The end of the year is a busy time of year for many medical providers, and it is important to stay one step ahead and start planning for the next year. Finding methods to boost your medical practice revenue can be difficult when you have so much on your plate.
Here are 6 ways to grow your revenue in 2020 and set up your practice for success for the long term.
1) Upgrade Your Software=Upgrade Medical Practice Revenue
Upgrading your practice software is the sure-fire method of improving your medical practice revenue, but also other areas of your practice. Technology grows and changes as quickly as the healthcare industry itself. By upgrading your medical billing software, you access tools like mass claim creation, claims scrubbing, and denial management software. When you upgrade your practice management software, providers see reductions in no-show visits with patient reminders, an improvement in clinical decision making with digital patient intake, and an increase in patient payments with credit card payment processing. By upgrading software, a provider sees an increase in medical practice revenue through more billable services, clean claims, and patient payments.
2) Improve Patient Engagement
Improving patient engagement is the key to getting your patients to better understand all aspects of their care, including their medical bills. By staying informed, your patients are more likely to visit regularly, engage in services, pay their medical bills, and stay compliant with their treatment plan. The more involved your patients are in their medical care, the more improvement providers will see in their medical practice revenue.
3) Boost Your Online Presence
More in 2019, then ever, millennial patients are turning to the internet to read physician/practice reviews before they decide who to visit with. This is expected to impact medical practice revenue even more in 2020. By harboring a more positive online presence, potential patients are more likely to be interested in what your practice offers. Your online presence includes reviews of your practice, but should also include a social media presence as well as a responsive website. Providers will notice that a stable online presence does impact their medical practice revenue.
4) Offer More Options
Patients are searching for providers that offer a variety of options in multiple areas of their practice. This is including visit alternatives like e-visits and telehealth so that patients can visit with their providers remotely. Other services like Chronic Care Management can be a huge promoter for those who need a more significant amount of care. Offering more options impacts your medical practice revenue when you also include multiple payment options that encourage your patients to make payments at their convenience. This should include 24/7 online payment processing as well as in-office and over the phone.
5) Use RCM Services
An RCM services vendor has the resources and time to really make a difference when it comes to your medical practice revenue. They enable providers to collect more on difficult balances, empower patients to make more in-full payments, and help to increase your clean claims up to 99% if you are working with the right services vendor. By increasing clean claims, providers are able to receive timely payments that help them stay ahead while spending less time on denial management. RCM services can also positively impact medical practice revenue by identifying common reasons for denials within your practice.
6) Improve Patient Payments
Medical practice revenue is impacted when your patients pay their bills. Improving patient payments is accomplished by upgrading your software to include payment plan options and clear and concise patient statements. It is important that providers focus their attention on educating patients on their payments and responsibility up-front. By keeping your patients informed on their bill and offering them convenient ways to make payments, patients feel more secure in their health care and are more likely to make complete, and timely payments.
To start making changes that positively impact your medical practice revenue, click here.
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