...

Enfinity Medical Billing

How To Achieve Medical Practice Revenue Growth (12+ Proven Strategies)

Proven Strategies To Achieve Medical Practice Revenue Growth

Successful businesses are constantly looking for new methods to boost revenues. However, the administrative load, regulatory compliance, growing operating expenses and other factors might make it very difficult!

But don’t worry! because this Enfinity Medical Billing discusses 13 tried and true methods for increasing medical practice revenue quickly. Determine which ones will optimize practice cash flow, as you may already be employing some of them.

If you’re feeling overwhelmed or need assistance putting any of these techniques into practice, schedule a FREE consultation with our practice growth specialist. Let’s study how to boost medical practice revenue for the time being.

Build Solid Online Presence to Grow Your Practice

Any medical business that wants to boost income and bring in new clients needs to have a strong internet presence. According to a Software Advice poll, 43% of patients stated that they would choose an out of network provider if they had good internet evaluations.

A strong internet presence is built on a clear, well designed healthcare website. However, you should also increase the internet visibility of your clinic on social media and on well known review sites. Enfinity Medical Billing, an all encompassing, omni channel practice growth firm, provides healthcare SEO solutions to assist practices in establishing a strong online presence. By increasing your healthcare facility’s organic visibility, we assist you in reaching more people.

Here are some suggestions for standing online to boost the income of a medical practice:

  1. Create a practice website that features patient testimonials and informative content.
  2. Create company accounts on well known review platforms such as Yelp and Google Reviews.
  3. Make and maintain your practice’s social media accounts.
  4. Address patient problems and reviews as soon as possible.
  5. Increase your internet presence by utilizing digital marketing techniques.

Pro Tip: To stay ahead of the competition, keep a close eye on internet reviews and comments utilizing reliable reputation management solutions.

Optimize Medical Billing Workflows & RCM

It is your responsibility as a healthcare professional to deliver high quality care. However, you may already be aware that improving your billing is necessary to increase the revenue cycle of your clinic.

In order to guarantee prompt and efficient reimbursements, why not make every effort to streamline billing processes and RCM? Effective billing systems cut down on mistakes and rejections, which can otherwise result in expensive payment delays.

To increase patient satisfaction, implement regular billing cycles, send out invoices on time and provide a range of payment options. A smoother medical revenue cycle can be achieved by eliminating billing errors through routine audits and collaboration with reputable billing services like Enfinity Medical Billing.

Let’s recap how you can maximize your billing cycle to expand your practice:

  1. Use the integrated coding features of EHR software.
  2. Teach accurate coding to practice personnel.
  3. After patient visits, make sure to promptly invoice payers.
  4. Provide a variety of payment methods to enable prompt patient payments.
  5. Automate billing procedures that are repeated.
  6. To correct errors, conduct audits on a regular basis.


Pro Tip: To boost income in a medical practice, evaluate your billing procedures on a regular basis and collaborate with a specialized billing agency.

Improve Patient Satisfaction and Retention

More patients and increased income for medical practices are driven by patient satisfaction. To improve customer happiness and retention, you should streamline whole patient process, from making appointments to providing follow up care.

Patients who are happy with your practice are more likely to refer others to it, which will improve your reputation and draw in new clients. Positive patient experiences are influenced by individualized treatment and efficient communication techniques.

Additionally, it strengthens one’s reputation and increases referrals. Because of this, you have to constantly maintain and raise the standard of healthcare services at your office.

Here are some other suggestions for enhancing patient care:

Systems for arranging appointments should be improved.

  1. Simplify patient intake processes to increase productivity.
  2. Make sure lab findings and therapies are promptly followed up on.
  3. Improve support and clarity of your communication strategies.
  4. Invest in professional growth and training of your employees.
  5. To raise the standard of care, get patient input and act upon it.

Pro Tip: Address patient issues and learn about areas for improvement by using patient feedback surveys.

Negotiate Better Payer Contracts

By closely examining and negotiating payer contracts, Enfinity Medical Billing has continuously assisted numerous healthcare providers in increasing their revenue. Given its complexity, many healthcare practices ignore this tried and true method of practice growth. However, insurance companies are frequently willing to work out terms with top performing medical groups.

To negotiate better terms, emphasize elements like great clinical results, low readmission rates and efficient care delegation. Stress how you can help improve health plan results, as these are in line with important healthcare quality metrics like HEDIS.

You can improve your negotiating position by showcasing how your practice improves patient care and reduces costs.

