Four Creative Ways to Generate Revenue from Medical Practice!

570 Views Updated: 18 Jul 2018
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You can find countless ways to make more efficient the workflow that results in generating high revenues in medical practice. In this article, some crucial ways are mentioned to generate profits because it is tough to pick just a few from the countless ways.  

The generation of profits is essential for any for-profit medical practitioner. You can take the following steps to increase your revenues. Henceforth, you can produce revenues using the follow three ways.

• Straight Cash from Payments

• Maximizing the patients' visits

• The growth of the business from medical billing services in the USA

These three areas should be treated as separate lines and refined separately. Following are some more ways to get benefit:

Do Well on Prescription Refills!

Have you ever wondered how you could make money on prescription refills? A medical billing and coding specialist can get a lot of benefit from the prescription renewal process. It is an admitted fact that the prescription policy generates revenue. The refill and other prescription requests are handled in a specific way to get the profit.

For instance, consider the follow-up period for the chronic disease patient. Usually, they should see the doctor every 90 days for assessment and review of the prescribed medication. You can make an average reimbursement of about $70,000. The patients can request their prescription to be called in without a visit. Here, you should refuse to prescribe and get the patients for an appointment. The mid-level providers can also perform these services.

Maximize the Visits by Adjusting Your Schedule!

Time is money for most of the doctors. Their primary target is to generate as many visits as possible every day. What hinders the doctors to get profit out of it is their faulty time management. Traditionally, it is seen that the physicians are not good at adjusting their time-schedule. Therefore, the front desk staff should be capable of maintaining your schedule correctly to generate more income. All the unfilled appointment shows loss of income.

Analyze the Patient mix. Prefer Fee-for-Service (FSS) patients instead of capitated patients. Also, determine your schedule by the types of patients. For example, a new patient will take more time than an established patient. Shorter visits should be placed earlier while giving appointments to the time-taking new patients at the end of the day. Maintain a cancellation policy at your clinic. Set a rule that appointments can be canceled at least 24 hours before the time otherwise the fee cannot be refunded. In this way, you can generate a lot of money out of it.

Take the support of the medical billing and coding Specialist!

Medical billing and coding experts assist in up keeping the hospitals and medical offices. The medical facilities rely heavily on insurance providers and other healthcare programs for finance. The specialists can help the providers in reimbursement of the payments from the payers. Around 30% of Physicians payments are delayed because of the errors and mistakes they conduct in submitting their claims. The coding and billing specialists help them out in removing such errors and results in profit gaining.

Mine the Data to Enhance the Volume!

Now you are expert enough to manage your time and schedule; there is a need to enhance the volume of the patients. If you want to make many appointments without any cost, then you should mine the data in your medical billing software to market your practice and increase the volume of the patients. The Medical Group Management Association suggests spending 3% at least to market your practice. It is a perfect way for the medical practitioners to generate huge revenues.

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