How Can Practices Use Q3 Results to Drive Q4 Profits?
As the end of the Fiscal Year 2022-2023 gets closer, doctors and owners of medical practices are seeking methods of earning more money and reaching their revenue goals. One fantastic way to do this is to use the information and insights from Q3 outcomes to guide choices and actions taken in the last quarter.
Listed are a few practical steps that doctors and owners of medical practices can start taking to use Q3 results to make more money in Q4:
Analyze Revenue Trends?
By looking at revenue trends from Q3, doctors and owners of medical practices can find growth areas and ways to make more money. For example, if there was a rise in demand for a particular service or procedure in Q3, doctors and practice owners could consider offering discounts or special deals to get patients to schedule appointments in Q4. Also, if a specific insurance plan or payer had many claims in Q3, doctors and practice owners could prioritize getting patients with that plan in Q4.
Evaluate Expenses
The results of Q3 also tell us a lot about expenses and cost trends. By finding areas of inefficiency or overspending, doctors and owners of medical practices can take steps to cut costs and make more money. For example, if Q3 showed that the price of a particular supply or piece of equipment was higher than expected, doctors and practice owners could look for other suppliers or try to get better rates from their current ones.
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Plan for Seasonality
In many medical offices, business changes with the seasons, with more patients and more money coming in at certain times of the year. By looking at Q3 results and making predictions for Q4, doctors and owners of medical practices can plan for seasonality and make the most money during busy times. For example, if Q3 showed that the number of patients tends to go up in the winter, doctors and owners of medical practices could plan marketing campaigns or deals to bring in more people during that time.
Get a Seasoned Partner for Insights
When managing the revenue cycle, a suitable, Seasoned Partner will understand the problems doctors and practice owners face. These partners offer all-in-one solutions that help increase sales and profits. A team of experts can help analyze the results of Q3 and make suggestions for expanding earnings in Q4, such as improving billing and collections, finding new ways to make money, and cutting costs.