As many of our readers are already aware, Nextech is going virtual with its Seventh Annual User Conference, EDGE 2021 (registration is now closed). After much preparation, this year's meeting will feature over fifty sessions focused on improving the performance of your specialty practice in an immersive virtual environment. Our experts will discuss ways to improve operational efficiency, increase profitability and grow your business in addition to covering the latest regulatory changes and industry trends.

Even the most well-established practice can struggle to find ways to grow their business and acquire more patients. Oftentimes, this is due to budgetary constraints, especially in a market where profit margins can be thin and even more so for practices that are already overextended with new investments. However, there are plenty of ways to grow your practice without breaking the bank. In this blog, we will go over a number of cost-effective measures that you can employ to help grow your business.

Millennials and Gen Z are often mistakenly blamed for “killing industries“ as well as wrongly accused of being disconnected and self-absorbed. If you look at the facts, however, you will see that none of these stereotypes are accurate about the majority of today’s younger generations. In all honesty, they are struggling in the face of an uncertain future while stuck with stagnant wages that have long lagged behind the rate of inflation. The truth is that they aren’t intentionally “killing industries.” For the most part, they simply do not have as much disposable income as older generations such as Baby Boomers and Generation X.

A lack of patient loyalty could be costing your practice more than you might think. According to one study, a patient leaving due to dissatisfaction can result in a financial loss of $200,000 over the life of a practice. The same study also found that one in eight patients claimed they had left their healthcare provider in the last year, and that one in three were planning to leave their current providers sometime in the next two years. In a healthcare marketplace where consumers have taken more control of their healthcare choices, it can be easier than ever to lose patients due to a poor patient experience.

The right Practice Management (PM) solution is a useful asset to any specialty practice, reducing administrative burdens, optimizing financial performance and enhancing patient care. The wrong solution, however, can be quite the opposite and lead to inefficiencies, process bottlenecks, redundant data entry, lost revenue and limitations to use. This is why, right from the start, it is crucial to do your research and properly vet all potential PM providers to be certain you select a solution that is best suited to the needs of your specialty practice.

In recent years, the ability to provide patients with better and more convenient online payment options has become much more of a necessity. In fact, one study found that 81 percent of consumers want their healthcare providers to provide more online payment options and that 71 percent want to be able to receive electronic statements from their providers. To remain competitive in today’s market, practices need to have a payments solution. More than that, they need to have the right payments solution for their needs.

While EHR and Practice Management solutions have become essential to practice success over the last decade, there are still practices that are not using fully integrated systems. Some practices are using a Practice Management solution while still relying on paper records. Others have EHR and Practice Management (EHR/PM) systems that are not seamlessly integrated because they come from different vendors.

While data can be useful, it is sometimes difficult to know exactly what data your practice should be tracking. Specific data points are often referred to as Key Performance Indicators (KPIs). But what are KPIs? By definition, KPIs are metrics that are directly aligned with your business goals and tracking them allows you to measure how successful your current efforts are at achieving your objectives.