Working with healthcare specialists such as Enfinity Medical Billing gives you more negotiating power. Let’s rapidly review the negotiation of payer contracts:

  1. Look for ways to improve payer contracts that are currently in place.
  2. During negotiations, emphasize your practice KPIs and results.
  3. Seek assistance from legal professionals and consultants.

Pro Tip: To gain leverage in contract negotiations, maintain thorough records of your practice’s performance indicators.

Expand Your Healthcare Service Offerings

By increasing the range of services you offer, your practice can draw in more clients and generate additional income. Based on changing patient needs and market expectations, you can launch new services. In medical practices, this boosts income and fosters patient loyalty.

Many people can combat mental health issues, for instance, by incorporating behavioral health care. Those without insurance can be offered direct pay price options. Patients looking for convenient treatment options may be attracted by adding positions like physician assistants.

Monitoring patient requirements and medical developments might help your clinic increase income and maintain its position as a market leader.

Now let’s review these options for diversifying care services:

  1. Examine community trends and patient requirements to generate ideas for new services.
  2. To increase healthcare services, welcome a new team member.
  3. Keep abreast of medical developments.
  4. Include novel therapies in your practice.
  5. Assess the services being offered now and make necessary adjustments.

Pro Tip: Find the most value services to add by doing patient surveys and market research, making sure that new products complement practice objectives and patient needs.

Do Not Sit On Your Denied Claims

The main issue with rejected claims is that, once they start to accumulate, they become chronic headaches. A medical practice’s revenue is adversely affected by ineffective claims handling, as denied claims frequently result in significant financial losses.

Cash flow problems arise when claims are held in accounts receivable (A/R) for more than 50–60 days. Additionally, they have to pay about $120 in administrative fees for each appeal. Approximately 11% of claims are usually rejected, which can result in significant costs.

Here are some suggestions for enhancing the denial management procedure to boost healthcare profitability without increasing rates:

  1. Establish transparent procedures for submitting claims.
  2. Examine and classify rejected claims to find problems.
  3. Deal with underlying reasons for denials, such as eligibility problems or coding errors.
  4. Create a reliable system for recording claims in your practice.
  5. Spend money on employee training or hiring outside claim handling experts like Enfinity Medical Billing.

Pro Tip: Review and update your claims management procedures on a regular basis to decrease denied claims and quickly boost your medical practice’s income.

Go Heavy on Online Practice Reputation Management

Keeping your practice’s online reputation under control assists in patient acquisition and retention. A patient’s decision making process is greatly influenced by internet reviews.

Efficient handling of online reviews facilitates the process of gathering patient input. Additionally, it allows you to improve their online visibility and reply to reviews effectively. Obtaining good evaluations from pleased patients and responding to unfavorable ones are essential components of a strong online reputation management approach.

Here are some suggestions for enhancing your practice’s online reputation in order to boost income:

  1. Urge patients to leave favorable reviews on websites such as Yelp and Google.
  2. Respond quickly to unfavorable evaluations and take care of any problems right away.
  3. Add pertinent content to the website of your practice.
  4. Use local business directories and social media to interact with patients.

Pro Tip: To maximize practice revenue development, check your firm’s web presence on a regular basis and examine analytics to find areas for improvement.

Start Offering Telehealth Services

By enabling remote access to medical services, telehealth has completely transformed patient care. Providing virtual visits after hours enhances convenience and broadens the patient base. Additionally, it helps improve care continuity and solve physician shortages, especially in rural or underserved areas.

By providing follow ups, consultations and even mental health care remotely, telehealth services enable clinics to draw in new clients. One of the best ways to increase medical practice revenue is to offer telehealth services.

When incorporating telehealth into your practice, keep the following points in mind:

  1. Conduct follow ups and discussions remotely.
  2. Select telehealth software that is trustworthy and complies with HIPAA.
  3. Encourage current and prospective patients to take use of telemedicine services.
  4. Include telehealth services in the practice management systems you now use.
  5. Analyze the effectiveness of telehealth services and patient opinions.

Pro Tip: To make sure your telehealth technology satisfies patient demands and legal requirements, evaluate and update it frequently.

Consider Hiring a Practice Growth Consultant

The performance and profitability of your medical practice can be better understood by working with a practice growth consultant like Enfinity Medical Billing. These experts have experience with everything from marketing tactics to administrative facets of practice administration.

They are able to carry out in depth analyses to find inefficiencies, suggest enhancements and assist in creating a distinctive value offer. By hiring a consultant, you can streamline billing procedures and accelerate the growth of your medical practice’s income.

