Episode 103 | Increase Profits without Adding Any Clinicians or Services

Today I’m going to be talking about money matters ways to increase your profits without working more in your practice or having your clinicians work more in your practice.

So have you ever thought about how you can increase your profits, but you feel overwhelmed by the idea of having to do more work to get there? Or grow an additional location to get there?

There’s an infinite amount of ways that you can increase your own practices profits. By seeing more clients or hiring more clinicians or providing more services, etc. But that’s not what I want to talk about. Today I want to talk about how to increase profits without providing more services or doing any more work. And I have a few different ways of doing that.

First, get discounts with your operating expenses to increase profits.

Get your bank statements out. Highlighting all the expense companies, you’re going to be surprised by how many expenses you’re not even thinking of that you have on a regular basis, whether that’s monthly, quarterly or yearly, I want you to go down that list and call each and every one of them and request a discount or a promotion to continue services with their company. Most companies will usually have new promotions or they’re willing to offer a discount for keeping a loyal customer.

And although this may seem like a simple or minor task, practice owners end up saving a lot of money throughout the month by doing this, I put in my calendar every year in January to call all of my expenses and try to negotiate a reduction in price. That’s one great way of doing it.

The second is to change or remove services.

If a company is not going to offer you a discount. It’s I think it’s important to know your options. Part of being a good business owner is researching options and knowing what’s out there when it comes to services and companies that you use. Do your research and check other businesses that offer similar services and compare rates, compare ratings, compare offerings, you know, things that you may have signed up for four years ago, maybe an EHR or a phone company, you typically people will stay with something that they’re okay with or happy with, but not do any research to see what alternatives are out there.

And every year, there are dozens of great companies that are being built, that might be a better fit for your for your practice. So I think it’s really important to do your due diligence and make sure that you’re checking to see what alternatives there are out there. That way you’re not put in a position where something bad happens or they increase their rates a ton, and then you’re scrambling to find an alternative.

Make an effort on making sure that you have good return on investment, or give those companies an X. There are so many great companies out there. So I wouldn’t want you to stick with something that you’re used to or comfortable with. That might not necessarily be a good return on investment.

Three, increase your out of pocket and insurance rate.

Obviously, these are things that we think about and many of us might have some kind of schedule for increasing our rates. But regularly scheduled time to go over your insurance rates and request fee increases is really important. Again, I do this every quarter, I’m looking at one insurance company every single quarter and focusing on making sure that I get a rate increase with that insurance company.

Do the same with your out of pocket rates schedule a time once a year to go over each of the insurance networks and request an increase increase your full fee once a year as well. Doing this not only increases profits and quite easily too. It also lets insurance companies know what fair rates are in your geographic area.

And to an aside to this is–if you’re billing insurance companies make sure that you’re billing your full rate to insurance companies don’t bill your contracted rate, you always want to Bill, what your actual rate is. And write off or in an EHR is typically it’s called a write off. You’re not for tax purposes, writing it off. But you’ll want to charge your full rate to the insurance company. So the insurance companies know what your actual rates are. They use that information as data for making decisions in terms of what they’re going to have there in network rates as so it’s really important that you’re charging your full rate to insurance companies. And then when you get your country contracted rate paid out, you can then write off that remaining amount.

And then lastly, is becoming an affiliate to generate and increase profits.

Do you have an EHR that you love or payroll company that you refer to all the time? I know most of us have gusto and do this with gusto, and it’s a great this is a great example of a company that’s using affiliate links really well. But many companies offer referral codes that give you some sort of monetary compensation for referring other people to them. And it’s an easy way to create some income, or a discount on using their services by doing what you probably are already doing, which is telling other practice owners about the companies you use.

Most of us have friends or other practice owners in the community or on Facebook that we’re connecting with and giving feedback to. And so it’s really no extra work on your end to see if there’s an affiliate link that you can be a part of, so that when you’re giving those recommendations to companies that you love, and that you use in your own practice, you can get a discount or get an affiliate sort of compensation. And I think it’s a great way to increase those profits in your practice.

Once you start doing these things, you’ll find that you can reduce your expenses and increase your profits without having to do any extra work.

So I suggest you try that out. You could honestly save a ton of money by trying these things out every year. six months to a year, I start looking at everything.

For me, I do about every six months, your business pocketbook. Do you have any other ways that you can increase profits without doing any extra work, or adding any extra services or expanding or adding any new therapists in your practice? If you do, email me and let me know because I’d love to feature that next time.