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1 7 Steps to Practice Revenue O ptimization REVENUE OPTIMIZATION IS THE KEY TO MAXIMIZING YOUR PROFITS. IN THIS GUIDE, DISCOVER THE SEVEN STEPS TO OPTIMIZING YOUR REVENUES AND MAXIMIZING YOUR PRACTICE S PROFITS.

2 Introduction Revenue optimization [rev-uh-noo op-tuh-muh-zey-shuh n] is at the heart of every successful practice. Understanding what affects your revenues and finding appropriate ways to deal with these issues ensure that you maintain your revenue integrity and boost your earnings over time. As a practice owner, this may seem like a dauting task, especially with all you have to do just keeping your practice afloat. In this guide, we walk you through obvious and not so obvious ways to optimize your practice revenues. We also give you a few pointers on how to implement these. Click number to read more The Patients Needs Come First

3 1 Th e Patients Needs Come First Understanding Your Your practice exists because of your patients. Putting their needs first is the most important step towards optimizing your revenues. Why? Because if you have an intimate understanding of your patients needs, they will keep coming back and refer new business. The business principle behind this is Customer is King and those who nail this principle become leaders in their business sector. Patients Study your customers and understand their unique idiosyncrasies. What time do they usually come in? Are they always in a hurry or are they okay waiting? Are they alone? Do they have insurance? Are they tech savvy? etc... Adjust your practice dynamics to accommodate these needs. i.e. if majority of your patients are tech savvy, utilize technology more to communicate with them. If the opposite is true, find less technological but effective ways to communicate, such as digital pen. Plugged-in & Motivated Staff

4 2 Pluggined-in And Motivated Staff Your staff are the front-line personnel of your practice, the gatekeepers, a patient s first point of contact. If they are switched-off or unmotivated, this will impact your practice. Nobody wants to visit a business, let alone a medical practice, where they feel the staff is unfriendly or lacks motivation. Motivated staff act as advocates and champions for your practice, better known as brand ambassadors. Through their interaction, customers are pleased with the service and are inclined to keep coming back and offer positive revies and referrals to their friends and family which will lead to new business. Be open and frank with your staff about everything. Keeping them in the loop is the best way to get them to trust you and feel appreciated. Make it clear to them that the success of the practice rests in their hands. This gives them a sense of ownership and responsibility, which is a powerful motivating factor. Welcome their ideas on how to improve the practice. They may recognize things you are not seeing. This will work doubly to motivate them and improve your overall patient experience. Always-On Access to the Practice

5 3 Always-On Access to the Practice With the increase of Millennials into the marketplace, as well as increases in technological development, we live in a give me it this instant era. People are accustomed to everything being always-on. Your practice must follow suite. This means making sure your patients can book appointments, make payments, order tests and drugs 24/7, which can only translate into more revenues for your practice. By offering this level of convenience and technological professionalism, patients will feel comfortable engaging with your practice for years to come. a cloud-based EHR and Practice Management software solution. This will offer your patients 24/7 access to your practice. Ensure your medical practice customer-facing software access is mobile ready so patients can gain access from thier mobile devices. Provide an always-on online payment gateway so customers can pay any time and at their own convenience. Make sure your practice portal and website is mobile and tablet friendly. Make The Technology Work For You

6 Make the technology Work for you 4 Why This Works Revenue optimization will only be realized if you understand the role technology plays in your practice and how you can fully leverage it. A practice that fully utilizes technology runs smoothly and streamline workflows. Ask yourself, what is my team and I doing today, that we don t want to be doing tomorrow? Can technology aid with this? Decide between need-to-have and nice-to-have technological solutions. Look at your current set up; find ways to squeeze even more from what you currently have. Shiny new technology isn t always the answer to boosting your productivity and revenues. Find out how the gains from using technology correspond to your revenues. Patient Access and Care

7 5 Patient Access and Care Patients coming into a practice are looking for one thing. they want to be cared for. If they find the kind of care they are looking for, they will come back and bring their friends and family with them. Care means a number of things. It means not spending over 50% of time spent at the practice waiting to be seen. Care means having the option to see the same doctor every time you visit (not whoever is available). Care means spending quality time with the doctor on every visit, and not feeling like it s a drive-thru medical practice. Have a software and practice management solution that lets you disconnect from data entry, letting you provide the best quality care to a patient during their visit. Streamline the appointment and booking process so patients come in only having to wait a few minutes at max. Leverage technology to send out appointment reminders and confirmations. Ultimately freeing up your office staff to focus on reaching out to patients about issues that matter. Allow patients to see the same doctor for subsequent visits. This helps build trust and a comfortable rapport. Low Overhead

8 6 low Overheads Overhead includes items like rent, technology, office stationery, staff, licensing, marketing and advertising, permits, medical equipment leasing, etc. How do you manage to lower your practice s overhead and keep it there? Running a lean practice is the answer. Do away with anything that is nice-to-have, reuse and recycle things like print paper and envelopes, etc. Lowering overhead is one of the most effective ways to optimize your revenues. Reuse, reduce, recycle. It ll save you money. Decide what the cheapest way to run your practice is that will not compromise the quality of your practice. Recruit your staff to identify money-saving areas and then let them help you implement them. Hire professionals to come in, help you lower your overhead, and identify potential practice efficiencies. Regular Performance Measurement

9 7 Regular Performance Measurement If you cannot tell whether this month s performance was better than the last, you will not be able to improve anything. This does not apply to just looking at the overall bottom line. There are many things that affect your practice. These include all the issues discussed in this guide including overhead, staff motivation, technology utilization, etc. Monitor and measure each of these areas carefully to find out what can be improved, changed, or done away with altogether. Performance measurement will also help you see the relationship between practice revenues and all these factors. Goals Write down a list of all the things that you feel are important to running your practice. Determine how you are going to evaluate and measure each of these on an ongoing basis. Establish benchmarks for each to measure against. Schedule out when you will regularly perform these analyses. Finally, make sure to commit to these goals. This is the number one spot where practices fall down on their revenue optimization.

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