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How to Generate More Revenue Through Your Medical Practice

How to Generate More Revenue Through Your Medical Practice

Posted by Priya Korrapati on June 8, 2018

Providing excellent patient care while maintaining a financially healthy practice is every practitioner’s bottom line. With each new healthcare system implementation, many new modifications are added to medical billing rules and regulations and any error could quickly lead to fines and uncollected revenue. For example, a simple coding practice error in paperwork could take several weeks to get resolved by insurance companies.

As a practitioner, we recommend you consider the following five steps to help generate more revenue through your medical practice.

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How to Generate More Revenue Through Your Medical Practice

Payment options:

Increase revenue by offering multiple payment options such as cash and online payments in addition to filing the insurance claim. Whenever a patient’s insurance does not cover procedures or services, offer them alternative payment options. Providing flexibility to your patients will make it easier to retain them in the long run.

Curb your wait time:

Before even booking the appointment, offer services such as check your symptoms online, gather patient records before the visit, maintain a strict policy on cancellation, late arrivals, and no-shows, and give out forms to patients that they can complete at home instead of in your waiting room. Having a clean and well-designed practice layout also helps patients relax while they wait for their doctor's appointment.

Cross verify insurance plans:

Having a trained staff that can quickly nab any lapse in insurance coverage including any expired insurances could save a lot of headaches in the long run. Get a copy of the insurance every time the patient visits to help avoid any issues with revenue bills.

Apply for government and private contracts:

Applying for capitation will provide you with another source of income for your practice and introduce you to a new set of patients. There are 3 types of capitation to choose from: Primary Capitation, Secondary Capitation, and Global Capitation. Also, consider applying for federal and private grants that are aligned with your practice.

Cross-Selling Products:

Another option to improve your revenue is to sell products that will help patients achieve their medical goals. An example is selling skin care products at your practice if you are a dermatologist. You can also consider providing other medical services such as rehabilitation, various therapies, and other medical services that will attract more new patients.

Apart from these ideas, consider attending CME medical conferences that help you achieve optimal patient care. At eMedEvents, we have a wide variety of medical conferences that you can choose from based on your preferences of Location, Speaker, and Specialty.

eMedEvents is the largest online database for CME events and medical conferences around the world. Here you can browse through thousands of conferences in 147 countries. Search by speaker, specialty, and location to find your next conference. Want to manage your CME on the go? Try the eMedEvents mobile app. Find your next great medical conference online or in one of more than 3500 other great cities around the world.

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