As you look at your accounts receivables over the past 3 years, you have to see that the reimbursements are trending downwards. Some specialties are more affected by these lowering trends than others; but all practices have to contend with lower reimbursements at the same time cost is going up. IT services are demanding more and more of the practice dollars and expertise to maintain these systems is expensive as well.
What do stand-alone practices need to consider given this reality? There are strategies that can bring additional revenue to your practices, and while some of these strategies are specialty driven……all practices can benefit from a thorough examination of options.
- Partner with other practices – One of the most obvious remedies is to find strength in numbers. Partnering with other practices to bring increased revenue while reducing cost is an option that can be successfully implemented provided everyone has realistic expectations and is willing to compromise. The advantage to this option is cost reduction. Employee reduction must be realistically considered by practices for this option to succeed. The details needed to be considered in this option are many; but this can be done if willing to do the hard work needed to accomplish.
- Add retail sales to practice – While some practices can add retail sales more naturally than others, most practices can add products as a byproduct of their services. This option requires investigation, talking to specialty societies about how others are successful and not over investing in inventory until success is proven.
- Add other clinical services in house – adding lab and x-ray services is another way to increase revenue. While investment of capital is necessary to be successful, diagnostic services will bring revenue, not to mention patient convenience. Almost every practice has an ancillary service they are dependent on as either a diagnostic tool or a monitoring mechanism.
These are but three of many options a practice can consider increasing revenue and reducing cost. None of these options can be undertaken quickly or without taking a hard look at the realities of these options or the cost of these options.
Medical Management Services knows how to expand practices in a logical and efficient manner that will bring confidence in decision making, cash to your bottom line and an increase in satisfied patients. Give us a call and let us show you how to use innovative ideas to increase your practice revenue.