Marketing

Revenue Generators For Physicians

With insurance reimbursements decreasing and expenses increasing, physicians are looking for services and products to produce additional cash flow within their office.  The first step should be to market your practice to physicians and potential patients in your area.  Another common revenue generator is to do common procedures in house instead of referring your patients to another source. Many physicians are doing their own EKGs, sonograms, spirometry testing, weight loss programs, home sleep screening, metabolic analysis and nutritional supplements. Which makes the most sense for your practice depends on your specialty.  Here are some general ideas:

Merchant Processing-  Not a clinical test but actually one that most healthcare professionals do not think to do.  Every healthcare provider I have consulted is being charged way too much on their credit card processing.  This is the simplest way to save money instantaneously.  Most physicians have not shopped around for the best rate.  Truth is, in most cases the volume is not there so the credit card processors give a higher rate.  I have found a company that cuts out the middleman, is very reliable and they have lowered all my clients rates.  Some have saved a few hundred and others thousands of dollars a year for the same service.  The company just needs a recent merchant bank statement faxed and they will do a free evaluation.  They submit back a spreadsheet showing where they can lower your rates and  approximately how much you will save.  If you are interested in this service, feel free to email me and I will forward the information to you.

 Nutritional Supplements have potential to be an excellent source of extra income, especially if you have a whole nutritional program that incorporates weight loss as well.  I have researched a few companies and have found one that has an excellent, natural product that 95% absorbs into your body (yes, I personally tested their products, along with others).  My recommendation is that you sample the products for yourself.  Feel free to email me for this information.

Medically Supervised Weight Loss Programs- considering that one in four people in the United States are obese, this is an excellent place to start.  Again, I have tasted numerous products and do have two favorites actually.  Feel free to email me for specifics on starting your own program.

Home Sleep Screening- having done a lot of research on the topic, I do have my favorite and have actually set up a turn key program that can easily be implemented into your practice.  My recommendation is that you handle the initial screening and then forward them to a local sleep center if they are found to have sleep apnea since they will be able to do the follow up testing and most importantly the follow up program.  contact me for information on Home Sleep Screening.

Spirometry- A very easy test to incorporate into your practice.  While it's not a big reimbursement, it is an easy test to incorporate into your present operations.   Feel free to email me for specifics on starting your own program.

Electronic Medical Records- My recommendation on this is do not go at it alone.  While it might cost a little to have a consultant come in, it's worth the investment and with the government reimbursements, it should pay for itself.  Too many practices have been evaluating programs, investing in them and finding out half way through it doesn't have all the bells and whistles that you need.  Don't waste your money, get some expert advice on this matter.