Here are some tips for making the consultation successful:

  1. Look for a consultant that has expertise in the field of your profession.
  2. To evaluate your practice, set up a FREE evaluation.
  3. Request that your consultant do a thorough billing audit.
  4. Create a value offer that is both compelling and obvious.
  5. Review and revise your practice’s tactics on a regular basis in response to criticism.

Pro Tip: Actively engage in the creation of practice expansion initiatives and be transparent with your consultant’s input.

Ensure Efficient Appointment Scheduling

Optimizing patient access and raising healthcare practice income depend on effective appointment scheduling. An online appointment system has various advantages, such as lowering patient barriers and enabling more convenient scheduling.

Enhancing the patient experience is possible by providing services like text reminders, online booking and a well designed patient site. Additionally, it lessens administrative workloads. Scheduling with technology increases practice revenue, decreases no shows and improves patient retention.

Let’s discuss some pointers for making sure that appointment scheduling works:

  1. Use an online appointment booking tool to streamline scheduling.
  2. Reduce the number of late arrivals and no shows by using automatic text or email reminders.
  3. Make your patient portal as accessible and appointment friendly as possible.
  4. Provide remote consulting by integrating telemedicine scheduling.

Pro Tip: To improve your procedures and resolve booking concerns, keep an eye on patient feedback and appointment scheduling data.

Improve Your Patient Collection Strategy

Effective patient collection tactics help to boost practice revenue and reduce financial risks. Additionally, since patient co pays account for a sizable amount of revenue, especially in high deductible insurance plans, optimizing collections is crucial.

Teach your practice employees how to properly respond to patient questions. Additionally, to make sure your clinic maintains a great patient experience while achieving optimal revenue collection, you should regularly assess your collection techniques.

  1. Use point of service collections to expedite payment receipts.
  2. Create concise, educational patient statements.
  3. Create follow up plans for patients’ unpaid balances.
  4. Give certain patients flexible payment plans.
  5. Make use of safe and HIPAA compliant online payment gateways.

Pro Tip: To modify your tactics appropriately, examine patient collection KPIs such as the rate of bad debt, cost per interaction, rate of net collection and more.

Encourage Your Patients for Referrals

Promoting patient referrals is a good way to increase the income from your medical practice. Referrals are easy since happy patients are eager to tell others about their excellent experiences.

Make proactive referral requests to take advantage of this. Additionally, provide mechanisms that facilitate patients’ referrals of your services. Here’s how:

During patient visits, give out referral cards and digital referral links.
Make a referral program that is simple to use and offers patients obvious incentives.
Encourage patient referrals through email campaigns and social media.
Provide a staff recognition program or referral bonus.
To examine referral tactics, keep an eye on the sources of referrals.

Pro Tip: Customize your referral forms by emphasizing particular elements of the patient experience, including special services, that can appeal to potential new clients.

Offer After Hours Care (Physical & Online)

One of the best ways to increase medical practice revenue is to offer after hours visits, which allow patients to be seen outside of regular business hours. Offering both in person and virtual visits can help you make money that might otherwise be lost.

Additionally, after hour’s visits are flexible and convenient, allowing patients to make appointments whenever they’d like. By providing after hour’s treatment, medical offices can increase their revenue by attracting facility visits.

The following are essential pointers for effective after hours care:

  1. Make sure you have enough willing employees to cover shifts after hours.
  2. Use your website, social media accounts and other platforms to advertise your after hour’s services.
  3. To expedite the procedure, use online appointment scheduling and telemedicine.
  4. To cut down on wait times and boost patient satisfaction, provide flexible scheduling alternatives.

Pro Tip: To ascertain whether after hour’s services are necessary, administer a survey or examine patient data.

Maximize Collections, Minimize Denials: Let Enfinity Simplify Your Billing

Boost your practice’s revenue and let go of billing hassles by teaming up with Enfinity Medical Billing. We handle the hard work of managing claims, reducing denials, and getting you paid on time, so you can focus on your patients. Imagine more cash flow, fewer billing headaches, and more time to grow your practice! Join the healthcare providers who trust Enfinity to make billing easier and bring in more revenue.

Enfintiy Medical Billing

Recent Post


Want a Free Audit?

Join us for a free 1:1 consultation

We’ll guide you through our billing services and address any questions you may have. Additionally, we’ll provide a free audit.

Seraphinite AcceleratorOptimized by Seraphinite Accelerator
Turns on site high speed to be attractive for people and search engines.