Ways to Improve Profitability

  1. Charge higher fees
  2. Optimize coding
  3. Adhere to clinical protocols defining standard of care
  4. Increase utilization i.e. see more volume of same patient mix
  5. Improve utilization i.e. see a more “profitable/productive” patient mix
  6. Drop unprofitable services
  7. Drop unprofitable patients
  8. Improve speed and accuracy of billing
  9. Improve speed of collections
  10. Use marketing to target “priority” patients
  11. Invest in new, higher value services
  12. Eliminate duplication of effort and non-essential activity
  13. Adhere to best reliable methods for all critical processes
  14. Be easy to do business with
  15. Speed up/enhance training processes for staff including cross-training
  16. Maximize use of technology
  17. Expand service area via networking
  18. Expand service area via satellite offices

Compiled by Ron Blue