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3 ways to boost your medical practice revenue stream

Posted by : Premraj | Posted on : Friday, April 29, 2016

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The unstable economy of recent years has delivered a major blow on all the healthcare system, with many medical practices forced to close down their doors as a result. Cutting costs and letting go of staff is often seen as quick solution to solve any financial issues but there are more efficient ways to durably increase margins and boost your medical practice revenue stream.

1.Diversification into non-surgical cosmetic treatments

Botox or fillers courses are more and more popular as a rising number of healthcare specialists are now looking to offer non-invasive cosmetic treatments as part of their procedures. The trend is growing so quickly that an already high number of dentists and doctors have opted out of the NHS in the UK to dedicate themselves to a very lucrative beauty sideline business. It’s no wonder then that one in four dentists in the UK is now able to offer cosmetic injections.

Learning about the latest anti-aging cosmetics treatments available guarantees that your practice will stay ahead of the game in this very fast paced industry and increase revenue by attracting more patients.

2.Clinical trials

Doctors can earn a significant amount by conducting clinical trials. In the US, companies usually pay around $75 000 per study. Most studies require a certain amount of data per patient: along the course of one year, a patient would typically need to come in twelve times for medical surveillance and data collection, but some studies can last much longer.

You will still need to take into account any staff, equipment related costs and other overhead expenses before running a trial to make sure it would be profitable. Extra revenue aside, most doctors are also honoured to be able to give their patient the latest treatments for their condition, especially in extreme cases when all other options have been tried and tested to no avail.

3.Market your practice better

Make use of the internet to target your patients better and increase traffic to your practice.

Social media is one of the best tools to increase your presence online and make it easier to interact with current patients and attract new patients too by building a community around your healthcare practice.

Social media topics could focus on healthier lifestyle tips or even the latest advancements in healthcare. Make sure to allow for two-way communications as patient feedback will be extremely useful for you to get to know which areas you and your staff need to improve upon.

Consider also setting up newsletters to target various groups of patients that could require follow-up appointments, check-ups or even to send out friendly vaccine reminders to fill your schedule up during quieter periods and streamline revenue during the year.

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