{"id":1004,"date":"2019-04-29T02:10:50","date_gmt":"2019-04-29T02:10:50","guid":{"rendered":"https:\/\/www.tyro.com\/?p=1004"},"modified":"2024-03-26T13:52:28","modified_gmt":"2024-03-26T03:52:28","slug":"embracing-efficiency-7-ways-to-run-a-more-profitable-medical-practice","status":"publish","type":"post","link":"https:\/\/www.tyro.com\/blog\/embracing-efficiency-7-ways-to-run-a-more-profitable-medical-practice\/","title":{"rendered":"Embracing efficiency: 7 ways to run a more profitable medical practice"},"content":{"rendered":"\n<div class=\"wp-block-cgb-container-narrow container narrow-container container-block\"><div class=\"row\"><div class=\"col s12\">\n<p class=\"wp-block-cgb-text gutenberg-examples-align-none\">Running your own medical practice is rewarding, but  challenging. It\u2019s a constant balancing act between optimising business  profitability and providing long lasting, quality patient care.<br\/> Digital innovations are paving the way for practitioners to save time  and increase efficiency, but Australia is lagging far behind. In fact,  in 2017, the <a href=\"https:\/\/www.philips.com.au\/a-w\/about\/news\/archive\/standard\/news\/press\/2017\/20170608-future-health-index-a-global-study-by-philips.html\">Future Health Index<\/a> ranked Australia behind a 19-country average in adoption of connected care technologies.<br\/><br\/>For Australian clinics, leveraging digital tools is integral to  running a profitable practice: it not only saves time for support staff,  but also gives your practitioners more time to focus on delivering high  quality experiences to patients. If you want to empower efficiency and  improve profitability in your practice, here\u2019s how technology can help.               <\/p>\n\n\n\n<h4 class=\"wp-block-heading\">1. Automate patient reminders      <\/h4>\n\n\n\n<p class=\"wp-block-cgb-text gutenberg-examples-align-none\">Whether it\u2019s an appointment reminder or an update for a patient whose  test results are ready, good dialogue with your patients helps deliver a  quality experience and increase patient loyalty \u2013 but with <a href=\"https:\/\/www.clinictocloud.com\/blog\/how-technology-can-reduce-the-rates-of-physician-burnout\">45.8%<\/a> of physicians reporting symptoms of burnout, it can be hard for practitioners to deliver the follow-up a patient may need.<br\/><br\/>Automated reminders are a quick win to help your practitioners get  back much-needed time. They can be set up through your clinic\u2019s <a href=\"https:\/\/www.clinictocloud.com\/\">medical practice management software<\/a>.  Basic appointment reminders can help reduce no-shows as well as set up  automatic reminders for annual check-ups or test result collections.<br\/><br\/><em>Want to learn how to deal with missed appointments and turn them into loyal customers? <a href=\"https:\/\/www.tyro.com\/blog\/missed-appointments-loyal-customers\/\">READ MORE HERE<\/a><\/em><br\/><\/p>\n\n\n\n<h4 class=\"wp-block-heading\">2. Embrace voice-to-text transcription<\/h4>\n\n\n\n<p class=\"wp-block-cgb-text gutenberg-examples-align-none\">Today, many practices are still manually taking patient notes or  typing out referral letters, using up valuable patient consultation time  on administration. Voice recognition technology has developed immensely  in recent years, making it a powerful and reliable tool for medical  practices.<br\/><br\/>Software is now able to recognise the phonetics of a region for  higher accuracy, and can even adapt to a specialist\u2019s accent,  terminology and voice.<br\/><br\/>By leveraging voice-to-text, your practitioners can directly dictate  referral letters, sign off on documents, dictate consultation notes, and  even command their device to open up system commands or mark items for  follow up \u2013 allowing for more seamless communication with your patients,  and accurate record-keeping.<br\/><\/p>\n\n\n\n<h4 class=\"wp-block-heading\">3. Provide a patient portal <\/h4>\n\n\n\n<p class=\"wp-block-cgb-text gutenberg-examples-align-none\">According to a recent <a href=\"https:\/\/conversation.digitalhealth.gov.au\/australias-national-digital-health-strategy\">study<\/a> by the Australian Digital Health Agency, 50% of respondents would like  to access their personal health information using digital devices. A  patient portal is an online page that leverages cloud technology to help  your medical practices deliver more transparency and flexibility for  patients, and cut down the time spent on administration for  practitioners.