Remorse Triggers When Improving the Profitability of Your Healthcare Business

Updated on December 2, 2020

These days, there are several healthcare businesses offered to the public. This is no longer limited to hospitals, private clinics, medical transcription services, rehabilitation centers, and alternative healthcare solutions. New healthcare businesses pop up each day, challenging your existing business and affecting your ability to make a profit. It only makes sense you do everything in your power to boost your healthcare brand’s profitability. But still, many owners make the same mistakes that stop them from making the most out of their efforts, just like the following.

Taking the Tiny Details for Granted

You may have the best business location and a physical office to wow your clients. But if you forget about the small things, this can greatly affect your ability to turn new customers into repeat clients. It pays that you take a step back, and see what you can do to improve your customer’s satisfaction rate.

  • Start with Your Business Signage

Is your signage clear, in a proximate and onsite location? Do they tell your target audiences what your business is all about and is it easily recognizable? If your clients can’t see your business signage and can’t understand what you have to offer, they will have no reasons to trust and visit your business nor will they recommend your business to their contacts.

  • Think About Your Parking Lot

It is not enough that you were able to find a business location that offers free parking to your clients. It also needs to be secure, has adequate lighting, and establishes a clear flow of traffic for safety reasons. You can consider investing in customized marking solutions such as those used in road line painting for highways to help your customers safely navigate their way in and out of your parking lot.

  • Friendly Staff to Great Them on the Phone or in Person

You and your staff may have lots of things to do and tended to several customers already. But your patients will appreciate it if there is a friendly voice to answer their calls and a helpful receptionist welcoming them the moment they arrive in your location. As much as possible, train staff to be friendly and accommodating to patients, and you will surely increase your number of referrals and repeat clients in no time.

  • Allow Easy Patient Scheduling

Some practices still make it hard for patients to schedule, reschedule, or cancel appointments. Offering more scheduling options to your clients will make it easier for them to get the attention and care they deserve when they need it. Start by allowing patient scheduling on online portals and apps and implement an automated system to remind them of their appointments before the big day.;

Outsourcing the Wrong Services or Using the Wrong Providers

Even small healthcare business owners recognize the importance and savings they can get from outsourcing different tasks. But it is not enough that you know what to outsource or whom to delegate some of your tasks. It is also crucial that you hire the right service providers and pick the right tasks to outsource.

For instance, you run a private practice and need a new electronic health record (EHR)software. You need to determine your reasons for switchingEHRvendors, what your budget is, and what type of EHR system will best benefit your business. Understand your needs and the risks associated with changing and choosing your next EHR system to make more informed decisions.

The same goes for hiring an accountant for your business. Failure to utilize their services can lead to bigger expenses, failed loan applications, and even numerous tax mistakes. Instead of trying to do your business accounting on your own, you can benefit more by hiring a competent accountant instead.

Poor Reimbursement Process

All business owners want to get paid for their products and services on-time. But many individuals will do anything just to delay paying their dues. This is an all too common scenario in the healthcare setting.

There are many reasons why you are not getting paid by our clients on time. Sometimes, your staffs fail to address your customer’s payment inquiries. If patients don’t fully understand how much their medical bill is and why it reached a certain amount, they are likely to refuse payment.

There are instances when the healthcare business only offers limited payment options to customers. Utilizing different payment technologies and allowing them to choose from a variety of payment options will make it easier for them to settle their bills. The more payment options your patients have, the more inclined they are to pay on time.

Don’t forget about collecting their dues at the time of services. You can start collecting co-payment after the patient checks in. Just make sure you draft clear financial policies, educate staff on how to talk to clients regarding collecting patient payment upfront, and using different tools to check in their demographic and insurance information for faster checkout.

When it comes to healthcare businesses, one of the best ways to improve profitability is to improve your patient satisfaction rate. The easier it is for your clients to find your business, avail of your services, and pay for their dues, the easier it will be for them to decide to continue using your business. Invest in the right services, improve your collections process, and think about the little things that tick your customer’s boxes.

The Editorial Team at Healthcare Business Today is made up of skilled healthcare writers and experts, led by our managing editor, Daniel Casciato, who has over 25 years of experience in healthcare writing. Since 1998, we have produced compelling and informative content for numerous publications, establishing ourselves as a trusted resource for health and wellness information. We offer readers access to fresh health, medicine, science, and technology developments and the latest in patient news, emphasizing how these developments affect our lives.