Running a business can be hectic, but managing a healthcare practice comes with completely different problems and challenges. Whether you need to track patient care flow, wait times, or cash flow, staying on top of day-to-day operations is critical. These healthcare business insights can make managing your practice straightforward and simple.
If your practice offers services that require many visits, bundle pricing or membership options can boost your cash flow. Offering a discount on services like chiropractic sessions or dermatological procedures can be an attractive promotion for new patients. Even some surgeries can come with a package price – up to 55-85% lower than insurer-allowed charges. Bundle pricing is predictable, which means you can better predict cash flow.
Analytics and Big Data
Analytics and big data can be a complete game changer for healthcare practices. Analytics can show you how your practice is performing across the board. This can help with staffing and billing. Analytics platforms can show you when your practice is busiest based on transaction volume and track outstanding invoices. You can also see how much of your business is based on new vs. returning patients. Analytics give you a clear picture of how your healthcare practice is doing on a day-to-day basis.
Payment can be a stressful part of a patient’s visit, so offering plenty of options for how they can pay eases their worries. Lines can back up if patients can’t pay the way they want. They might prefer to use a particular credit card for healthcare services. Waiting for a patient to find a card they can use to pay for their visit can be time-consuming. Accepting a wide variety of payment methods will cut down on lines that would otherwise form.
If you send invoices, giving patients an online portal to pay is a simple way to improve their experience. Online payment portals are a lot easier than sending a check in the mail. You can set up hosted payment links for patients so patients can quickly pay their bill online. You can copy and paste pre-built buttons and add them to your website. You’ll get paid faster and you can track outstanding payments for a clear view of your cash flow.
These healthcare business insights can be broken down as changing processes you might already have in place. Whether it’s setting up an online portal for patient payments or offering bundled pricing, you can increase cash flow in your practice by examining the processes and tools you use.
Interested in getting access to business insights about your healthcare practice? Learn more about how we help health and wellness companies save money on processing and grow their business.