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Strategies to Effectively Grow Your Facility’s Revenue

Strategies to Effectively Grow Your Facility’s Revenue

Practice administrators and managers across the country are increasingly challenged to grow revenues for their facilities. With the possibility of stricter rules being enacted by both federal and local governments as COVID-19 cases surge, long-range planning that will have a positive effect on their facilities’ bottom line is even more difficult.

The heart of all planning is making educated decisions based on metrics and experience. What are some of the things we know that help drive revenue?

One of the obvious answers would seem to be to perform more imagery guided procedures. To do this, you need two things – a good referral source and you need to make sure you have the capacity. If you are on the hospital side of this equation, then you might want to consider partnering with local physicians and surgery center management groups and forming revenue-sharing relationships with them. This takes capacity planning out of your hands and spreads it out among your Ambulatory Surgery Center (ASC) partners. These types of joint ventures allow the hospital to efficiently handle the outpatient cases and to not compete with the ASC for patients.

On the ASC and local physician side, you need to make sure you have the capacity to handle the patients that the hospital is referring to you. One sure way to make this type of relationship go sour is for patient wait times to increase, which will force customer satisfaction scores to start decreasing.

To guard against this happening, you need to be able to scale your diagnostic imaging capacity quickly and efficiently. This purchase decision should be made by considering all options, including purchasing refurbished equipment that can be implemented quickly and then financing in a way that makes sense for your facility.

By purchasing refurbished equipment, you are leveraging an extremely cost-effective way of obtaining proven, reliable equipment from the most highly respected manufacturers in the business.

If you then consider renting as opposed to buying the equipment, you have now minimalized your case outlay, eliminated your financing fees and can also leverage the tax benefits of renting.

The win-win is that you get to increase your diagnostic imaging capacity and increase revenue while decreasing wait times for your patients.

Bluestone Diagnostics has 20 years of experience in selling and renting refurbished diagnostic imaging equipment, including mobile c-arms and mini c-arms. That experience includes a hands-on, consultative approach that will enable you to evaluate the benefits of renting so you can make an informed decision.

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