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Making Some Key Changes Can Help Doctors See More Profit

Commentary on Medical Economics article by Rosemarie Nelson

There are steps doctors can take to increase revenue in 2017, but they need to take a hard look at their practice and make adjustments to favor the needs of patients and reduce overhead, Medical Economics writes.

Finding the Problem

It pays to first analyze the numbers, according to the publication. If it turns out that fewer patients are making appointments this year, it might be because they are looking to alternative care options, Medical Economics writes.

Doctor appointments during regular working hours can be difficult for many clients to arrange, the publication writes. Most have to take time off work or plan for long lunch breaks, according to Medical Economics. Those who cannot go to clinics open earlier or later, or resort to teleconsulting, according to the publication.

Doctors who need to bring in patients can try adjusting their work day to fit their clients’ needs and promoting their new availability, Medical Economics writes. In addition, physicians should take a hard look at whether they can see more patients during the day, according to the publication. Transferring some tasks such as phone calls to their staff, for example, can save doctors time to do the work only they can carry out, Medical Economics writes.

It’s also important to look at the overhead, according to the publication. One area where doctors could probably cut costs is on overtime pay, Medical Economics writes.

Scheduling staff to coincide with peak hours can help reduce costs, according to the publication. And training staff members to play more than one role can help reduce reliance on any single staff member, Medical Economics writes .

No-shows can also eat into profitability, according to the publication. Long wait times can drive clients to other practices or cause them not to show up at all, Medical Economics writes. Physicians’ practices should be more diligent about reminding patients of appointments through text messages and requesting confirmations, according to the publication.

Source: Medical Economics

Posted by: The Wealthy Doctor

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Making Some Key Changes Can Help Doctors See More Profit - overview

Summary: There are steps doctors can take to increase revenue in 2017, but they need to take a hard look at their practice and make adjustments to favor the needs of patients and reduce overhead.

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