<br\/><br\/>Using a patient portal, your patients can book and reschedule  appointments, and pre-fill their registration questionnaire \u2013 reducing  patient no-shows and time spent on paperwork in-clinic. Practitioners  can also use the portal to share valuable real-time information with  patients, improving patient engagement, and manage risk by setting up  automated reminders for any health check-ups that are needed.<br\/><br\/>Empowering patients with access to their medical history doesn\u2019t just  improve the patient experience. It means you\u2019ll be able to access  patient information ahead of time, so you can spend more time providing  quality care during a consultation.<br\/><\/p>\n\n\n\n<h4 class=\"wp-block-heading\">4. Go mobile<\/h4>\n\n\n\n<p class=\"wp-block-cgb-text gutenberg-examples-align-none\">Over <a href=\"https:\/\/www2.deloitte.com\/au\/mobile-consumer-survey\">89% of Australians<\/a>  own smartphones, which means your patients and practitioners are always  accessing information on the go, all the time. Today, your practice\u2019s  efficiency is directly linked to your ability to make information and  services easily accessible for your patients and practitioners.<br\/><br\/>For multi-location clinics, having a system that is accessible via different devices is crucial for ensuring that patient records are  accessible at all times, and that no information is lost in translation. Calendars that doctors can access on the go are essential for maximising practice efficiency.<br\/><br\/>You can also encourage a pro-mobile approach with your team. GPs and  nutritionists can recommend apps to help patients track body weight and  BMI; while physiotherapists and specialists can share videos of  exercises during consultations to help clients get an understanding of a  movement.<br\/><\/p>\n\n\n\n<h4 class=\"wp-block-heading\">5. Build your digital presence<br><\/h4>\n\n\n\n<p class=\"wp-block-cgb-text gutenberg-examples-align-none\">New patients are essential for keeping your practice profitable and  running smoothly. With more Australians using online platforms to  research and book their next medical appointment, your online reputation  is an integral part of your practice\u2019s marketing and visibility  strategy.<br\/><br\/>When building your practice\u2019s marketing strategy, integrate these four points:<br\/><\/p>\n\n\n\n<ul class=\"wp-block-cgb-unordered-list\"><li><strong>Your website is your practice\u2019s digital home:<\/strong> and should have clear information on your services offered, practitioners, and access to a patient portal or booking system.<\/li><li><strong>SEO is a powerful tool:<\/strong> one of the most  cost-effective ways to find new patients is to be where they\u2019re looking \u2013  and that means Google<sup>\u2122<\/sup>. There are two ways your practice can be found on  Google Search<sup>\u2122<\/sup> \u2013 Search Engine Optimization (SEO) and Search Engine  Marketing (SEM). The former requires a long-term approach and ongoing  marketing efforts, but will benefit your overall patient recruitment for  years to come.<\/li><li><strong>Facebook can engage patients: <\/strong>and keep your practice top-of-mind<strong>.<\/strong>  Posting reminders for patients (such as vaccination reminders, or  healthcare tips), and providing news on your clinic is one of the ways  you can engage with your patients and build a strong referral network.<\/li><li><strong>Online reviews have direct business impact:<\/strong> Word-of-mouth is the <a href=\"https:\/\/www.allianz.com.au\/business\/business-insurance\/news\/word-of-mouth-still-triumphs-as-most-trusted-way-to-advertise\">most trusted<\/a>  way to advertise and build your practice\u2019s reputation. Incentivise your  patients to leave a review after their consultation on Facebook.<br\/><\/li><\/ul>\n\n\n\n<p class=\"wp-block-cgb-text gutenberg-examples-align-none\"><em>Want to learn more about managing social media for your business? <a href=\"https:\/\/www.tyro.com\/blog\/manage-social-media-for-your-business\/\">FIND OUT MORE HERE<\/a>.<\/em><\/p>\n\n\n\n<h4 class=\"wp-block-heading\">6. Seamless billing <\/h4>\n\n\n\n<p class=\"wp-block-cgb-text gutenberg-examples-align-none\">All businesses, not just medical practices, rely on steady cash flow  in order to operate smoothly. Billing is a crucial part of ensuring that  your practice stays profitable, so you can continue to help more  patients; however, following up on payments can be tedious and  time-consuming, particularly if you have different fee schedules to  manage.