A Mistake That can Impact Your Cashflow
One of the worst mistakes you can make as a business owner is to neglect your finances. As a healthcare provider, your focus is on taking care of your patients.
In this article, we share a few tips on how you can improve your practice’s cash flow and find a balance between providing a quality healthcare service.
Match Your Income to Your Expenditure
Medical supplies are expensive. However, patients expect your practice to have all the bells and whistles. From the latest technology and equipment, business premises, professional staff, and the look and feel of a credible practice – all are expected – albeit at a cost to your pocket. Always ensure that the payment terms you provide match what your suppliers extend for you. It does not make business sense to have suppliers expecting payment within 30 days, but you allow your patients to pay within 45-60 days.
Prioritise Patient Support
Good customer service lies at the cornerstone of any business. Your patient experience is your biggest investment. One unpleasant experience automatically leads to a lost patient/client, and that is detrimental to your bottom line. Satisfied customers always come back, and most importantly, they refer others. Make time to check on your patients randomly, a simple birthday message via SMS can do wonders. If you are an Elixir Live user, activating the Engage Mx feature in your practice to automate patient check-up reminders will add considerable value to your relationship with patients. With Engage Mx you will be able to utilise intelligent and connected healthcare to recall your patients with minimal effort from you and your staff.
Create and Maintain an Online Presence
An online presence not only gives you credibility as a business but also gives you a competitive edge if done professionally. A simple enlisting of your practice on ‘Google My Business’ can help potential clients easily find you when searching for a doctor in the area. Add a digital edge by integrating an online booking system like RecoMed to make it easy for patients to set appointments with you.
You can get started with a professional online presence using our MediNet Connect value add service. Brought to you in partnership with Market Mx, MediNet Connect offers you a Health Professions Council of South Africa (HPCSA) compliant and enhanced patient acquisition service. Helping you embrace digital platforms to attract potential patients.
Once your digital presence is up and running, encourage your “happy clients” to give online reviews. With more people spending time on digital devices, your practice’s online reputation is critical to increasing your patient volume – and profitability.
Constantly Evaluate Your Business Model
What worked a year ago might not necessarily work today. Making your business flexible enough to transform is now central to a thriving practice. COVID 19 exposed the need for business agility, especially for healthcare providers. However, it is not always easy to simply change. The best way forward is to partner with other healthcare providers and service providers who complement your business. The goal is to increase the value of your patient experience at your practice, thus helping you sustain your business.
Outsource Your Day-To-Day Administration Tasks
Administrative processes may minimise your chances of increasing your cash flow as they steal time from you and your patients. Outsourced billing service providers such as Altron HealthTech’s MedeServe offer practice administration services that allow you to scale your practice growth. Outsourcing some of your tasks will give you time to provide the best patient experience without worrying about administrative burdens.
Should you need more ideas on improving your practice cash flow, why not fill in the contact form below and have one of our account managers have a no-obligation demo with you?