This post is the second edition of a three-part series that will discuss some of the leading strategies and priorities that drive thriving practices to success. You can read the first post here.
A lot has changed about the modern small to mid-sized practice in 2020, but most long-term growth strategies remain the same. While the advances and challenges continue to be in flux, practices are also sure to encounter many growth opportunities. Consider this list of ways you might grow your practice in the coming year.
Promote Your Practice Online
Most patients expect that healthcare providers are at least somewhat online. That presentation can vary from a Patient Portal that offers online scheduling to engaging social media channels. Practices are connected with patients online to keep them interested in their practice and informed about health procedures and evolving protocols. Patients use the internet to find a new practice. A majority of patients (73%) admit that reviews from a practice's current patients make them find a practice more trustworthy.
A reputation management strategy helps practices to represent themselves best online. MacPractice Reputation Marketing allows practices to control their online reputation through feedback delivery and patient review monitoring in real-time. MacPractice Reputation Plus follows up with your recent patients to solicit feedback on their most recent visit. It then brings patient feedback and online reviews into a dashboard that shows your practice's overall online rating score.
Better Billing
A strategy to streamline your practice's billing process helps you collect every dollar. Opportunities for staff and patient engagement play a significant role in improving your revenue stream. To get a grip on growth, focus first on managing claim denials, and involve your team as problem solvers in your practice's billing. Developing more patient understanding through upfront price transparency and being more proactive about changing payment rules, regulations, and payer notices are tasks that can have a surprisingly significant impact.
Optimizing Patient Collections
Better patient collections start with having cost-effective point-of-service patient collection tools and strategies to maintain a healthy revenue stream. Regular patient payments and a robust revenue cycle management for collecting more once the patient has left are essential for your bottom line. Optimize patient collections by collecting co-pays and communicating fees thoroughly—tools like the MacPractice integration with GPI allow you to collect credit or mobile payments directly in MacPractice. We also have eligibility verification to access live eligibility and benefits information, which lets your patients know what to expect before their procedure. You can also use our eStatements services to automate the process or use our profit recovery services with proven, diplomatic patient collections.
A More Consistent Schedule
Appointment reminders help maintain a consistent flow of patients with fewer no-shows. AutoRemind allows your practice to focus on other tasks. Most patients are more likely to attend their appointments when they receive a reminder.
Outsourcing Your Billing to Experts
Billing is complicated, but your practice can quickly lose thousands of dollars in reimbursements without adequate attention. MacPractice Business Services reduces denials, increases collections, and controls accounts receivable with professional billing. Eliminating billing burdens brings in more revenue and allows staff to focus on what they do best. Please request a quote today to see what we can do for your practice.
