How to optimise the revenue of your medical practice

Increasing the revenue of your medical practice can be a challenge. As a doctor, you may not have an in-depth understanding of how to analyse the numbers to optimise performance – this is when leveraging external support can help your business. 

At Avant Practice Solutions, our Practice Management team can work with you to streamline and simplify operational processes, reduce costs and identify revenue-generating activities to help your business grow. 

Below are three steps to optimising your business’s revenue. 

Step 1: Improve financial reporting capabilities  

To boost the revenue of your medical business, you first need to understand its financial health. The trouble is, that without reporting capabilities, it can be hard to keep track of performance and make informed decisions.  

Our Practice Management Consultants can provide financial reporting support. They do this by pulling valuable and relevant reports from your accounting software to give context around the state of your business from the perspective of profit and loss reports, expenses and revenue streams, as well as business investment and return on that investment. 

Our team will look at: 

• key operational metrics 
• profit and loss statements (including staff costs) 
• debtor analysis  
• billing and pricing strategies. 

Step 2: Analyse financial performance  

Once you have visibility of your financial performance, you can identify opportunities for optimisation. Our Practice Management team can: 

• review revenue-generating activities 
• analyse Medicare item numbers used 
• review incentive payments 
• review service agreements and costs 
• review and optimise budgets. 

With our expert assistance, you can establish financial key performance indicators (KPIs) and benchmark against industry standards, while reducing non-compliance to minimise financial loss. 

Step 3: Identify cost-saving strategies

As a doctor, when it comes to driving revenue, your time is best spent seeing patients. If you are bogged down in administration tasks, you are not using your time optimally – and therefore not driving as much revenue. 

Below are three ways to streamline administration tasks to improve cost-efficiency. 

1. Outsource administration duties  

Outsourcing key administration tasks such as answering incoming patient phone calls and managing bookings benefits both patients and front desk staff: 

• For patients: Reduced wait times will improve patient satisfaction and loyalty. 
• For staff: Reduced workload will free up time to focus on other important tasks, such as patient meet-and-greet. 

Outsourcing is also cost-efficient as you pay only for what you need, therefore reducing employment and administration costs. 

At Avant Practice Solutions, our Virtual Administration and Reception Service provides the essential administration infrastructure for specialist doctors. This service can provide your practice with full-time staff and capabilities. Our highly trained and efficient teams create a seamless experience within your practice software whilst working remotely in our offices.  

2. Automate time-consuming tasks  

Automating tasks by using technology helps to save precious time and resources. For example, automating your in-patient billing using Avant Practice Solutions’ Billings+ smartphone app is a quick win. Simply enter your patient’s details on the go and our Billings+ team will process your claim within two business days*. 

By simplifying in-patient billing, you can speed up payment collections and reduce claims denials, meaning more revenue. 

You may also benefit from automating medical transcriptions. VoiceBox Intelligent Transcription (VoiceBox IT) is an end-to-end solution designed by doctors that streamlines your correspondence workflow. VoiceBox IT can be conveniently accessed via our secure smartphone app, allowing you to dictate in your own time. Transcripts will be proofread by our Australian-based medical editing team – empowering you to spend less time on paperwork and more time on patient care.  

3. Enlist an expert medical bookkeeper  

Medical bookkeeping can be a headache for those who are not trained, and risky for those who are not BAS accredited. If your bookkeeper (who perhaps doubles as your practice manager) is not financially savvy, understands payroll tax, and keeps abreast of complex financial regulations, you may benefit from outsourcing to an expert. 

Avant Practice Solutions’ Bookkeeping team can help you manage your practice’s financial obligations, such as payroll, reconciliation and expenses. You can gain the peace of mind that your practice is remaining compliant, and the time to focus on what matters most: your patients. 

To find out more about Avant Practice Solutions’ full suite of products, visit our page.