Revenue growth
Key takeaways
- Improving per patient revenue is how healthcare institutions sustain profits, and the techniques that make it possible are often simple to put into practice.
- Well-informed staff are essential: support staff should build expertise in insurance and claims and keep certifications current with the latest insurance guidelines to prevent unsuccessful transactions that drive off prospective claims.
- Because every staff member influences every patient, aligning the whole team around the per-patient-revenue goal and brainstorming with frontline staff helps surface ideas and improve satisfaction.
- Nurturing existing, long-time customers for testimonials and referrals, while still attracting new patients, supports per patient revenue growth.
- Adding profitable new service lines such as orthopedics and physiotherapy diversifies revenue, and tightening medical billing ensures pending revenue is actually collected through fast, end-to-end payment services.
Improving per patient revenue is how healthcare institutions can sustain profits. How can this be made possible? Many of the techniques and strategies are simple to put into practice. Here is what you can do to improve per patient revenue.
1. Equip every member of your staff
An unsuccessful transaction is a leading reason for driving off a prospective claim, so staff must be experts in what they handle. Encourage support staff to build knowledge about insurance and claims across the various platforms they use.
Embolden staff to stay up to date in their area of expertise. Certifications in the relevant specialization should be completed in line with the latest insurance guidelines, with every effort made to keep the client’s perspective front and center.
2. Brainstorm with your staff
Every staff member of a healthcare organization influences every patient, which means everyone should understand the goal and be familiar with competent practice. For instance, strong front-desk handling and insurance specialization seminars for the relevant staff can lead to more satisfied customers.
Your staff meetings should make the goal of increasing per-patient revenue explicit. Gather ideas from staff members and run brainstorming sessions, since they also spend a great deal of time with patients.
3. Concentrate on your customer base
Focusing on new customers who need immediate care is important, but communicating with existing and long-time customers is just as imperative. Long-standing customers can provide testimonials and generate referrals, while new patients remain vital to improving per patient revenue.
4. Bring in new service lines
Identify new services that can generate profit. Hospitals should not rely on revenue from a single source — for instance, adding orthopedics and physiotherapy care can bring in revenue smoothly.
When adding new programs, check which ones actually make money. Some may lose money, and the major share of profit might come from only a portion of the lineup. Enlist help from staff members and educate them on per patient revenue (PPR); working as a team toward the goal helps a great deal, and when staff are friendly, patients are more likely to return for other services.
Make sure your staff stays updated on current market needs and that your technicians are certified. In short, every member should be able to guide patients through at least the basics of your services.
5. Strengthen medical billing
The work of generating and improving per patient revenue means little if you do not collect the revenue you are owed. Partnering with a specialist team for your medical billing means you are not left to build a dedicated Revenue Cycle Management system for your healthcare office on your own.
Medical billing companies provide end-to-end services and speedy collection of payments, so the revenue you have worked to generate is captured rather than left pending.
Frequently asked questions
What is the most direct way to increase per patient revenue?
Per patient revenue improves when an institution combines well-trained staff, an aligned team, attention to its existing customer base, profitable new service lines, and disciplined medical billing so that earned revenue is actually collected.
Why does staff training matter for per patient revenue?
An unsuccessful transaction is a leading reason prospective claims are lost, so support staff should be experts in insurance and claims and keep certifications current with the latest insurance guidelines to keep transactions successful.
How does focusing on existing customers help revenue?
Existing, long-time customers can provide testimonials and generate referrals, and nurturing them alongside attracting new patients supports growth in per patient revenue.
How do new service lines increase per patient revenue?
Adding profitable services such as orthopedics and physiotherapy diversifies revenue away from a single source, but each new program should be checked to confirm it actually makes money, since some may lose money.
Why partner with a specialist team for medical billing?
Generating revenue means little if pending revenue is not collected; partnering with a specialist medical billing team provides end-to-end services and speedy collection of payments without building your own Revenue Cycle Management system.