In this version of the FABI Nugget, I want to talk about ways to increase revenue.
There are only two ways to increase revenue and that is to increase the number of patients that come through the office and to increase the revenue/visit for those that come through.
While many people focus on throughput and just try to jam as many people through the clinic as possible, I don’t think that is the best solution for anyone. Patient care suffers. Team members get burned out. The doctor runs around and often provides less than complete care while feeling exhausted. For most podiatrists, there is a sweet spot in the amount of patients/day that can be attentively cared for and still maintain high revenue.
The best way to really take care of the patients and still increase revenue is to provide comprehensive care. By identifying all problems and fully taking care of them with appropriate treatment, you will not only improve outcomes and do so more quickly and increase the revenue/visit of those patient encounters.
Take a look at the video I recorded where I really talk in depth about what this means.
Increasing the revenue per visit can be done in a number of ways:
- Documenting and billing for the care you provide and getting the proper E/M charge
- Appropriately taking xrays to evaluate musculoskeletal problems
- Utilize vascular screening/testing to help identify vascular disease that is a huge problem for our patient population.
- Utilize office procedures when appropriate
- Utilize ultrasound guided injections when appropriate. Evidence based medicine has clearly shown improved outcomes when ultrasound guidance is coupled with injections.
- Offer DME in your office.
- Utilize orthotics with more confidence and consistency.
- Consider adding cash-based services such as ESWT/EPAT, laser, Swift, Amniotic injections and more.
When you understand that comprehensive care of the patient leads to better outcomes and that revenue will follow, not because of “increasing the bill,” but better care. Instead of trying to put as many people through the office as possible, slow down and do a better job of treating less people and you will see your revenue grow.