Identifying New Revenue Streams
When you own a medical practice, you have to wear several different hats (as the saying goes). Sure, you obviously wear a doctor “hat,” but other ones tend to be more business-centric. A prime example of this is your CEO hat.
As Chief Executive Officer for your practice, it is your responsibility to ensure the financial success of your practice. This includes making sure you have a healthy flow of money coming into your practice (so you can pay staff members, keep the lights on, and continue to help patients). At Independent Networking Group (ING), we want you to have strong, healthy revenue streams so your practice can thrive.
As we look at ways to identify new revenue streams for your medical practice, the best starting point is to establish—or reevaluate—your vision.
If you don’t have a vision in place, take some time to think about exactly what you want to achieve with your practice. Naturally, you likely started practicing medicine to help people, but this is your business and you have the opportunity to make it as successful as you want. That only happens, however, when you have clearly established goals.
Now, if you already started your practice with a particular vision in mind, it’s a smart idea to review it periodically. As you do, consider how your current situation lines up with your goals. If it’s not quite where you want it to be, you will need to identify measures to improve things – and this can include increasing revenue.
Before you jump into new potential revenue streams, see if you can identify any bottlenecks or inefficiencies in your office’s processes. In doing so, you may be able to find opportunities to strengthen existing revenue sources.
Of course, it also makes sense to research and implement new revenue streams like:
- Offer products. As a medical professional who has is experienced in healthcare matters, you are likely quite familiar with various products and why they work. If there are some you recommend often to patients, you may be able to generate additional income by offering them at your office. For example, podiatrists may want to consider having insoles or antifungal products available for purchase, and optometrists benefit from having an onsite eyeglasses shop.
- Treat patients offsite. Many patients are going to come to your office to see you, but some are simply unable to do so. Offering home visits—especially for disabled or elderly patients—is one way to bring in additional revenue for your practice. Even better, though, it creates goodwill and demonstrates a commitment to helping as many people as you possibly can.
- Provide telephone and/or video conferencing services. This certainly ties in with the previous way of increasing your practice’s medical stream, but you may wish to participate with a service that connects patients with doctors via phone or video conference. Some employers use these kinds of services as a benefit for their employees.
- Partner with local athletic teams and clubs. Depending on the nature of your practice—this particular idea might be less applicable if your focus is oncology (as an example)—you might want to consider reaching out to local sports teams, clubs, and facilities. Now, if your specialty isn’t one that would typically garner a lot of business from athletes, you can still inquire into sponsorship or advertising. This can give you a lot of exposure and name recognition, which could lead to more patients coming to your practice.
- Provide educational services. An increasing number of businesses offer wellness programs, which is an outstanding way to help employees lead healthier lives. You may be able to bolster practice revenue by offering to lead classes or provide guest lectures. The key in doing so is to market your medical expertise and create a program or lecture that clearly shows value for the organization.
- Assist with clinical trials. This particular means of increasing revenue will depend a bit on your particular attitudes towards “big pharma,” but major pharmaceutical companies rely on medical practices for clinical trials. When they do, they provide compensation in exchange. As noted, whether or not this appeals to you will depend on your level of comfort with it.
For additional revenue stream ideas—or assistance in creating a plan to effectively implement them—contact ING today. We have been able to assist numerous practices to enhance their business practices, and we can do the same thing for you. Call (260) 927-1266 so we can discuss your medical practice’s business needs together, and then determine the next steps so your practice can be everything you want it to be.