Workbook

Diagnose and improve your practice’s revenue streams

Staying on top of your practice’s financial health is critical to your ability to provide patients with quality care. Tebra surveyed over 100 private practices for insights on where they are succeeding – or not – to help you evaluate your own performance against industry benchmarks. Discover how to diversify your revenue, lower operating costs, optimize billing procedures, and outshine your competitors to secure your financial future.
Expand your services and maximize your revenue
Reduce overhead and patient acquisition costs
Meet industry benchmarks
Outperform your competitors
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What you'll get:

Develop a business plan to expand your services and diversify your income

Use our interactive worksheets to evaluate new service opportunities and build your business plan to maximize your added revenue.

Recapture lost revenue and beat insurance challenges

Explore the most effective strategies to recapture lost patient revenue and maximize insurance reimbursements.

Reduce your operating and patient acquisition costs

Optimize your patient acquisition tactics and improve workflow efficiencies to reduce operating costs.

Beat your competitors at their own game

Evaluate your competitors and find opportunities to fill gaps in the market.

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FAQs

  • How can independent practices diversify their revenue?

    Adding additional service offerings outside of your primary focus areas can help your practice open new revenue streams and capture more income. In fact, 70% of practice owners report that their ancillary services add an extra $10,000 of revenue each year, and 34% say they bring in over $100,000. Still, only 31% of practices report taking the time to develop a proper business plan before adding additional services. Start by assessing your patient population for the need and benefit of any new service, then consider the level of effort required and estimate the amount of revenue you’ll add. Use our interactive worksheets to compare your projections to industry averages and evaluate which new services make sense for your practice.

  • How can independent practices maximize their revenue?

    Focus on optimizing your billing procedures to improve insurance reimbursement rates, reduce rejections and delays, and maximize patient collections. 69% of practices verify insurance ahead of visits and collect any patient payments due at the time of service, while 64% actively stay on top of coding updates and 50% work to obtain authorizations and referrals before appointments. By optimizing their billing processes, 61% of practices say they have maximized most to nearly all reimbursements and payments.

  • How can independent practices lower their patient acquisition cost?

    36% of practices report that focusing on enhancing patient care is the best strategy for lowering their patient acquisition cost. Another 17% say that using appointment reminders is the most impactful tactic, while 13% find the most success reducing their PAC by allowing patients to book online. Regularly evaluate how much you spend on patient acquisition and identify any tactics that are driving up your PAC. Use our detailed charts to review your strategies against industry averages and lower costs.

  • How can independent practices reduce their operating costs?

    Start by identifying each of your operating costs and compare them to industry benchmarks to assess whether you are overspending in any category. Set goals to reduce specific expenses such as negotiating with suppliers or optimizing your use of space. Also, focus on improving workflow efficiency with automation tools and cultivate a supportive work environment to reduce staff turnover.