Strong financial performance is essential for the success of healthcare organizations. To continue providing the best patient care while also improving financial performance, consider these four tactics:
Optimize your resources
Start by empowering staff to embrace their strongest skillsets and assets. While physicians and other clinicians focus on delivering high-quality patient care, administrative staff can help improve the practice’s bottom line and ensure ongoing operational needs are met. In addition, individual staff members can focus on enhancing patient engagement, and others on implementing billing and other operational best practices.
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Next, eliminate cumbersome bolt-on technology wherever possible. Start by looking at your core solutions. Does your vendor offer integrations that help to simplify and better connect your tech stack? Can staff work efficiently within the workflows? Ensure that everything is working toward that goal and that you are not spending more time managing your technology than your revenue cycle. Do not be afraid to make a transition if necessary.
Acquire and retain patients
Both acquiring and retaining patients requires effective outreach. To acquire new patients, effective marketing is necessary. To retain patients, leverage a variety of communication modes. Consider patient behaviors. Some individuals prefer texts and emails, while others prefer phone calls and paper mail. The type of communication a patient prefers may change over time. Utilize technology that includes a variety of communication options to satisfy patient preferences.
Next, reduce no-shows and fill the schedule. No-shows are problematic, not only because of financial impact but also because 32% of patients who have one or more no-show appointments leave the practice altogether. Automating appointment reminders and ensuring appointments are rescheduled promptly will help keep patients connected to the practice. This will also allow you to keep your providers’ schedules full without overbooking, which can lead to burnout.
Improve productivity
Enable providers to focus on patient care. Administrative tasks should be delegated to non-clinical staff wherever possible to allow providers to keep their focus and avoid burnout.
