5 Ways Doctors Can Generate Extra Revenue In and Out of Your Practice
In this era of declining reimbursements and uncertainty, physicians need to become more proactive in finding innovative ways to bring in extra revenue. Most doctors are conditioned to believe that the only way to make more money is seeing more patients. Here are five activities that can help you bring extra revenue to yourself and your practice:
1. Identify Cash-paying Services in Your Own Practice. It's clear to succeed we must become less reliant on insurance. Are there patients that you service that are not dependent on medical insurance? For example, if you are in primary care, are there patients you can identify who are paying by cash? Contact these patients as this could be a seamless way in transitioning to a concierge medicine practice.
2. Start a Class. Is your clinic unused on the weekends or after hours? You may want to consider offering group classes to help with patients, or attract new ones. These can be on topics where you wish you can spend more time with patients. Examples we have recommended include bringing in nutritionists, or start a smoking cessation session. This can bring in income when your clinic is not in use.
3. Become a Coach or Consultant. What type of specialized knowledge can you share with others? Becoming a consultant can help you provide help to others who need it and will pay you for your expertise. In fact I know doctors who help other doctors with burnout, build a cash practice, or advise on financial investments. With many doctors transitioning this area will just get even bigger and in
4. Create your Own Online Membership Site. I've worked with doctors who have built private fee-based websites for their patients where they share knowledge to help them with their health. Note, you don’t have to be limited by health subjects, just find a topic that you are passionate, and that you can provide content that people will want.
5. Start a Blog. Have something to say? You can make a nice extra income by writing and selling your own products via your own blog. Make extra money selling online advertising. You can also use that as a springboard to building a following. Generate more revenue by adding an email autoresponder to notify readers of upcoming posts.
It's time for more doctors to start working smarter, not harder. Learn to value your time and you will become a more productive and more fulfilled physician.
Dr. Mike Woo-Ming is the founder of IncomeMD.com, a physician consultancy group dedicated to helping more doctors increase more revenue both in and out of practice. Dr. Woo-Ming is a much in-demand speaker, author and medical marketing consultant, specializing in internet lead generation, reputation management and online patient acquisition. His companies have personally generated over ...