice’s financial health. Interested in learning more about how to implement one of these revenue tips? Schedule a strategy-call with one of SMT’s expert insiders. 

  1. Boost Curb Appeal —Make sure that the outside of your business is inviting to patients.
  2. Create a Welcoming Environment — Make your office user-friendly with services like free Wi-Fi, clean and comfortable waiting areas, and modern technology such as a looping video on a flat screen of all of the products and services available. (Your Best Salesperson)
  3. Encourage Online Reviews— Positive reviews drive new patients to your door. Encourage patients to leave comments on review sites like Yelp!
  4. Master Social Media —Hire someone who is responsible for starting conversations and regularly engaging your clientele on social media. 
  5. Create YouTube Videos — Videos help people understand in-depth topics like functional medicine, comprehensive lab testing and hormone replacement therapy. 
  6. Become an Authority Through Content — publish articles in journals or write a book. Or just start small with a few blog posts on your practice website or another medical site. Being an authority drives new patients to you.
  7. Compete Using Your Strong Points — Use quality service, leading equipment and devices you use to deliver optimal treatment outcomes, and your extensive medical training and education, as a weapon against the competition.
  8. Encourage Wearable Products— Wearable technology is a driving force in healthcare. Patients are interested in using technology to better manage their health. Showing you’re up on the trends will get you happier, healthier patients who are impressed with your level of service.
  9. Update your Practice Website — Create a custom page that highlights your strengths. Avoid the cookie cutter templates and fill your site with helpful links to articles you’ve written, social media, and YouTube.
  10. Use Technology to Attract Patients. Consumers want more convenient, tech-integrated healthcare. Try offering online appointment booking, virtual visits, text reminders, and optimizing your patient portal.
  11. Expand Your Medical Services — Consider adding alternative and regenerative therapies to your office’s list of service. Platelet Rich Plasma, Shockwave Therapy, and a nutritionist or lifestyle coach helps sets your practice apart.
  12. Offer Free or Affordable Patient Education Classes — Monthly educational seminars are a fantastic way to attract new patients. Hold them on the same day and time each month and keep them at 1 hour and offer Q&A with the physician. 
  13. Partner with other Vendors — Partner with local medical providers who don’t offer the same type of advanced treatment solutions as you. Physicians are happy to refer patients, they just need to know you who in their area can help. 
  14. Cause Marketing — Donate some time or sponsor community groups that are improving healthcare. The goal is to get your name and brand recognized.
  15. Train Your Staff to Be Sales Oriented — Excellent customer service is critical, but making sure your staff is knowledgeable and sharing all the benefits of the products and treatment solutions you provide is paramount to your continued success.
  16. Bill for Missed Appointments — No-shows cost your practice money. Institute a cancellation policy and charge for these.
  17. Change with Technology — Offer the best treatment services with the latest validated equipment.
  18. Evaluate Your Marketing Strategy— Make sure that your marketing metrics are measurable. Get rid marketing that does not have a positive ROI.
  19. Expand Your Online Presence — Many new patients are looking for new doctors by searching online.
  20. Buy Rather than Lease — Evaluate your financials and the location and see if you can buy. Rent can be a huge cost, and money that’s not going towards any future investment in your practice.

These 20 tips can help you address your marketing, office efficiency, treatment services and yield a better practice ROI.

Share on facebook
Facebook
Share on google
Google+
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest

Leave a Comment

Your email address will not be published. Required fields are marked *