Unlocking Profitability: $50k to $83k in Monthly Collections with Smart Scheduling
May 25, 2023
Striking Results That Demand Attention
Imagine boosting your average monthly collections from $50,000 to an astounding $83,000 within just six months. Our client achieved exactly this, and the boost didn't come from an expansion of high-end procedures. Rather, it was through focusing on everyday procedures like crowns, fillings, and hygiene appointments. In fact, just three Invisalign cases were involved over this six-month period.
The Path to Achieving This: Strategy over Volume
To understand how we accomplished this impressive leap, let's journey down the path that led us here. You might assume that maximizing profitability inherently means an influx of new patients, extensive marketing spends, or chasing after high-value procedures. However, sometimes, the key to unlocking your practice's hidden potential lies in something as straight forward as refining your scheduling strategy.
Profitability Turnaround Through Reimbursement-focused Scheduling
The central figure of our success story was initially grappling with low cash flow and dwindling business growth. Upon evaluating the practice, we discovered the solution hidden in an often-overlooked aspect – the daily schedule.
The Crucial Role of Insurance Carriers in Profit Maximization
In a practice networked with several Preferred Provider Organizations (PPOs), the number of daily procedures isn't necessarily paramount. Instead, the emphasis should be on the number of patients from each insurance carrier and their respective reimbursement rates. Our client's schedule was predominantly occupied with patients from his lowest reimbursing PPOs, taking up 60% or more of his daily appointments.
Changing the Game: A Strategic Rework
The turning point came with a complete overhaul of the scheduling strategy. Instead of focusing on the number of procedures, we strategically shifted our attention to reimbursements. This new approach led to the fantastic results mentioned above.
Now, with effective scheduling tactics in place, we're gearing up to implement a PPO negotiation strategy, setting the stage for even further growth. It's an exhilarating time for the practice, brimming with opportunities, and without necessitating increased workloads.
Summarizing, the essence of this remarkable journey lies not in doing more, but reworking what you are already doing. A nuanced understanding of insurance reimbursements can stimulate surprising growth without an increased volume of work. Optimizing your schedule with this approach can maximize your practice's profitability. The ultimate goal is to establish a healthy insurance blend for your practice.
And remember, we're always here to help. If you need support or would like further advice on how to implement these strategies in your practice, don't hesitate to book a consultation with us to see how we can help enhance your profitability.