How to Increase Your Clinics Profitability

Peggy Bush, APN

Ronald Bush, MD, FACS

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1/19/13

Given today’s challenging world of healthcare and increased competition, you need to re-think even some of the simplest activities in your office. Re-examining fundamentals can show you how to improve the efficiency and profitability of your practice.

Here are some suggestions to increase your profitability

Identify the Best Processes

Examine the workflow of administrative activities that you and your staff do. Re-examine your physical space from the front desk to the back office.

Something as simple as reconfiguring space can reduce the time your employees spend getting supplies or files and can make their work easier and more productive.

Examine Your Scheduling Procedure

Are you booked out 4-6 weeks? Consider adding extra slots in for post-op or urgent visits. Having

your receptionist have to ask the nurse to find space in your schedule can waste so much time.

Reduce Wait Time

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Consider adding ‘Patient Forms’ on your website for patients to download or mail the forms to the patients.

You can also add security access features to your website allowing patients to enter their information online.

Dr. Bush: See your patients in a timely manner. Patients can always go elsewhere if they don’t get a good first impression.

Conduct a Cost Benefit Analysis

Steps you may be using presently to save money may actually be costing you more. Make sure you have enough computers, printers, etc… for staff. Staff should not have to wait to use a computer, printer, etc.

Improve Your Billing Practice

One way to increase revenue it to ensure you don’t ignore income sources already in place. Know how to capture, obtain, and submit billing information.

Make sure the person in charge of billing thoroughly understands the process. In most cases, they will work with a billing service to improve your collections.

Be Proactive About Billing

Keep up with carriers’ fee schedule and match your charges to the maximum allowable reimbursement.

Always verify insurance coverage before the visit and ask for the co-payment right after the patient walks in the door.

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Consider using a billing service that has experience dealing with venous procedures, even though it will retain a percentage of your billings, may be more cost effective than handling billing in-house.

Dr. Bush: Our practice made the mistake of billing too high to capture very few insurance companies that would reimburse more. In effect, we were discouraging business by our high fees that were discussed with the patient even though they were told they would be discounted after insurance payments were received; many patients were not receptive to this. This also artificially raises your accounts receivable (AR)

Limit the Number of Carriers You Accept

Limiting the number of carriers you accept allows your staff to focus on understanding those carriers’ procedures and develop relationships with their staff at those companies. This will assist your staff in dealing with coding issues and other problems more quickly.

Put together a binder/folder with best processes and common errors to save staff time troubleshooting redundant problems in the future.

Set up a website

Your website may be the first impression a prospective patient gets of you and your practice. It reflects on you, so it should look professional. Consider hiring an expert to design and host it

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instead of trying to do it yourself, having a staff member do it, friend, or family member.

Consider posting anything that will enhance your image or inform your patients or colleagues of your capability, including:

Credentials Experience Location, hours and after-hours contact information List articles or links to articles you have written Volunteer efforts you are involved in Blog Patient Newsfeed

Having a good website can reduce calls to your office, which can help make your staff more efficient.

Consider social media marketing (SMM)

Patients are not using the yellow pages as much anymore Patients are more likely to go to social networking sites such as

LinkedIn or Facebook to find a doctor SMM sites allow you to let established patients post

recommendations for your services.

Twitter

Twitter is another social networking site that is booming. This site allows you to broadcast your message (tweet) to a

group of people (your followers)

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Twitter is a way to share valuable and timely professional information and establish your position as a knowledgeable source

Vein Experts offers an inexpensive program. $150/month for members and $250/month for non-members

Your Staff Must Present a Positive Image

Spend time observing your staff and listen to what your own patients say about them. Are they pleasant to patients? Does your receptionist chew gum or discuss personal issues with a co-worker while patients are checking in. Unprofessional behavior can affect patient satisfaction.

Consider having a friend or an acquaintance call in to make an appointment and see how they perceive the process and how they were treated.

Cross train all of your employees, so no holds you hostage Employees should feel appreciated and not irreplaceable Dr. Bush: Your receptionist is the first person your patient sees

or talks to. If they are not kind, warm, & charming, you will lose business. Do not give anyone in your office unlimited power to screen your calls or make decisions for you. This is a common error that doctors make.

Nurses: Should be kind, knowledgeable on all aspects on what is done in the office. If your nurses do sclerotherapy and the patient does not like the way the nurse interacts with them, they will not return.

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Nurses should carefully document everything in regards to the patient’s treatment plan.

Consider Patient Surveys/Feedback Forms

It is cheaper to retain a patient than to find a new one. Provide forms (anonymous or not) to patients so they can tell

you what bothers them. Have a process in place to review the feedback and act on it.

Reduce costs

Shop many vendors to see what your best rates are Join groups such as Vein Experts that have group purchasing

rates Consider hiring part-time staff, so you don’t have to pay benefits

Reducing the capital employed in the business Exercising tighter control of all finances Reduce inventory levels, only stock what you really need Introducing outsourcing or expanding its scope  Exploiting information and telecommunications technologies

more fully

In-office product sales –

Consider selling skin care products Consider selling compression stockings in your office in different

sizes and colors Keep your products locked up

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Do not put products in your waiting area, use empty boxes or put them in a locked display case. We have met physicians who have had products taken from them.

Handle your own money

Approve all invoices and sign your own checks Use caution in giving employees access to your bank accounts or

credit cardsKeep track of your expenses.

Limit amount of $ you spend on TV & radio Consider 'Doctor Dinner' meetings  Consider doing screenings at other locations.... hospital, women's

groups, etc...

Suggestions to Increase Referrals

Know Your Referrers

Keep a list of every physician that refers to you. Contact them periodically to say hello and ask them how to make

the referral process easier.

Ensure Your Availability

Make sure you have appointment slots available for new patients Make sure referrals are handled in a timely basis

Make it Easy for the Patient

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Make sure your website is set up so a referred patient can find the information they need about your practice…. location, hours, directions, instructions.

Make printed copies available if referring doctors request them. Be sure the patient’s visit is a pleasant one, because the first

thing an unhappy patient will do after the appointment is complain to their own doctor.

Make it easy for the referring doctor. Send a consulting report to them. Some MD’s send before and after photos.

Thank Your Referring Doctors

A written thank-you note for a referral is highly memorable. An occasional fruit basket, cookies, or candy to the staff of a

referring doctor for their assistance in sending patients your way.

Find more information about ‘Marketing Your Vein Clinic’ in

our vein journal:

 http://www.veinexperts.org/blog/2012-12-07-marketing-your-

vein-clinic-page-34.asp

Please share your thoughts, experiences, & suggestions here. By doing so, you share expertise and will increase your search engine optimization (SEO) for your own clinic.

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