Diversifying Revenue Streams For Your Practice

In order to keep their practices afloat, more and more physicians (especially specialists like oncologists and gastroenterologists) are looking for different ways to bring in reimbursements and revenue in. They're diversifying revenue streams by offering a wider variety of services and making the most of their time. Whether it's further training or investing in new medical equipment, physicians everywhere are looking for ways to make more while doing less.

In other words: they're trying to have their cake and eat it too, and it's working beautifully.

For example, many dermatologists are especially benefitting from offering popular cosmetic procedures on top of their regular treatments. The time and money invested in the extra training is especially paying off for dermatologists in high-income localities like New York and Miami.

Of course, the approach to diversifying your revenues is different with each physician. It's really about tapping into the most profitable and efficient procedures, tests, and treatments that fit the demands of your patient base. It doesn't matter if you're a primary-care physician or an oncologist, it's all about offering high-demand secondary services that are sure to be taken on top of your normal billing.

It could be something like getting a new machine to open up more testing capabilities, or offering your patients a direct line for a monthly fee.

It's important to figure out the context of your situation. What might work for oncologists in New York may not necessarily work for cardiologists in New Hampshire. With that in mind, these tips below should help any doctor take the first steps towards diversification.

So start looking into what your patients ultimately want, and ask yourself how you can satisfy those demands. Once you get that answer, it's all about efficiency. Make the most of your time, and keep diversifying revenue streams on top of your traditional reimbursements. Everyone is going to be asked to do more with less, so time is more valuable than ever.

If you have designs on a gold-watch retirement, it might be time to start thinking about diversity in your revenue.