7 Surprising Ways in Which You are Losing Revenue in your Practice
Simple tips to stop doing things that is taking a bite out of your revenue.
There are multiple ways to improve your revenues. Similarly there are also multiple ways in which practices are losing revenue unknown to themselves. We list out the 7 common things, which in spite of a roaring practice you may or may not be doing that are leading to revenue losses.
A quick glance through this list can sort that out for you. Here you go:
1.Not Having a Website
We don’t mean a fancy and high investment website but a basic website is an essential requirement for your practice.
More than ever, patients are now looking to web for answers to their medical questions. With some good SEO, Google will show your website right on the first page to bring prospective patients to your website – this is your first chance to gain attention. Without the patient stepping into your clinic, you get to tell them about your services, team as well as achievements. It will help if you list the rates and most importantly a simple form that will help the patient schedule an appointment.
2.Not Having Referral Tie-Ins
Why not be the referrer than the referred? Complete patient care is not something that starts and ends with a visit to the clinic. Develop tie-ins with all kind of service providers that your patients may require. Pharmacists, Physiotherapists, Pathologist, Optometrist and many more. The revenue that comes in from the referrals is what you are missing. Go for it.
3.Not Expanding Your Service Mix
If you are an Endocrinologist, you know there are many specialties and super specialties that would be connected with your branch of science. Likewise for all specialties. Expand the service mix of your clinic. Many times a patient coming for a knee ache may want his wife to consult a gynecologist.
4.Not Having a Central Control
You are the brain at your clinic, the big boss. You need to be in the know how of how things are working at every corner in your clinic. There are no controls like numbers. As a practicing doctor, you don’t have a lot of time to spare for administrative concerns, yet you need to have complete control of your operations at your fingertips. A great way to track the day to day operations of your single or multiple clinics is automation. Get an automation solution based on the requirements of your clinic and train yourself to understand what the numbers spell out.
5.Not Keeping an Eye on Inventory
Treat your clinic like a mini-hospital and make sure that you practice all possible inventory control practices. Material is money. Train your staff to keep simple logs to track inventory and make the concerned person accountable for. Check the logs at fixed intervals and also have some surprise checks at times. Make sure that every procured material is accounted for.
6.Not Keeping Strict Financial Practices
Manual billing and manual ledgers invariably lead to mistakes as well as to chances of financial pilferage. When the incoming can be manipulated the outcome can be manipulated too. Get a software solution that suits your clinic’s needs and make sure that patient registration and payment is made through the software only. Every penny saved from pilferage is a penny earned.
7.Not Having an Automated Solution for Patient Registration
A software patient registration solution will not only regulate the financial practices of correct collection and correct deposition, it will also provide greater efficiency in terms of linking online and telephonic registrations, old registration recalls, better time utility and better patient relationships.
These simple tips are the foundation of good business practice and will help you streamline you operations better for improved revenues. To know more about automation software, click here.