“Profitability comes from loyalty, productivity, and having a character base from which to work.”—Zig Zigler
We know we don’t need to tell you what you already know: running a practice that is profitable is a challenge. And it’s a common challenge at that. How do we define profitability? The simple answer is revenue over expense. In order to improve profits or profitability, one only has to increase revenues, decrease expenses or a combination of the two. Sounds easy enough, but more often than not it isn’t that simple.
Luckily, help is out there.
By thinking outside of the box, you can revolutionize the way you do business in order to garner more practice profitability.
So hold on, sit back and let’s go through 3 ways you can make your practice profitability soar.
Execution of excellent patient service
You’ll be sure to see your practice profitability skyrocket if you and your office are conducting services excellently. Happy and satisfied patients will be lifelong patients, never considering changing providers.
Want some simple secrets to a happy patient? We’ve got you covered:
- Always educate your patients and create a comfortable and interactive atmosphere to allow them to foster a positive response in conjunction to healthcare.
- Make them feel important and try to connect with them. This will help increase their loyalty to you and your practice.
- Follow-up to see how they’re feeling or to report any lab or test results. This will help patients feel secure that you’re genuinely concerned about their health and didn’t just forget about them as soon as they walked out the door.
Download your Guide to a Streamlined Practice and Happy Team for insight into several effective tips to streamline your processes which will allow you and your practice to yield the greatest return on investment possible.
Fine tune workflows
Analyze your current workflows to locate any inefficiencies that may be undermining your practice’s overall productivity. We recommend starting with areas such as the billing cycle and an average patient visit. These are two of the most common areas that seem to commonly harbor opportunities for workflow improvement. Find ways to eliminate any unnecessary steps in your workflows.
Record and measure
It’s hard to improve your practice profitability if you’re not recording and measuring financial and performance records. Remember: you can’t manage what you don’t measure! Consistently collect and monitor financial and performance information. Unsure of which metrics most affect your bottom line? Try starting with common indicators that affect revenue cycle, profitability, productivity measures and liquidity and expenses. Analytics is one area where ROI can be quickly realized and can help answer important questions about patient satisfaction, claims efficiency, financial performance and much more.
Think outside the box for practice profitability
Consider doing things differently. Look closely at what you’ve been doing to see if something needs a bit of tweaking, or try these 3 methods to grow profitability and productivity.
Everyone has their own secret to practice profitability. Try thinking outside the box and you may just learn something new that works best for you!
Practice profitability woes? Discover how HybridChart can increase revenue for your practice.
Dr. Gregory Sanders is a Harvard-trained, practicing cardiologist and founder and CEO of HybridChart. He has been coding since the 1980s and has spent his medical career focusing on improving processes. His patient care skills earned him recognition as one of Phoenix Magazine’s TOP DOCs. He lives in Scottsdale with his family.