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7 Ways To Increase Medical Practice Revenues

by Dr. Vicki Rackner

Are you a doctor who would you like more control over your financial destiny?  Here are seven entrepreneurial ideas to help medical practices accelerate their practice growth–no matter what happens with the economic recovery or health care reform.

1. Own a niche

Niche practices offer several benefits. First, the focus allows you to deliver the experience patients really want. Second, your satisfied patients talk about your unique service and you set up conditions to grow a referral practice. Third, with attention you can get better clinical outcomes and cut costs.

3 Ways to Define Your Niche

  • A specific procedure
  • A specific disease process
  • A specific patient population (Gender, life stage, temperament)

2. Convert to a cash practice. 

A group of bariatric surgeons improved their staff morale, patient satisfaction and profitability after converting to an all-cash practice.

Who in this economy can afford a $30,000.00 procedure, you may wonder? Lots of people! The luxury market is recovering faster than any other segment of the economy.

You may not be in a position to convert your whole practice, but you may find a small consulting opportunity.

3. Sell products

You can enhance your patient experience and create an additional revenue stream by selling products at your office. This might include books, tools to make life easier or to enhance the quality of life.

4. Speak 

An ob/gyn who wanted more control over her life once her child was born gave up obstetrics and started speaking about how to manage menopause.

What could you speak about? Here are a few ideas.

  • Demystify an illness and clarify treatment options
  • Tell your story about how you came to a career in medicine
  • Discuss the past, present and future of some area of healthcare
  • Help people interpret breaking medical news
  • Tell stories about overcoming adversity
  • Propose secrets for success

5. Create programs to help participants get desired results

What if your patients complied with your recommendations to lose weight, stop smoking or manage their stress? You tell patients what to do; you can generate revenue by showing people how to do it.

What do people really want?

  • More money. Can you coach people to make health care dollars go further?
  • Fewer hassles. Can you help busy families simplify chronic disease management?
  • More time. Can you help people streamline skin care?
  • More control. Can you empower people caring for aging parents?
  • More freedom from worries. Can you help people avoid environmental toxins?

6. Consult

Your opinion matters. You can generate revenue by sharing your expertise with lawyers, businesses or research organizations.

7. Promote a Cause

People want to be a part of something bigger than themselves. Can your practice raise funds or awareness for a cause? Can you invite your patients to participate, too?

Some project might include:

  • Finding homes for rescue dogs
  • Helping children of cancer patients have fun
  • Reaching out to military families
  • Helping victims of domestic violence get back on their feet

It’s all about service

When it comes down to it, we’re drawn to a career in medicine for a simple purpose: to improve the condition of others. You can create a custom path of service that calls upon your unique set of passions, gifts and experiences. Everyone benefits when you do.

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