Income harvest: Let's pick the low hanging fruit (Proceedings)


Income harvest: Let's pick the low hanging fruit (Proceedings)

Nov 01, 2010

Before you schedule the cherry picker to come to your practice, let's see if we can fill your basket with some of the "low hanging" fruit.

Minding the Client Base

     A. Identify all the clients that have not had services rendered during the past 12 months
          1. Send a purging card or letter
          2. Contact the client directly
     B. Evaluate your reminder system for its effectiveness
          1. Determine patients seen yet missing future reminders
          2. Effectiveness of current system
          3. Methods for improving effectiveness
     C. Target marketing
          1. Geriatric target marketing
          2. Dental target marketing
          3. Other
     D. Acknowledge your referrals
          1. Graduated thank you for referral system
          2. New client thank you cards or letters
          3. Acknowledge referrals from other hospitals

Create Profit Centers Within Your Practice

     A. Retail sales
          1. Point of Purchase Display
     B. Boarding Service
          1. Limited boarding
          2. Value added services
     C. Grooming
     D. Developing Your Medical and Surgical Services
          1. Marketing of dental services
          2. Wellness programs
          3. Laser surgery
          4. How are clients to know about these services if we do not inform them?
               a. Photo mural
               b. Hospital brochure or folder
               c. Web site
               d. Target marketing
               e. Sign in front of practice

Effectively Charging for Your Services

     E. How to determine what to charge for "Shopped and exposed" services
     F. How to determine your in-hospital fees
     G. Evaluate for appropriate charging of pharmacy items

Reduce Your Expenses

     A. Inventory
     B. Support staff
     C. Expense analysis

Fee Capture – Is Your "Bucket" Leaking?

     A. Embezzlement – One out of ten practices are embezzled from each year!
          1. End-of-day procedure
          2. Itemized audit trail
          3. Bank statements
          4. Credit card reconciliation
          5. Password protection
          6. Inventory control
          7. Being aware and attentive
     B. Internal controls
          1. Out-patient procedures
               a. Patient visit form
          2. In-hospital procedures
               a. Tracking form
          3. Manager must oversee these internal control processes