Urgent Care Revenue Growth
The urgent care industry has been increasing by nearly 6% annually in recent years, and revenues are expected to reach as much as $28B this year. According to 2018 Medical Economics research, urgent care clinics save money over traditional emergency departments, but the costs of doing business increases every year. The obvious response is revenue building, which can be achieved through improving efficiencies in operation and billing procedures, as well as through adding profitable services.
Here are a few ways to provide top-of-the-line services that benefit urgent care revenue growth:
Revenue Cycle Management
First and foremost, effective revenue cycle management (RCM) is crucial to maintaining profitability. This begins at the front desk, where staff are designed to link intake, eligibility determinations, and payments, greatly improving billing cycle efficiency. Catching payment information up front increases the likelihood of bill payment and keeps patients involved at every step of their journey.
Technology runs modern business, and every practice and provider in the healthcare industry must not only embrace, but also leverage technology to their advantage. The greatest threat to sustainable profitability in a medical practice is patient non-payment, often due to the sticker shock of medical billing.
Pricing Before Service and Easy Pay Options
Providing advanced pricing of treatments for patients before service is imperative, so they know what to expect before they sign for treatment. Furthermore, offering autopay options works for patients who may need to fit their medical bills into their budget more affordably, but guarantee a payment will be made every month.
Financing and Cross Platform Payment Options
Healthcare financing also provides patients with the convenience of billing regularly deducted monthly payments, and provides practices with a steady income stream. Combine financing with payment processing software that communicates across all platforms and their respective devices, making payments as easy as possible for patients, and therefore much more likely to be paid.
The Bottom Line
By consolidating and streamlining staffing and embracing technology to handle collections details, urgent care facilities and patients benefit. Urgent Care facilities can then use their staff for more patient care, rather than accounts receivable. Adding lines of service is the surest way of growing revenue organically, as long as the investment cost of adding the service is outweighed by the revenue generated.