6 Tips to Increase Your Medical Practice Profitability
“How can I increase the profitability of my medical practice?”
It’s a question that every practice manager, every provider, has running through her mind on a constant loop. The challenge of providing the best possible patient care while keeping the lights on and ensuring full regulatory compliance is an endless juggling act. Changes in the reimbursement landscape and increased patient volume due to the Affordable Care Act have added complexity to maintaining a profitable practice. As a result, the need to find creative ways to maintain (or increase) margins without compromising patient care has only become more acutely felt in recent years.
There are, of course, only two ways to do this: cut costs and/or increase revenue. If you cut costs too much, you run the risk of alienating patients and/or staff. Everything in life can be measured on a bell curve. If you cut too deep, you’ll fall from peak profitability due to inefficiencies, poor morale, and reduced volume. So, the key is to save where possible but perhaps look more towards adding revenue. What does that look like in practice? We have compiled a few ideas for you to think about over this upcoming holiday season.