If You are Looking for More Profitability Look into Adding Product Lines



If You are Looking for More Profitability Look into Adding Product Lines

Advance the health of your practice. Did you know that studies show that 60% – 70% of your patients who are convinced of the quality of care they receive from your practice would try more services, or even products, if you offered them?

Hiring a licensed technician with a specialty that complements your practice can allow you to expand your menu of services to existing patients and broaden your brand as well as your bottom line. Aesthetic or cosmetic services might be right ancillary offering for your practice, or maybe it is weight loss services, diagnostic allergy testing, nutrition counseling, acupuncture or massage. If chosen properly and strategically marketed, any of these can help increase your bottom line and strengthen your practice brand.

Adding new service lines is not the only way to increase the revenue of your medical or healthcare practice – look into introducing new products as well! If there is an ancillary product line that you are passionate about, consider carrying it, or better yet, private labeling it to promote YOUR brand and YOUR practice.

For a positive experience, a patient-centric approach must be followed. The most important thing when deciding what services to offer is to understand the costs involved and who your ideal patient is. Overweight patients who want to improve their health? Those who want natural remedies? Mature women might be the right fit for cosmetic services, diabetic patients might focus on counseling, etc. Costs come into play because cosmetic lasers can generate a lot of income, but are expensive. Diabetes and weight-loss counseling are less lucrative, but expenses are quite low. The same holds true for product offerings. Private labeling a product for your practice can be very lucrative, but you must be sure to tailor your product offering to a specific niche within your patient base. The options are not just limited to skin care or derma products, vitamins and supplements, or even medical equipment or healthcare tech accessories.

No matter what the category of product, is important to do your research on price when seeking out a manufacturer to partner with, but also be sure to address these points:
  • Minimum order requirements
  • Lead time – how long between order and delivery
  • Labeling requirements and artwork - does it cost anything extra
  • What product testing has been done, and when
  • Is there required licensing

In summary: One of the most effective ways to increase revenue is to start offering add-on services that are outside of your standard billable insurance to your existing patients. Look at the testing, services and therapies you are referring out to others and consider bringing that in-house. In addition to offering quarterly wellness checkups, biannual lab tests, and consultative services think about ancillary product lines that would contribute to the health and wellbeing of your patients, as well as to your bottom line.

Contact Us
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We think physicians, doctors, and most healthcare providers should rethink their revenue streams. Ancillary services and products provide an opportunity to boost practice revenue, provide well-being and convenience for patients while increasing their satisfaction and the visibility of your brand. We can help you develop a business plan and run the numbers, develop a fee structure, and factor in the costs and labor associated with “add-ons.” We are more than healthcare accountants and CPAs, we are business advisors. Our experts in New York or Florida can be reached toll free at 855-534-2727.



 

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