Ideas to help increase your profit margin

Here are some tips to help you increase your profit margin without transferring those costs to your patients!

STOP paying to receive your money from insurance! Opt out of insurance credit card payments and don’t pay for a 3rd party company to direct deposit them.

You may be paying anywhere from 1-3% per transaction, which can add up to several hundred dollars each month. Insurance companies will always send paper checks for free, and many large insurance companies will also do EFTs for free.

It might be worth calling your credit card processing company to see if you can negotiate your transaction fees- it doesn’t hurt to ask!

Most local banks and credit unions offer merchant services, and they may be able to give you better rates if you already bank with them.

Last, but not least, look into dropping PPO contracts! “If you double your fees but lose half of your clients, you’re doing less work and earning the same amount.” Well, maybe don’t double your fees, but you get the gist, yeah?

Here are some additional tips that you can consider:

• Be efficient with your time. Don’t waste time on tasks that can be automated or delegated.

• Track your expenses and revenue. This will help you identify areas to cut costs or increase revenue.

• Invest in marketing and advertising. This will help you reach more patients and grow your business.

• Provide excellent customer service. This will help you keep your patients happy and coming back for more.

If you’re serious about increasing your profit margin, I recommend enrolling in the Front Office Friend courses. These courses will teach you everything you need to know about running a profitable medical practice, from billing and coding to marketing and patient relations.