10 Essential Questions for Maximizing Your Practice’s Financial Growth
Rising costs and inflation are happening in all facets of American life, and healthcare is no exception. As costs increase, reimbursements are falling. Healthcare providers are facing a 3.39% cut in pay under the 2024 Medicare physician payment schedule that took effect in January 2024. This comes on top of a 2% reduction in 2023 (O’Reilly, 2023). With inflation far outpacing reimbursement levels, how can healthcare private practice owners sustain their businesses and continue to provide quality care for their patients while trying to secure a legacy and their future?
Discover ten essential questions that will help you elevate your practice performance and propel you toward exceeding your revenue goals.
- Are your revenue goals aligned with the current economic landscape, considering factors like inflation and reimbursement changes?
- Do your patient numbers align with your monthly, quarterly, and annual revenue targets?
- Reflecting on your 2023 revenue performance, what insights can you gather to enhance your financial strategy moving forward and did the actuals match your goals?
- Have you conducted a thorough review of your monthly expenses to identify areas for optimization?
- How have your costs of goods changed over time, and have you adjusted your pricing strategy accordingly?
- Are you effectively managing late cancellations and no-shows to maximize revenue streams? Quick Tip: Give your patient a blank appointment card and ask them to fill out the date and time themselves. Research shows this can reduce missed appointments by 18% (Cialdini, 2021). Remember to keep a credit card on file for those who don’t show up or give adequate cancellation time.
- When does your business typically experience peak revenue periods, and how can you boost earnings during slower seasons?
- Have you audited your revenue per referral and your revenue per service to prioritize your efforts?
- Have you allocated a sufficient budget for marketing initiatives to attract and retain clients?
- How long is your revenue cycle and are there opportunities to streamline this process for faster results and improved cash flow?
For innovative solutions, accelerated growth, and a profitable exit when the time comes, partner with McKarns & Associates. Contact us today at [email protected] or (480) 818-4463 to take your practice to the next level!
