Have you ever wondered how to give your practice a financial boost without the need to take a loan or create more debt? Here are some winning strategies for you to do so, all you have to do is re-think and analyze your practice from the inside and listen to your customers!
Benchmark Performance: Keep track of some key performance indicators like physician productivity, accounts receivable, reimbursement, expense management, performance to budget, and patient satisfaction. By doing so, you can identify tons of opportunities for improvement, plus it establishes clear goals for your practice staff. You may also want to keep track of other practice's strategies to get patient engagement and quality ratings. Learn from them and get valuable information from talking to peers at different events (like conferences and webinars among many others).
Manage your accounts receivable: Are you in the Personal Injury space and your accounts receivables keep aging and not getting paid in a timely or fair manner? Receive cash immediately for these receivables that you can use to keep growing your business! Manage your medical receivables with our different portfolio solutions so collecting or struggling to get paid won't become a burden and you can get fairly paid for your work. Fast and no risk. For more information please visit: www.surgicalcapital.com
Understand your patient demands: Practices need to understand the services patients want, how and when they want them. Think for example telehealth. This is a new requirement some patients have come to demand nowadays within the covid-19 context. Always listen to your clients and their pain points to define the services you will provide.
Communicate expectations: Always make yourself clear regarding payment policies and procedures to clients and staff as well. Clients want to know what they will be paying for and under what conditions. Communicating opportunely with the client ties directly to a practice’s finances.
Create a positive culture: Define a high-quality mission, vision, and values statement for your organization and commit to customer service to really create high morale and a great patient experience.
Now that you have these 5 strategies to implement, take action! You don't need to be doing all of these things exceptionally well, there’s always room for improvement but most importantly, start somewhere. Focus on the areas with the biggest financial return first, such as productivity, accounts receivable, or expenses. Benchmark those areas and track the budget for them. For managing your PI account receivables, you can contact us and get started by simply submitting this 1-minute form: https://www.surgicalcapital.com/medicallienfundingform
Based on the article from Medical Economics "5 winning financial strategies for medical practices". Surgical Capital Solutions respectfully shares this article to give our website visitors information regarding Financial Strategies for their medical practices. For more information, please visit: https://www.medicaleconomics.com/view/5-winning-financial-strategies-for-medical-practices