Doctor’s Offices are always interested in ways to increase practice revenue, but sometimes aren’t sure where to get the biggest bang for their buck. Increasing practice revenue takes a combination of getting more new patients and collecting more from each patient you see.
The Medical Consultants Group has the tools to help you do both and the knowledge to help you come up with the right plan to maximize your return on investment.
Increase Revenue by Acquiring More Patients
Getting more patients in the door comes down to a couple factors: do patients know about your practice, and do patients know the importance of coming in for an appointment?
With medical marketing services, the Medical Consultants Group can help get your practice on the map, understand your market demographics and your competitive profile and improve your online presence so that more patients will not only find you, but want to come and see you.
When it comes to scheduling an appointment, the patient is the deciding factor. As a practice, that means you need to help the patient understand that it’s in their best interest.Many practices don’t try to do this because it is a labor intensive and costly endeavor. Oftentimes, the patient doesn’t know the importance of regular appointments, or that they can save money by scheduling doctor’s visits to prevent illness rather than waiting until it happens.
With SecuReach, your practice can automate the messages it sends to patients. When these automated messages are integrated with information provided on the practice web site, patients can be educated and notified at a significantly lower cost. The practice spends less on communicating with patients and, since 84% of patients in practices using the system receive the message within 24 hours, the practice sees more patients, keeps more patients on protocol and, as a result, increases practice revenue. This system can also be used to share test results, send follow-up notifications, and explain the ‘next steps’ to the patient, educating them on the importance of taking action and do it all less expensively than it could be done using a practice employee and more effectively than it could be done using a patient portal.
Increase Revenue by Acquiring More Patients
Our team at Medical Consultants Group has helped practices increase practice revenue by outsourcing their medical billing system to our professionals. With the impending ICD-10 changes, medical billing will become increasing difficult for practices to do in house.
Transitioning to an outsourced billing company allows many practices to repurpose one or more staff members from medical billing into other aspects of the practice that can increase practice revenue and improve patient satisfaction.
Here are a few reasons your practice can benefit from our services:
With our help, many practices recover 90% of outstanding insurance accounts receivable within 60 days.
Our team charges only 6%, allowing you to pay only if we collect. This means that the only way we can make more money is if you make more money. We don’t take vacation days, sick days nor do you have to pay our benefits or the cost of supporting our hardware or software. If you are paying your biller(s) $14.00 or more, it is in your best interest to analyze the situation and see if outsourcing billing could lower your costs and increase practice revenue.
Your practice will remain in charge of its revenue. All revenue earned from collecting patient balances goes directly into your practice’s account. The Medical Consultants Group just does the collecting, so that your staff can be completely focused on the patients.
The National Healthcare Exchange report stated that most practice’s spend up to 14% of total practice revenue on processing claims in order to receive reimbursement from insurance companies. We only charge 6%.
How Efficiently Managing Patient Balances Increases Practice Revenue
Patient balances can be up to 30% of a practice’s revenue. This means the way your practice manages patient balances can significantly affect practice revenue and cash flow. The Medical Consultants Group uses a tool called Exchange EDI to effectively manage patient balances.
With this system, your practice can accurately predict the amount a patient will owe over and above their co-pay at the time of service. The patient can then choose to pay the balance in full before even leaving the office, or they can set up set up a payment plan right in the office that will be managed by the patient’s credit card company not your staff.
By doing what most businesses do and keeping the patient’s credit card on file for any future balances, your practice can ensure that the collections are made without any hassle or surprises for the patient. In addition, you can save on the cost of sending multiple invoices to patients, collect sooner since you don’t have to wait to receive the EOB and you can increase collection rates.
This is another example of how The Medical Consultants Group can help you reduce expenses and increase practice revenue.
Increase Patient Collections for Your Practice
The Medical Consultants Group has seen numerous practices increase their revenue by outsourcing medical billing, and by becoming more effective at collecting patient balances.