Episode 223: 4 Ways To Improve Profits in Your Healthcare Business

Practice Acceleration Podcast

Do you know that 60% of healthcare practice owners earn less than 50 thousand in a year? This data shows us that some of them are better off working for someone else.

If this is you, it’s time to think about if the stress and the long hours that come with running a business are worth it.

Money may not be the most important thing in the world but when it comes to managing your own healthcare practice, having enough money generates a positive impact on you, your staff, and your patients.

In this episode, we’ll discuss the 4 ways to improve profits in your healthcare business. These tips don’t necessarily mean that you and your staff have to work longer hours. It entails assessing what are the areas of business you can optimise to bring in more profit.

You can start improving your profit by increasing your prices, expanding your case acceptance, exploring complementary products or services that you can sell, and charging cancellations fees and no-shows.

When your business starts earning an extra profit, you start allocating your time and other resources to make the healthcare practice better. You’ll no longer feel the pressure of making enough money to sustain the whole business.

In this episode of the Practice Acceleration Podcast you’ll learn:

• When and why you should charge a premium
• The importance of increasing the level of case acceptance
• Why do you need to sell complementary products and services
• How to optimise patient attendance

Not having enough profit means that you may struggle to pay yourself, you don’t have the capacity to hire the right staff, you can’t buy equipment and your business can’t serve as many patients. Your healthcare practice stays in a small place and there is less opportunity for growth and success.

If you haven’t listened to our previous episode that tells you 3 Tips To Eliminate Stress and Overwhelm go back and check out Episode 222.

P.S If you want to learn more tips about how to get new patients, chat to one of our expert coaches at practiceacceleration.com/meet and see how we can help you!

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