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Tips for identifying new revenue streams

By: Nextech | May 7th, 2015

Tips for identifying new revenue streams Blog Feature
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Whether you've just started your own medical practice or have been a leader in your respective field for years, it's important to recognize that revenue cycle management is one of your foremost concerns. Keeping a close eye on your incoming revenue streams and outgoing budget will allow you to understand where your practice's money is moving, but viewing this data more analytically can do even more for you. Ideally, you should regularly be taking time to observe your practice from a high-level viewpoint with the intention of identifying new sources of profit. The process of identifying new revenue streams can be made a great deal easier with these helpful tips:

"Businesses - medical or otherwise - need a vision for the future."

Consider your services
Regardless of what line of medicine you practice in, it can always be helpful to consider the various services that you offer. As Becker's Hospital Review has indicated, the variety of services that you offer has a direct correlation to the market share you hold in your given field. While it will be harder for specialty-driven practices to add additional services than it might be for a general practitioner's office, it's still something worth considering. For example, if you specialize in ophthalmology, you might simply add more diagnostic services in order to increase revenue. Individuals will be able to gain insight and advice from you, creating a new revenue stream for your business, and then move on to an appropriate specialist to have their procedure completed if necessary.

Have a vision
While this might seem like an obvious point, all businesses - medical or otherwise - should have an established vision for the future. Regardless of the age of your practice or how established it is, you can benefit in more ways than you might think by strategically planning for the next few years. In an article recently published and tweeted by The Alternative Board, a strong argument is posed for this process.

Indeed, the majority of business owners and operators feel as though strategic planning can help identify new revenue streams. This is due largely to the fact that understanding where you'll be next year can help you begin planning for any intended expansion well in advance.

Target new demographics
One of the best ways to find new revenue streams is by targeting potential patients. While you won't necessarily be able to broaden the scope of services offered by your practice too greatly, you can considerably expand the amount of people aware of your office. For example, Medical Economics has indicated that posting writing on your work through social networks can help foster a larger awareness of your practice. To ensure that you aren't leaving any stone unturned, make sure that your practice has a well-developed and actively maintained social presence on popular media sites like Twitter and Facebook.