3 Steps to Minimize Patient & Profit Leakage
By Blakely Roth | May 3, 2023
With economic uncertainty and increased competition, high-growth practices are prioritizing patient revenue streams and evaluating their practice’s return on technology investments at a higher rate. Research from Bain and KLAS indicates that 95% of providers expect to make new software purchases this year to increase patient acquisition, retention and collections.
Accelerated practice growth is earned by minimizing patient and profit leakage. Patch the leaks with a purpose-built solution.
With numerous options in the market, choosing the right platform can be daunting, especially when you own the decision and the potential associated outcomes. Use the same step-by-step process that high-earning practices use to choose a patient revenue platform that drives ROI and beyond.
Specialty practices see faster success by implementing a patient revenue solution to support their intertwined scheduling, registration, eligibility and communication needs. Here are the 3 critical steps you can take.
1. Compare technology platforms based on your specific revenue objectives
What results are imperative to your practice’s growth goals this year, or the next?
Consider what will be most critical to achieve. You may already have multiple metrics that come to mind like accelerating point-of-service collections, increasing patient acquisition at a lower cost, or even reducing staff churn and hiring costs, considering they’ve risen by 30%.
It’s important to note that you don’t have to narrow down these expectations when navigating your options for an automated patient revenue platform. Instead, determine the vendor who can help you get closest to achieving each of this year’s goals. These are the top questions practice leaders consider when determining how well different platforms will help them achieve their desired outcomes:
- Will this expand my technology stack too far?
- Is a “free” trial able to really show me results?
Successful practice leaders understand that when they spend time implementing and training staff on a new platform, they can’t afford for it to fail, causing them to start over. Genuine consideration of these two questions is critical to driving long-term success with the solution you choose. Download this guide and review step 1 to see how successful practice leaders navigate these questions and the results they need to achieve by implementing a patient revenue platform.
2. Define what’s required in a solution to help you achieve your desired outcomes
When evaluating solutions for patient scheduling, registration, communications or insurance verification, consider the capabilities that are essential for your practice to drive growth and efficiency. For example, integration with a PMS/EHR is often top of the list. There are typically a few key capabilities that practice administrators neglect or forget to consider, costing them immensely down the line. Don’t make that mistake.
With clarity around critical buying criteria, you can determine which vendors fall short and which will provide a solution that will seamlessly fit into your practice’s current workstreams. Feel confident in your choice of patient revenue platform, by clearly defining your practice’s specific requirements for success.
To help you avoid common setbacks—and the associated revenue losses—see the 8 key requirements that high-growth practices find essential to ensure ROI and growth from their investment.
Skip to step 2 in this guide on, 3 Steps to Increase Patient Revenue, Drive Practice ROI & Beyond.
3. Choose a vendor that will become your partner in success
Beyond solution price and fit, the vendor relationship is the third most critical factor in your final decision. The post-sale partnership you receive from your patient revenue platform vendor can make or break your patients’ and practice’s ability to adopt the solution and achieve ROI.
A proven patient revenue solution goes beyond technology, providing care through implementation, training, support, strategic success and an ongoing customer focus. How can you spot red flags in your vendor’s post-sale promises and approach?
Use the sample checklist in step 3 of this guide as a starting point for what a healthcare practice should look for in a technology vendor. This checklist will help you pinpoint key weaknesses and strengths in potential vendors, saving you a headache and hidden costs down the line after you’ve already signed and invested …
You may also spot some faults in your current vendors, helping you re-evaluate your other investments.
Your Guide to Increasing Patient Revenue, ROI and Beyond
Without a platform that meets your key requirements for success and a vendor who provides support for ongoing needs, you’ll fall short of your long-term desired practice and patient outcomes. That’s why we encourage you to take these three steps to choose a solution that will drive revenue, ROI, and beyond. Take action and choose the right patient revenue platform for your practice. Download our free guide today and take the first step toward success.
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