Hidden Ways Your Medical Practice is Losing Revenue

Your medical practice has been earning money steadily over the past few months. However, when you look at the books, you can’t believe it. The practice looks as though it is struggling. One could say you have stagnated. What could be going on?

Several factors are responsible for you losing money. If you find yourself in the red, we recommend you have a look at the following obstacles and solutions. And while the use of patient appointment reminder service can be a part-time solution to the problem, medical practices need to sit down and analyze the company models.

Complex systems

In our current day and age, medical practices are bringing in new technologies and innovative tools. They are meant to improve the quality of service and also possibly bring more clients in. It is quite a tempting adds for any forward-looking company. However, one thing that is always overlooked during the implementation is the ease of use.

Your interface should have a friendly look and also easy-to-use features. While efficient and effective, your new internet-based system should allow potential clients to lock down the service they want within minutes.

Overstaffing vs. New Age Systems

To properly explain this, we will take the example of a patient appointment reminder system. Before its implementation, a medical practice can have 2 staff administrators who will physically call clients and confirm their appointments. During peak seasons, you might also have to hire an additional hand to help out.

Now, with the implementation of your reminder service, texts, emails, and app notifications are sent periodically. The 2 staff administrators now have more hours on their hands. It goes without saying that you don’t have to retain both employees. One of them has been proven redundant by the system.

No-shows

Never under-estimate the power of a no-show. Always consider the opportunity cost. When a medical practice has many no-shows, the amount of money lost is huge. This can be compared against the overhead costs against the amount of revenue streaming in.

As a medical practice, you should consider ways of discouraging clients from missing their appointments. You could make use of penalties, charges, and other policies.

The use of an appointment reminder service has proved to be a popular method with hundreds of practices implementing it.

A run-down staff

 

An exhausted staff could be responsible for the loss of revenue at your practice. Clients are interested in receiving quality service at all times. The quality of performance is dependent on the number of clients available. If the ratio is unbalanced, the quality of service will suffer. You must try and maintain a positive staff environment. You might also need to hire new staff to meet the difference.