Increase Your Revenue: How to Add New Services to Your Practice Successfully
By: Dan Crane, MBA with CE Medical Group
The days of single physician practices without ancillary services are nearly extinct. Physicians are working harder than ever to maintain similar income they received 5-10 years ago.
IT IS TIME TO ADAPT!
Potential Opportunities to Expand
- Volume
- PA/NP Support
- Strategic marketing plan
- Strategic partnerships
- Labs
- Group Alliances/MSOs
- Diagnostic testing services
- Ultrasound diagnostic services
- PT or Massage Therapy or other complimentary services
- Regenerative Medicine- Stem Cell & PRP Therapy
- Other cash pay services- Aesthetics
- Holistic treatments and vitamins
- More sophisticated procedures
- DME- Back braces or knee braces
- Expanding treatment areas- headaches, knees or other joints
- ASC ownership
Step 1: Increase volume
To support any expansion of services or capitalize on ancillary services, you need volume!
Recommendation before you start expanding in other areas:
- Expand volume with mid-level support
- Consider using a scribe
Step 2: It pays to be efficient
Streamline the processes in your office. If you can make room for even one more new patient per day, in a pain practice would mean, on average, an extra $50,000 per year!
In most situations, with simple adjustments, one can increase volume without additional staff or additional hours without sacrificing quality of care. Once running efficiently, you are ready to expand!
Step 3: Focus on your strengths and passions as you expand
It is much easier to build off your strengths and passions than to try and change your practice entirely.
Perform a SWOT analysis to determine what services would be best suited for your practice. Take into consideration your payer mix, demographic of your patients and commonly performed procedures. Also think about your passions a a provider and your goals for your personal life.
QUESTIONS TO CONSIDER BEFORE EXPANDING
- Does it comply with anti-kickback and stark regulations?
- Is the billing and coding strategy sound?
- Does it fit into the practice’s scope and philosophy?
- Is it good for the patient?
- Can you afford it?
- Can your staff give it the attention it requires to be successful?
To learn more about our consulting services visit www.cemedicalgroup.com
Information provided by CE Medical Group: The Pain Management Business Experts