Common Ways Your Practice Is Losing Money

Posted by Vinnie Rawat on Mon, Dec 21, 2020 @ 09:12 AM

When you have been working at your practice for so many years and can't remember the last time you modernized something, you could find yourself stuck in a rut. That's why you need to be up to date with the latest technologies and policies being implemented in the industry.

Constantly comparing yourself to other practices and being aware of what's in the loop can keep you from having a low cash flow, or worse, losing profit. We've come up with some of the most common optical dispensing mistakes your practice might be making that could be costing you money.

Eyecare Practice Decisions that Hurt Your Profit

Not Utilizing Online Ordering

You probably don't even realize all of that ways that online ordering can benefit your practice and help save you some money. Our online ordering tool is completely free for you and your staff to use. You'll receive your completed orders 1-2 days faster than you would with phone or fax and you'll make your patients more satisfied. You'll also be able to track all of your orders online, which will free you up from spending time on the phone. You can also submit order directly from your practice management system.

Submitting Insurance Old School

Employing a biller who still visits each insurance company's website to submit claims might be the highest level of inefficiency. While it may seem like your biller is spending a couple minutes here and there visiting different sites or sending claims via phone or fax, those minutes eventually add up to hours. Think about all of the patients you could have seen if you did not have to worry about human error from mail and fax claims, and all the paper expenditure you could be saving by adopting electronic claim filing. By using a team of expert billing specialists, you don't have to be on the phone or worrying about your claims getting paid. On top of visiting just one site you'll be able to track your claims online and have access to real-time reporting and analytics.

Having a Demotivated Staff

So your processes are efficient, but your staff isn't so passionate about giving the best customer service. This could cause a patient to bad mouth your practice after they had a bad experience. This negative comment is now passed around from one person to another, and has eventually landed online (remember, most people tell 5 people if they have a bad experience, and only 1 if they have a good one). As little as one negative comment can drive your existing patients away, or put your booming business on hold. Having a motivated staff willing to take in a patient's insight and constructive criticism while offering help can establish credibility for your practice. If you're looking for where to begin on preventing profit loss, having a passionate staff is a great start.


Avoid costly staff management mistakes with our free ebook below.

DOWNLOAD THE EBOOK

Originally published in March 2014

Tags: Business Management

Looking for tips to grow your eyecare practice business? Read on!