In a world where the healthcare programs of today are making it more difficult for doctors to earn more money, there is hope in the private doctor’s office environment. Not only can bigger incomes eliminate that feeling of being pushed towards employment, but it can also improve current patient care and increase productivity as well, in return, making more money. This may seem like it is too good to be real, but allow us to show you how in five reliable ways that you can make more money in a private practice.
1. See an extra patient every day.
Are you used to seeing a fixed amount of patients in a day? If you are game with the idea of seeing one more patient than usual, you can see thousands of dollars more enter your pocket book every month. The more appointments you have, the more you will get paid, so consider this an option if you do not want to sacrifice anything else. If you cannot squeeze an extra patient in your schedule each day, you can consider working part time on Saturdays.
2. Hire answering services for medical practice.
If you have a whole team of office staff, you probably realize that the costs of keeping them around greatly add up. What answering services for medical practice do are somewhat similar to what secretaries, bookkeepers, and call representatives do, except they can assist you at any time of day, and cost much less. With full time secretaries costing a lot of money for only a third of the day, it only makes sense to leave their duties in more capable hands. Not only will a medical answering service save you expenses that would otherwise go to staff, but being on call for patients around the clock will accomplish more in the same amount of time, thus getting you more green in the process.
3. Partake in clinical trials.
The bulk of your medical practice should not essentially revolve around clinical trials, but a good part of it should. The cost of conducting clinical trials is around 1000 to 5000 dollars for each patient, in which three fifths of this money actually being profit. Clinical trials cannot only make you more money, but they will also expand and upgrade existing services that you can offer to patients.
4. Make upfront copayments mandatory.
Copayments are fees that are small individually; some doctors charge only $20 or $40. But these add up to a very sizable amount if you have a lot of patients. If you have hundreds of patients who aren’t paying copayment fees up front, you are losing tens of thousands of dollars each year. You could recover some copayments, but if you haven’t received them from certain patients in a couple of months, you might not ever. By making it a requirement for your patients to issue you copayments, you will be guaranteed the money agreed upon.
5. Eliminate overtime.
This may seem like an unwise investment from a glance, but it can be done if you are the only employee and you handle all the daily tasks, which include reviewing insurance, sorting medical records, tending to patients, and answering the phone. Overtime means you are capable of getting more work done in a given day. But on the same side of the coin, overtime does not increase pay, so long as you always have patients that need care and services from time to time. By not working overtime, you will save your business a hefty amount of cash.