21 Steps to Boost Revenue for Your Hospital
Introduction
In today’s competitive healthcare space, as you’re dealing with crushing administrative burden and rising operating costs, you need every tool at your disposal to keep your practice profitable. The steps we’ve included below can have a powerful impact on your bottom line, with just a little bit of time or cost investment.
Considering the above facts, Hospaccx team helps you in hospital revenue cycle management’. This is macroficial study of ’21 Steps to Boost Revenue for Your Hospital’ if you want to get into more detail you can contact
In order to get a better idea of what you will need to do, read the 21 steps which are described below to increase your hospital revenue:
Step 1: Create a Welcoming Environment
Make hospital entrance area along with reception user-friendly with services like free Wi-Fi, clean and comfortable waiting areas, and good reading materials. It should be provided with sufficient sitting arrangement.
Step 2: Create YouTube Videos
Now a days, people are becoming more health conscious. Videos help people understand topics like women’s health, dieting, and medication. Hospital leaders can make videos on giving basis tips about how women’s health can be improved, how diet can be followed in daily life, benefits of medication, briefing about how your hospital supports & helps patients to cure particular diseases etc. By watching videos people may be impressed with your hospital services. It will eventually help you to increase your hospital revenue.
Step 3: Become an Authority through Content
Many people like to read. If some of them try to implement the healthcare tips in their daily life. For e.g. some teenagers apply home remedy tips published in newspaper or magazine to cure their pimples or acne. Therefore, Publish articles in journals or write a book or just start small with a few blog posts on your practice website or another medical site. Being an authority drives new patients to you.
Step 4: Encourage Wearable Products and Brush up on
Wearable technology is a driving force in healthcare. Patients are interested in using technology to better manage their health. Showing you’re up on the trends will get you happier, healthier patients who are impressed with your level of service.
Step 5: Expand Your Medical Services
Consider adding alternative medicine and therapy to your hospital’s list of service. Medical massage, medical cosmetics, even a nutritionist helps differentiate your hospital from your competitors. Unique medical services may help you to stand out in market.
Step 6: Offer Free or Affordable Patient Education Classes
Hospitals can conduct free small sessions about wait gaining or losing, diabetics, how to stop smoking etc. Some classes may be billable.
Step 7: Reduce Your Wait Times
Long wait times can be a key reason patients decide to leave your practice, or go to the retail clinic down the street for quick, minor conditions. By gathering patient information before their scheduled appointment, delegating documentation to other staff may help to reduce patient staff.
Step8: Work-Related Services
Physicals, drug screens, health screenings for employers, insurance companies, and government agencies can be a great way to get more business and find new patients.
Step 9: Train Your Staff on Top Customer Services
Customer service is key in healthcare. Training should be given to hospital staff to be polite, professional and engaging. Training should be provided not only to newly joined staff but also to older staff on daily basis.
Step 10: Buy Rather than Lease
Evaluate your financials and the location and see if you can buy. Rent can be a huge cost, and money that’s not going towards any future investment in your practice. This point is also applicable in case of medical equipments. Purchasing medical equipment can be considered as a onetime huge investment. If you have well-planned market strategy for your hospital then your can recover the amount of money in initial few years also. It is anytime advisable to purchase medical equipment instead of taking them on lease.
Step 11: Change with Technology
Offer the best services with new equipment. Try to use latest models of equipment.
Step 12: Pre-certification
Make sure you have authorization on all services.
Step 13: Government Contracts
Apply for contracts that bring patients into your practice.
Step 14: Expand Your Online Presence
Many new patients look for new doctors by searching online.
Step 15: Create an Online Library
Encourage patients to read care sheets by making them available online.
Step 16: Let Patients Pay Online
If patients have a way to pay online, there’s less likely to be a delay in payment, or a case of the bill getting lost in the mail.
Step 17: Hire More Staff
Avoid overtime and offer flexible hours or shifts.
Step 18: Evaluate Your Marketing Strategy
It is always advisable to plan marking strategy first. Make sure that your marketing metrics are measurable. Get rid marketing that does not have a positive feedback.
Step 19: Offer Discounts on Certain Days
Offer a discount on a day which is slow comparatively.
Step 20: Review Billing
Submit bills daily, follow up on denied claims, do not let revenue sit out in unpaid claims.
Step 21: Add a Cash-Pay Side
Cash services are a big business. Try offering additional services that may not be covered by insurance, on a cash-pay basis to patients.
Conclusion
Maintaining a profitable medical practice means your hospital should operate with a high level of efficiency. Once you have consistently maintained an efficient workflow, you can begin to look at ways to improve your medical practice revenue. However, this can prove to be challenging when dealing with the everyday operations of your business.
Revenue generating ideas for hospitals
Do you want to improve your revenue cycle management? We can help you in same, below are the financial management services that we offer:-
- Hospital Investment Planning
- Day to day accounting Management
- Internal & External Audit
- Financial Growth Strategy
- Mergers & Acquisition
It is the superficial and macro level study for more details kindly contact Hospaccx Healthcare business consulting Pvt. ltd on info@hhbc.in or hospaccx.india@gmail.com or you can visit our website on https://hospaccxconsulting.com/
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