Since the end of 2018 is fast-approaching, you may need to increase your revenue to hit your annual goals or you plan to increase your revenue in 2019. Although there are so many things that contribute to your revenue growth, there are a handful of steps you can implement right now to get the ball rolling.
Simply, keeping your appointment schedule full and maximizing the value of your patients are the keys to increasing your revenue. Here are 5 ways to accomplish this:
Decrease cancellations and no-shows
Cancellations and no-shows are going to happen no matter what, but that’s no reason to turn a blind eye to them! Most cancellations and no-shows can be prevented if you and your team remain diligent. Download this free tip sheet for 5 Tips for Reducing Cancellations.
Increase your referral conversions
Do you know your referral conversion rate? (That’s the rate of referrals that come into your business and get scheduled). If not, you may be letting a lot of referrals slip through the cracks. You need to have a smooth system for collecting incoming referrals and following up to make sure they get put on the schedule for evals.
Offer performance-based incentives for your staff PTs
By offering bonuses for great performance, your staff physical therapists will care more about keeping their schedules full and achieving higher productivity. Money talks and it will motivate any PTs who may be behind the curve and affecting your revenue numbers.
Offer retail products in your practice
If you don’t already offer products in your practice – you should! There’s no need to be pushy or salesy with these products, just offer products that will benefit your patients. You are the expert on the best PT products available to improve health and wellness, why not offer them right there in your practice and save your patients time searching for them elsewhere? If you’re already offering retail products in your clinic, here’s how you can skyrocket those sales to increase revenue.
Offer extra services to your patients
Although this could require additional staffing, offering extra services to your patients is a huge revenue generator and increases the overall value of each patient. Additional services like massage or weight loss would benefit so many of your patients, and give you a chance to keep your patients around longer after discharge.
Unfortunately, running a successful private practice requires dealing with numbers – not just treating patients. In order to be profitable and grow in this competitive industry, you need to manage your business like a business.
To learn more about how you can improve your financial numbers and gain business expertise, schedule a call with one of our FYZICAL Advisors today.