How to Improve Your Medical Practice’s Profitability

December 18, 2019 For Dentists, For Doctors

Every medical practice’s primary focus should be on providing the best patient care possible. Unfortunately, staying profitable can be another central challenge for medical practices. And while it’s a little counter-intuitive, to remain profitable, sometimes patient care can fall to the wayside.

Especially in today’s ultra-competitive landscape, as you may be dealing with administrative burden and rising operating costs, you need to optimize all of your strategies.

To avoid sacrificing what you’re able to offer your patient, try these tactics to cut costs and raise revenue.

Outsource Billing & Collections

By outsourcing billing, you’ll be able to save on costs for staff while also benefiting from experts handling claims and complex billing processes. As the number of patients on high deductible insurance plans increases, as does the patient copay collections.

You’ll want to do research and ensure you’re outsourcing to the right company for your practice. However, outsourcing will more often lead to lower costs and fewer headaches.

Upgrade Your Online Presence

Inbound marketing is vital for any business to attract clients, and it’s widely underused by medical practices. Having a properly optimized website that’s user-friendly and features patient reviews can make a huge difference. Reviews are especially important for medical practices as few patients don’t consult them before choosing their doctor.

Look at ways to expand your digital footprint and create more ways for patients to find and come to trust you. Done right, and the gains can be exponential.

Turnaround Staff Turnover

Your practice’s employees are one of its most valuable resources, as well as one of its costliest. Ensure that your practice offers competitive amenities for your employees, like access to parking, a fitness center, a break room, and other perks.

Other strategies to utilize to make sure your employees feel valued include giving them a voice in the practice’s business, holding one-on-one meetings with each employee, hosting team events, and other strategies that motivate and inspire.

Renegotiate Your Lease

One of the highest costs of running a practice is real estate. But, it’s also one of the most important factors of your practice’s success. So, it’s vital to make sure you’re getting the most out of your lease.

Renegotiating a lease is intimidating, but it can lower your practice’s overhead costs significantly. The next time your lease renewal comes up, have a professional review the terms and negotiate on your behalf.

Having an experienced medical real estate broker review your lease is the best way you’ll ensure you’re getting the most for your money. Our Firm has been assisting the physician community for almost 30 years and would welcome the opportunity to partner with your practice to help navigate the best strategy regarding your medical office needs.

Contact our team at Gittleson Zuppas Medical Realty…we are here to help!

Patients and Profitability Go Together

There are a lot of ways to increase your medical practice profitability, and you don’t have to sacrifice patient care to do it! Consult experts, ask for help, try something new, fight for growth, and let your practice soar!