❌Mistake 1. Buy expensive medical equipment that insurance stops reimbursing after 1 year.
Fat loss creams, cellulite wraps, botox, sleep labs, allergy tests, med spa equipment, compounding creams, various diagnostic equipment you bought that stopped getting reimbursed after a year...the list goes on and on and on...
Every year it seems like there’s some new fad that every doctor on the block is doing. It starts with one physician offering some new service that medical equipment sales people (or Medical Consultants as they call themselves now) get them to buy. And you know doctors - we always want to be known as the physician with the BEST services and the highest reputation.
These ancillary services sound great on paper, and can even help drive revenue for a short period. But in the long run, many physicians wind up running in circles, with these services just increasing over head with NO sustainable profit margins.
Shiny object syndrome has led to the downfall of MANY a clinic. Insurance eventually stops reimbursing, and you are left with $50,000 (or more) worth of inventory collecting dust on a back shelf.
The most successful clinics in America are not chasing every new shiny object that pops up at a conference.
Instead, they are focusing on improving patient care and implementing solid business fundamentals to make their clinic run like a well-oiled machine (more on this topic in a moment…)
❌Mistake 2. Focus on patient volume at the expense of quality of care and total clinic revenue.
Physicians always want more patients. That’s just a fact of life. But simply having more patients does not always equate to a higher level of profit and revenue. Many times physicians take on a bigger patient base, and wind up seeing 15, 20, even 35 patients per day. Then they are left feeling like they are not able to give each patient the level of care and attention that they deserve.
What if you could spend LESS time documenting while increasing the attention you give each patient? At Heartwise, we teach our family of physicians how to properly navigate the complicated world of billing, documentation, insurance re-filings - and help them to skyrocket their revenue. We also take care of a huge portion of the documentation process so that they can focus on what matters most - patient care.
❌ Mistake 3. Hire an expensive marketing company to give you sub-par results, and then do nothing else to improve your clinic while insurance, government regulation, and dwindling patient base slowly eat your clinic alive.
Many physicians resort to hiring a marketing agency in an attempt to help them grow their patient base. While this can help, many times it leads to higher overhead without any tangible increase in revenue...
Marketing can be great - but many physicians overspend. If you don’t have clear ROI numbers to understand how effective your marketing team is at bringing new patients into your clinic, it will be an uphill battle. Know your costs and how much a patient is worth to you over their lifetime, and you will know what your marketing budget should be.
If any of the above sounds like you, you should know that there is a better way. At Heartwise, we’ve helped physicians across America to skyrocket their clinic growth while never sacrificing patient care. Please schedule an appointment on the Contact Us page to learn more.