6+ Tips to Increase Revenue and Patient Care with Cashed-Based Services $0.00

6+ Tips to Increase Revenue and Patient Care with Cashed-Based Services

By: Rebecca Moore |
6+ Tips to Increase Revenue and Patient Care with Cashed-Based Services

Hands-on healthcare professionals everywhere are feeling the pressure to do more with less. Declining reimbursement models and decreased patient visits are impacting the bottom line, while the increased priority of patient satisfaction demands clinicians to perform beyond average. So, if patients want more but are coming to you for less clinical treatments, how are you supposed to provide value and build revenue? More and more professionals are starting to establish cash-based services to thrive within this ever-evolving healthcare landscape, finding innovative ways to bring in additional revenue streams. And, if done correctly, this can not only increase profits, but give you a competitive edge.

While both Tim Tyler MS, PT, ATC and Dr. Jay Greenstein DC, CGFI-L1, CKTP, FMS have built their practices by providing exceptional patient care and dedicating their time to clinical research that impacts their respective industries, they have also both utilized cash-based services to improve patient satisfaction and their incomes. Last month, they hosted a webinar to share their best practices to building and capitalizing on a cash-based service model in their clinics. If you missed it, don’t worry - here are some of the highlights from their conversation!

How to Utilize Cash-Based Services In Your Clinic

Expand Your Services Beyond Rehabilitation

1. Expand Your Services Beyond Rehabilitation

Taking advantage of the full potential of your clinic and cash-based services starts with growing your business beyond just rehab. “We’re trying to provide as many options for our patients as possible and letting it be really driven by the consumer as the type of services that they want,” said Greenstein.

Adding both wellness and recovery to your repertoire will allow you to care for your patients beyond their clinical outcome goals, which leads to a more holistic treatment approach (and more opportunities to charge for additional services!).

“When I treat patients that has a movement dysfunction or disability, I don’t just treat a shoulder, I treat the whole body, it’s all connected. We have to have a track for that, and then a wellness track. When I treat somebody for wellness, I’m not just treating the musculoskeletal system. I’m treating the GI system. I’m treating the brain and the balance system. I’m treating all of the systems. And in the recovery, recovery isn’t just about recovery of the physical body, it’s recovery of the mental body too,” said Tyler.

However, both Tyler and Greenstein warn about the importance of keeping the tracks separate and deliberate. If you’ve transitioned a patient from rehabilitative care to wellness care, don’t fall into a habit of blending the two models. For example, if you’re a chiropractor who is treating someone with a wellness service like personal training, you wouldn’t perform an adjustment as a part of a wellness service. All of your tracks need to have their own criteria and payment models.

2. Treat Beyond Your Clinic’s Walls

Instead of waiting for patients to seek you out, get out into your community and prove your value firsthand! Bringing some services out to events can help you find your target clientele, show that you’re investing in your community and prove to the public that your cash-based services are worth the visit.

“In terms of community service, one thing we’ve gone to is a 3K and a 5K every year in our town. I brought over the Hypervolt and the NormaTec and gave it away for free… so now I have people buzz in the office saying ‘can I get a session of that?’,” said Tyler.

3. Use Bundled Payments and Services or Savings with Subscriptions

Straight-forward pricing is always critical when setting up cash-based services, but establishing a model of bundled services for a set price or a subscription service will entice your patients to schedule more visits to get more bang for their buck, ultimately saving them money.

In Greenstein’s clinic, “it’s been our experience, especially on the personal training side, where we can provide wellness services that, if we lay it out for them and especially if we tie it back to what their personal goals are, we’ve found that we’ve actually been able to sell some fairly substantial packages in the couple thousands of dollars… When you deliver value, people are willing to pay big money, they’re willing to pay cash out of their pocket.

Diversify Your Offerings

4. Diversify Your Offerings (Internally or Externally!)

In an ideal scenario, you would stock your clinic with as many specialties as possible to increase your cash-based service repertoire. Taking a multidisciplinary approach by adding disciplines like physical therapy, chiropractic, massage therapy, yoga, personal training, nutrition and more to diversify your services gives you more opportunities to elevate revenue while elevating patient care. However, if you don’t have the ability to bring those services in-house, build a strong referral network with local providers and help each other build your respective businesses.

“The idea of cross referral is a really important one. You can have an integrative approach to healthcare and not necessarily have to have these providers in your offices… It’s one of the best pipelines to grow your practice. We definitely built our company on medical referrals, and it’s a great way to establish yourself as a leader and a thought leader in the community,” said Greenstein.

5. Enhance Your Patient Experience

You know that creating a remarkable experience for your patients will keep them coming back, but enhancing the patient experience doesn’t always mean using the latest tools and techniques. Sometimes, it means an increase in transparency to build communication and trust.

In Tyler’s practice, “the best way we feel to do this is to provide the evidence while we’re doing it. It’s not enough to say ‘I’m going to get you better because I’m going to do some range of motion, some joint mobilization of your ankle and do some strengthening.’ It’s important to give the evidence behind what you’re doing.”

6. Offer Products to Drive Revenue and Improve Patient Care

When your patients love the equipment you use to make them feel better, they’ll want to use them at home or on the go. But why send them somewhere else to buy them? Equip yourself with a clinical retailing kiosk like the Active Care Clinical Retailing Kits to increase your earnings and provide your patients with the tools to succeed.

“We have a kiosk in all of our practices and it’s been great for the visibility piece, but we also have been working with Performance Health where we have an online store as well. So patients who are experiencing these products during their course of clinical care or during the course of their wellness services can just go online and order them as well. So there’s two ways that you can drive revenue streams and improve patient satisfaction, loyalty and trust,” says Greenstein.

Watch the Free Webinar

If you want to hear more about these ideas as well as a few additional tips we didn’t cover in this article, watch Tyler and Greenstein’s full webinar below! You’ll learn:

  • Three ways to bring additional revenue into your clinic
  • Immediate ways to provide tools to implement your plan of care and provide pain relief
  • Patient satisfaction models that will pay for themselves

And if you’re ready to stock your clinic with the tools, modalities and clinical retailing supplies you need to get started, contact your Performance Health rep today to learn more!