Here are the four ways orthopedic surgeons can increase their revenue.
Add imaging services to your existing practice.
When orthopedic practices offer on-site imaging services such as an MRI service and then using telaradiology service to interpret the image, the practice can bill the patient for the MRI services while the radiology company can bill the patient for the professional services. This investment ranges around $250,000 to $1 million.
You can save by purchasing a used or refurbished MRI machine. These machines are also available for sale. But to judge, if it is actually a wise decision or not, practices should base this decision on volumes they can generate on the basis of past referrals for MRI services. Check, how much time will it take to make up for the investments and then you can decide whether it is a wise decision for your practice or not.
Hire physical therapists at your practice.
You can hire a physiotherapist for your practice and provide a continuum of services to your patients. There are several occasions when your orthopedic patients need to undergo physiotherapy to reduce pain, strain or muscle stress. Thus rather than referring them out, you can hire a physiotherapist and retain the patients in your hospitals. Obviously now the revenue remains with you.
Again you can test the volumes you can generate versus the salary you will have to pay to see if it is a profit making scenario. Remember, when you hire someone for a particular service, the hired professional is a resource that can help you manage other operational related issues as well along with her specialty and thus you should consider this value while you do the calculations.
3. Purchase electronic systems to help with practice management.
.Why waste time & energy on doing things manually when you can automate and save time. There are several tools that can help you increase your revenues significantly such as claims management, payments tracking & online appointment booking. You might have to pay a monthly cost but their returns will more than make up for them.
When your patients can not afford the procedures, offer them your in-house patient financing service like MedLoft so that you don’t have to let them go. This way you can retain them and earn monthly revenue in terms of monthly installments along with compounded interest.