<br\/><br\/>The more you can automate the billing process, the more your team and practice will benefit. Some <a href=\"https:\/\/www.clinictocloud.com\/clinic-to-cloud-tyro-integration\">Australian medical practice software<\/a>  can automatically integrate patient fees with Government concessions  and fee schedules, Medicare bulk billing, Workers Compensation,  Department of Veteran\u2019s Affairs (DVA), Australian Medical Association  (AMA) and Eclipse, so your support team can save time and gain accuracy  on financial reporting.<br\/><br\/>From a cash flow perspective, a quick win to automate the billing  process is to upload invoices and receipts to your patient portal once a  patient has finished their consultation, as well as sending automated  SMS or email reminders for overdue payments. Platforms can also  integrate with Xero, so all your financial systems speak to one-another.<br\/><\/p>\n\n\n\n<h4 class=\"wp-block-heading\">7. Manage clinical risk effectively  <\/h4>\n\n\n\n<p class=\"wp-block-cgb-text gutenberg-examples-align-none\">The Australian government <a href=\"https:\/\/www.oaic.gov.au\/engage-with-us\/consultations\/health-privacy-guidance\/business-resource-handling-health-information-under-the-privacy-act-a-general-overview-for-health-service-providers\">requires<\/a>  health services providers to hold records for as long as a state deems  relevant, and also provides patients with access to their medical  records when requested. Incomplete records can put your clinic at risk,  from both a financial and legal standpoint, so it\u2019s critical to protect  your practice from any unexpected costs that could put a strain on  profitability and efficiency.<br\/><br\/>Managing clinical risk requires your clinic to have:   <\/p>\n\n\n\n<ol class=\"wp-block-cgb-ordered-list\"><li><strong>Strong operational processes: <\/strong>including how  practitioners communicate with patients and through which platforms (for  example, only through your clinic\u2019s system), and what type of  information is required for each consultation.<\/li><li><strong>Secure and comprehensive patient records:<\/strong> including patient booking and payment, reminders for medical appointments, and records of practitioner-patient communication.<br\/><\/li><\/ol>\n\n\n\n<p class=\"wp-block-cgb-text gutenberg-examples-align-none\">Although there are multiple facets of managing clinical risk, digital  tools can help lessen the burden of administration for your teams, by  setting fields as mandatory in patient forms, ensuring critical  information is captured. Patient information can also be stored securely  in the cloud, so your practice can access consolidated records quickly  and easily at any time.<br\/><\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-cgb-container-narrow container narrow-container container-block\"><div class=\"row\"><div class=\"col s12\">\n<p class=\"wp-block-cgb-text gutenberg-examples-align-none\"><sub><strong>Important Information<br\/><\/strong><br\/>This information has been prepared by Clinic to Cloud ABN 60 601  566 849 and is hosted by Tyro Payments Limited ACN 103 575 042 (Tyro)  for informational purposes only. By hosting this information, it does not constitute advice by Tyro or imply endorsement or support of the information, services, products or providers. Tyro does not accept any responsibility for any errors, omissions or reliability of such content and any use thereof is solely at the user\u2019s risk. Please undertake your own assessment before relying on it.<\/sub><br\/><br\/><sub>Xero is a trademark of Xero Limited.<\/sub><br\/><sub>Google and Google Search are trademarks of Google LLC.<\/sub><\/p>\n<\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":61,"featured_media":1006,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1284],"tags":[],"class_list":["post-1004","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-strategies"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v24.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Embracing Efficiency: 7 Ways to Profit in Medical Practice<\/title>\n<meta name=\"description\" content=\"Boost your medical practice&#039;s profitability with these 7 efficiency tips. 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