Competing for patients against hospitals and health systems, which have substantial marketing budgets, topped the list of problems independent doctors face, according to a new survey out from the Association of Independent Doctors, a national nonprofit trade association. The pay gap between employed and independent doctors ranked a close second. "A variety of market forces … [Read more...] about What are the chief business concerns of independent doctors?
Increasing profits
10 rules for getting good press and new patients along with it
To get new business, your medical practice has to be the first place the patient calls. To make the call, the patient has to know your practice's name. To know your practice's name, the patient has to see it over and over in the media. Media coverage is good free marketing, says Pam Lontos, president of Pam Lontos Consulting in Orlando. But to be of any value, it has to be … [Read more...] about 10 rules for getting good press and new patients along with it
A dozen metrics for increasing your medical practice profitability
If someone asked you how many new patients visited your medical office last month, would you know? How about how much your office spent on marketing to acquire each patient? Would your staff know these numbers? "Bottom line, if you and your staff aren't on top of the numbers game, you simply are not going to be as successful in your practice as you could be," says Nick … [Read more...] about A dozen metrics for increasing your medical practice profitability
4 best practices to help optimize your processes and increase your reimbursements
By Ranadene (Randi) K. Tapio, MBA, CMRS, CMC, Guest Contributor bio Revenue Cycle Management is multi-faceted. There may not be a right or wrong way as far as your process goes, but there are tips, tricks, and best practices that can optimize the process, and in turn, your reimbursements. After years of experience working with varying sized and specialty practices, … [Read more...] about 4 best practices to help optimize your processes and increase your reimbursements
Report: Healthcare provider mergers reshaping the landscape as size of transacting parties continues to grow
The trend of mergers between large healthcare provider organizations continued in 2018, as the average size in revenue of sellers (defined as the smaller of two organizations in a transaction) reached $409 million, according to Kaufman Hall's new report, 2018 M&A in Review: A New Healthcare Landscape Takes Shape. This is the highest figure seen since Kaufman Hall began … [Read more...] about Report: Healthcare provider mergers reshaping the landscape as size of transacting parties continues to grow
5 proven levers for improving your medical practice
Virtually any medical practice can immediately improve its revenue, cash flow, profitability, and growth, along with streamlining its operations by embracing five levers for medical practice improvement. John W. McDaniel, founder and chairman of Peak Performance Physicians LLC of New Orleans, LA, says these five levers apply to any type of healthcare business, whether it is a … [Read more...] about 5 proven levers for improving your medical practice
Get personal to get patients to pay faster
Set the expectation of payment before the patient comes in. When the office calls to confirm an appointment, whether it's a live conversation or an automated message, say, "Your co-pay is due when you check in." In other words, "bring your wallet." Some offices go so far as to refuse people who don't have the co-pay at the time of the visit. However, such a strict policy … [Read more...] about Get personal to get patients to pay faster
Make these your 2 top goals for 2019
Goal No. 1: Win the doctors' respect Everyone knows communication is key and, when it comes to managing a medical office, communicating poorly with the doctors can sabotage your ability to do your job well. Here are a few rules for communicating in a way that generates respect, establishes your credibility, and demonstrates that you can be trusted to manage their … [Read more...] about Make these your 2 top goals for 2019
The healthcare consumer: Using patient online reviews to boost your practice’s business
Patients are making increasing use of physician rating and review sites to comment on their medical experiences the way diners do with restaurants. And as with restaurants, this can be a tremendous boost or drag on your practice's business. Here's how to make effective use of these sites. Top review sites First, become familiar with the top healthcare review sites, which in … [Read more...] about The healthcare consumer: Using patient online reviews to boost your practice’s business
New referrals come from a visit, a folder, and chocolate cookies
When a new manager took over the office of a Miami gastroenterology practice, the office had just lost two physicians and needed to increase referrals for the three physicians who remained. So she took on the job of marketing. Her approach was direct and simple, but the results were so good that now, less than two years later, the schedule stays full. First, she put together … [Read more...] about New referrals come from a visit, a folder, and chocolate cookies