At Practice Growth Formula, we am hired to help doctors increase revenue in their practice.
After many years helping dozens of medical practices break multiple 7-figures in revenue, I can confidently say these are the only 3 ways to make more money in your practice:
1. Raise your prices
This is by far the simplest one of the three but for some reason every doctor I work with is hesitant to put it in practice.
They fear they’ll lose all their existing patients by raising their prices. But in practice the reality is often the opposite. Now, you will lose a few patients when raising your prices. But the difference you make from those that stay more than makes up for the lost revenue.
And the best part? Now you have more room to onboard new patients –at the new rate!
2. Get more clients / patients
Getting more patients is often what most doctors think they need to do to make more money.
Unfortunately, many of the practices I work with are fully booked. And most doctors can’t see more patients in a day, even if they wanted to. If your practice is at less than 70% capacity though, this is where you should focus your efforts.
3. Sell more to your existing clients
Have you considered selling other products or services that will help your patients get the results they’re looking for faster or more efficiently?
Depending on your field or specialty, this could be health coaching, supplements, health-monitoring wearables, RPMs, online courses, or a combination of the above. These are things your patients will be looking for to complement their treatment so you might as well provide it for them. This way you make some extra money, and they get a product or service that perfectly complements your treatment plan.
That’s it, these are the only 3 ways to make more money in your medical practice.