Increasing Practice Revenue

Methods for Increasing Practice Income

Wouldn’t it be nice to find multiple ways to increase the income of your practice without requiring too much effort? Well, you may be in luck.

Ancillary services provide doctors with multiple options for new revenue streams. And with little investment, are seeing great returns.

Ancillary income is simply the way you make money on something other than your primary product or service.

 

DNA Testing

Due to advancements in DNA testing, physicians are now able to perform DNA testing using kits right there in your office. This saves you and your patient a great amount of time and effort. You no longer must send your patient to the lab and then wait days or weeks on the results.

DNA sampling for tests can be gathered from saliva, blood, hair or amniotic fluid in cases of unborn babies.

DNA testing kits can be used to get results for multiple purposes. Keep reading to find out some of the reasons physicians use DNA testing kits.

 

Durable Medical Equipment

The convenience you offer to patients who need medical equipment right away is invaluable. Saving them time and money will be appreciated by all your patients. And for those who can’t purchase products, a trending option is to rent the equipment.

Medical equipment rentals can help both the patient and the doctor.  If insurance don’t pay for certain medical equipment devices, patients are not likely able to pay for the equipment on their own. If they can rent equipment, the time they spend healing could be reduced.

Renting medical equipment benefits physicians as well. You can capitalize multiple times on just one piece of equipment.

Ancillary services are proving to be worth exploring for physicians who are interested in adding a revenue stream to their practice. Prescribing durable medical equipment is an area that is on the rise, with more and more patients benefiting from use.

 

In-Office Dispensing

Although your business is thriving, it is not the time to get too comfortable. There is always room for growth. It is wise for anyone, even physicians, to have multiple streams of revenue. In-office dispensing can provide this additional revenue.

Having a second source of revenue eases the pressures of the many expenses you have. Most people do not realize the numerous expenses a physician can be required to obtain.

Expenses can go towards employee salaries, supplies, rent, and any debt you may have. Other expenses that are required and can be very large include liability insurance, malpractice insurance, and health insurances for full-time staff.

An in-office dispensary will quickly pay for itself, allowing future profits to be applied elsewhere.

 

Expand Your Team

Whether you add staff who can bill for administrative tasks, or hire a nurse practitioner, expanding your team can add additional income to your practice.

Nurse practitioners are an excellent value to a physician’s practice. When you allow them to dispense medications at the point of care, you have increased the value. You have also increased your avenues of income, patient convenience, and patient satisfaction.

Nurse practitioners make every step of in-office dispensing more efficient than using the services of a pharmacy. They help give back to your patients by saving them money, time, ensuring confidentiality, and providing proper education about the medicines they will be taking.

If you are considering a nurse practitioner for in-office dispensing of medications, remember this is just one of many ancillary services in which they can help your practice grow and thrive.

 

Alternative Product Creation

Your patients trust you. They want to use products you would use on yourself. Maybe you have it in you to create this product. Whether it is a skincare line, a versatile salve or a multi-vitamin, you can create something from which your patients can benefit.

The use of alternative and holistic medicines is becoming very popular. Patients are tired of being prescribed synthetic medications without trying more natural avenues first. Many patients do not even understand the prescriptions they are given.

If you invest your time in creating a product for your patients, you are going to take the time to educate your patients on why and how to use it.

Your patients will be eager to try a product you invest in and they will be willing to pay cash to get it. This can lead to a very lucrative side income for your practice.

You can even benefit from prepackaging methods that make it even simpler for your patient to consume.

 

Retail Basic Supplies

Supplies are disposable. They are typically used one time and then thrown away.

Medical supplies consist of bandages, gauze, and tape. Other supplies include irrigation tools and rubber gloves that can prevent contamination.

Needles and test strips are considered medical supplies also.

Supplies can be used by the patient, the doctor, nurse and even the caregiver. They are made to increase patient self-care, while preventing the spread of any diseases or infections.

 

Other Ancillary Ideas

There are many more ways to increase practice income that are not hard to implement. Many doctors are finding that by providing additional services to patients, they are increasing revenue, while also improving treatment methods. These both lead to better health outcomes for patients.

Some doctors are providing diagnostic imaging services, while others are providing laboratory services where patients can have blood taken without having to sit and wait at a local lab, then waiting a couple of days for results.

Doctors are hiring occupational and physical therapists to provide in-office therapy for patients who need more immediate services. In addition, some doctors are choosing to equip their practices with hospice care staff who can provide exceptional end of life care for patients.

Additional ideas for increasing practice income include teaching or lecturing other professionals, leading health improvement classes in the community, writing about your specialty, or providing cash only services one or two days a month.

Start thinking outside the box. Pair your passion with your natural talents and you will be able to create a perfect method for increasing the income for your practice.

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