How to Create Cash-Based Revenue for Your Practice
The boom in cash-based, add-on, and turnkey revenue generators
First, there was the long, deep recession that saw many patients canceling medical and dental appointments or avoiding care altogether. Then came the passage of the healthcare reform legislation and uncertainty about the actual changes reform will bring. No wonder so many practitioners are looking at cash-based services to help reduce their reliance on insurance reimbursements and shore up cash flow problems. Among the most popular cash-based add-ons are:
• Anti-Aging – A smorgasbord of programs and services, including weight loss, diet and nutrition, BOTOX, microdermabrasion and other non-invasive or minimally invasive cosmetic procedures, and much more to help aging baby boomers look and feel younger.
• Fitness – As more patients, particularly aging boomers, realize the many advantages of training at a physical therapy facility under professional supervision, more physical medicine and rehabilitation specialists and physical therapists are realizing the financial benefits of cash-based, recurring-revenue fitness memberships.
• Sports Performance – Specialized programs for enhancing individual performance in golf, tennis, running, cycling, swimming and team sports such as basketball, baseball, football and hockey. Special programs for casual and competitive athletes of all ages.
• Weight Loss – Medically-supervised weight loss programs work in many different practice settings – ob/gyn, family medicine, primary care, physical medicine and rehabilitation, to name just a few. With a third of the adult population being obese, the need for safe, reliable, medically supervised weight management is growing by the day.
Where do you begin?
Start by looking more closely at your practice and the communities it serves. What do people in your area seem to need most from a health perspective? What services are they willing to pay out-of-pocket for? Which services fit best with your practice type and current patients? Which would help grow your practice or shift your treatment emphasis?
Practice Builders has helped many clients add new services and market them to success. Call 1-855-898-2710 today and ask how we can help you.