How to increase per patient revenue?
Improving per patient revenue is how healthcare institutions can sustain with profits. How this phenomenal task can be made possible? Multiple techniques and strategies that are often simple to be practiced. Have a look at what you must do to improve per patient revenue.
- Market every resource:
Unsuccessful transaction is the paramount reason for driving off any prospective claim. The staff must be expert in what they deal with. Encourage support staff to gather knowledge about insurance, claims through various platforms. Embolden staff to stay up to date in their area of expertise. Certifications in relevant specialization needs to be done as per the latest insurance guidelines. Ensure, all the efforts are made to prevail clients prospective.
- Brainstorm with your staff:
Each staff of the health care organization influences every patient. This implies every staff member should be aware of the goal and should get acquainted with competent practice. For instance, front desk handling, insurance specialization seminars for relevant staff members can led to satisfied customers. Your staff meeting ought to explain the goal of increasing per patient revenue. Get ideas from your staff members and conduct brain storming, for they too spend extensive amount of time with patients.
- Concentrate on customer base:
While focusing on new customers, who is there to get immediate remedies, is substantial, communicating with existing and long-time customers too is imperative. Old customers can give testimonials and generate referrals. New patients are vital to improve per patient revenue.
- Bring in new service lines:
Find new services that can fetch profit. Hospitals should not look for revenue only from a single source. For instance, including orthopaedics and physiotherapy care can fetch revenue without any hiccups. When adding new programs, it is also essential to check which fetches money. A dozen may lead to loss of money and the major chunk might be from only 50%.
Get the necessary help from the staff members. Educate them on PPR. Working as a team towards the goal helps a lot. When staff members are friendly, patients try to visit for other services too. Ensure the staff are updated on the current needs of the market, and your technicians are certified. To put it short, all the members should be able to guide the patient at least the basics of your services.
Outsource medical billing:
Significant task of generating and improving per patient revenue is no of use, if you do not collect pending revenue. Outsourcing your medical billing tasks means that you are saved of coming up with a specific Revenue Cycle Management System for your healthcare office. Medical billing companies ensure end to end services and speedy collection of payments.