Penrod Blog

Tips to Increase New Patient Revenue

To grow and sustain your medical practice and increase new patient revenue, you must consistently attract and retain patients. The intake step is where you need to start focusing on new patient revenue – and carrying it through to each step of patient care. Here are seven tips to maximize new patient revenue for the growth of your medical practice.

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1. Personalize Collection Strategies

Looking at your historical data can help you create a compelling collection plan for specific patients. Another invaluable tool is the data from a financial clearing house. It’ll help you identify the likelihood of a patient paying and those that might not. You can use this information to determine the best course of action, including decisions to send a patient’s account to a professional collection agency. 

AI-driven platforms like Frontrunner can further streamline your collection workflows. They integrate into your existing engagement or EHR platforms to automate and tailor collection tactics in real-time, making full payment more likely.

2. Ensure Data Accuracy at Registration and Keep It Up-to-Date

When the patient’s data isn’t correct, it halts reimbursements, slows the revenue cycle, and increases administrative costs. All of this leads to lower overall revenue. Most incorrect data can be traced to the intake process, and it commonly involves the following data points:

  • Billing address
  • Insurance provider
  • Procedure eligibility
  • Medicare data

Insurance companies, eligibility, and addresses are always subject to change. It pays to routinely verify information with your patients, especially at specific points during the year, like after open enrollment. 

3. Focus on the Right Details During Pre-Authorization

When you’re working on eligibility verification, demographic verification, and insurance discovery processes, you need to ensure that you have the correct patient demographics, financial information, and coverage. Many problems with the pre-authorization process begin with the intake process. Your team can concentrate on the information-gathering phase to set patient relationships up for success and growth. 

4. Offer Contextual Promotions

Utilize key events such as FSA rollover dates to attract more patients to your medical facility. By highlighting these critical times throughout the year, you can encourage potential patients to use their benefits before they expire. Promote special offers and exclusive discounts during these periods to entice new patients and expand your reach. Additionally, consider hosting informative sessions or webinars to educate the community on the advantages of using their FSA benefits at your facility. This proactive approach will attract new patients and build long-term loyalty and trust.

5. Enhance Patient Experience

Patients who receive excellent service and feel you care about their needs can boost your business through word-of-mouth referrals and online reviews. At every stage, your patients should feel valued, and your staff members should be well-trained to provide outstanding customer service, whether they answer the phone or take the patient’s blood pressure. 

6. Network With Local Business

By working with local companies, you can build your practice. You can offer a free medical talk or a small-scale screening. Most small, locally-owned businesses will happily establish a mutually beneficial relationship with your office. 

7. Monitor and Analyze Your Efforts

In order to work towards the better outcomes, you need to measure the right KPIs. By examining the data, you can identify what works and where you need to pivot and try a new approach. This means taking a close look at metrics, feedback, and results on a regular basis. Gathering insights from multiple sources will help you make informed decisions and fine-tune your strategies for greater success. Continuous improvement and adaptability are key to achieving your goals.

Our Final Take

Increasing new patient revenue is crucial to the growth and sustainability of your medical practice. By implementing the strategies outlined above, you can enhance your collection processes, ensure data accuracy, streamline pre-authorization, offer timely promotions, improve patient experiences, network effectively, and continuously monitor your progress.

Each of these practices contributes to a more efficient, patient-centered approach that will ultimately drive revenue growth and build a loyal patient base. By staying proactive and adapting to new trends and insights, your medical practice can achieve sustained success and growth.

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