The number one focus of any business is profit. In order to grow, a business needs to maintain and increase a positive cash flow in order to meet its financial responsibilities and objectives. How does an urgent care center continue to be profitable in a market that has become increasingly competitive? In the U.S., the retail medical market size in 2016 was marked with a valuation of $1.4 billion and expected to have a 20% compound annual growth rate through 2025. Here are four ways that your urgent care center business can increase revenue and meet your financial goals.
Revenue Cycle Management Improvement
Revenue cycle management is critical for an urgent care center’s profit margin. However, it is highly challenging because of the many factors involved. The first thing you need to do make sure you’ve hired and trained the right person at the front desk. This role is crucial for checking and verifying active insurance coverage in order to determine the patient’s financial responsibility from the beginning. The more money you can collect upfront at the time of the visit, the less energy and time will be spent later on in the billing process.
Accurate coding is another key factor in improving revenue cycle management. Poor documentation can lead to either revenue loss or an audit being initiated. It can also lead to increased insurance claim resubmissions. Also, follow up as quickly as possible on all denied or delayed claims. Resolving unpaid claims can provide a much-needed boost to your bottom line.
Leverage Healthcare System Technology
Utilizing modern technology effectively can have a positive impact on your urgent care profit margin. Make your urgent care clinic more accessible by offering online appointment scheduling for new and existing patients. You can also send out a quick text-based survey to the patient after a visit to determine overall satisfaction and keep patients who may be considering other alternatives. This can also show patients you care about them and want to build a lasting relationship with them. Offer electronic fund transfers to speed up a bill payment.
Stay Open Longer
You can increase revenue simply by keeping your business doors open longer. The reason urgent care exists in the first place is to fill the need for patients who need care when traditional healthcare systems close their doors for the day. By opening up earlier, closing earlier, and providing weekend and holiday hours, you will be ready for these patients and be more profitable.
Consolidate StaffingHaving the right number of staff can make a big difference to your revenue profits but it can be a tricky situation to navigate. You can figure this out by taking a look at your visit volumes from week to week and compare peak times versus slow times. Look for any patterns to help you make decisions regarding coverage. You can also look at volume year by year and try to spot any seasonal trends. Hire and retain staff who are flexible in working on a short schedule.
Running a profitable urgent care business takes hard work and dedication in today’s highly competitive marketplace. By following these four ways to increase revenue, you can grow and expand to serve more patients. With little thought and planning, you'll stand up above the competition and be recognized by the community you serve as the place for them for their medical needs.
Intuitive Health is one of the most progressive retail healthcare companies in the US.