Strategies For Leveraging Your Medical Practice Into Multiple Revenue Streams
Hi-
I totally get that there are only so many patients that you can see, only so many hours in the day. The key to maximizing your income in medicine while expending the least amount of personal effort is leverage. By leverage, I mean revenue that is generated without you personally seeing the patient
I have created this list of strategies for leveraging your medical practice to provide you with ideas for how you can generate income via multiple medicinerelated revenue streams without having to see more patients yourself
There are SO many options for adding revenue streams regardless of your specialty. And you can take advantage of some of these even if you are an employee.
You will notice that some of these options are covered by insurance, some are only cash-based and others are both.
And, here’s the best part, you don’t have to choose just one. Mix and match the revenue streams on this list for vertical and horizontal integration of your medical businesses in order to reach your maximum potential earnings
Dr Sandra Weitz
Strategies For Leveraging Your Medical Practice Into Multiple Revenue Streams
Bring these ancillaries into your office:
Here are some revenue generating service lines that you can add to your practice with no out-of-pocket costs to you.
Nutrition
Weight Loss
Travel medicine
Hormone Replacement
Medicolegal services-
Workman’s Compensation Second Medical Opinions
Personal Injury Independent Medical Examination
You are already paying for your office space. You can easily add bring in these service lines and generate additional revenue with little capital expenditure.
Infusion services
Durable Medical Equipment
Pharmacy
Dr
Sandra Weitz
@drsandraweitz
@drsandraweitz
Strategies For Leveraging Your Medical Practice Into Multiple Revenue Streams
These services that you can easily offer in your office requiring additional (but not huge) capital investment
Imaging: X-ray, Ultrasound, Mammography, Bone Density-depending on your specialty and available space
Lab services-CLIA waived or CLIA approved
Hyperbaric Oxygen/Wound Care
If you are doing your own in-house billing you can generate additional revenue by starting your own
Billing Company provide services to practices beyond your own
Complementary Services
You can easily incorporate these into your existing office space or as a freestanding option These are various ways to structure this including subletting space to the provider, bringing them into your practice or own the freestanding business
Yoga
Massage therapy
Chiropractic care
Acupuncture
Psychological services
Float Center
Dr Sandra Weitz @drsandraweitz @drsandraweitz
Strategies For Leveraging Your Medical Practice Into Multiple Revenue Streams
Own Medical Real Estate
Owning your practice space
Own medical real estate and lease to other practices that are synergistic
Own medical real estate and lease to other medical businesses (ASC, Imaging)
Growing Your Practice Will Grow Your Practice Revenue
Bringing in additional providers can help you decrease your personal overhead and generate additional revenue to your bottom line. And additional providers utilize your ancillary services compounding the revenue generated.
Add Additional physicians
Dr Sandra Weitz
@drsandraweitz
@drsandraweitz
Add Mid-level providers
Satellite offices
Own Part or All of Other Medical Businesses
These options require capital investments and are subject to regulations. However, you are likely to be rewarded with significant profits. Some of these options may be more specialty specific, but others are opportunities regardless of specialty.
Imaging Center
Physical Therapy
Anesthesia Company
Infusion Center (freestanding)
Reference Laboratory
Ambulatory Surgery Center
Endoscopy Center (GI & Pulmonology)
Lithotripsy (Urology)
Medical laser and other specialty equipment leasing
Strategies For Leveraging Your Medical Practice Into Multiple Revenue Streams
This checklist will get you off to a great start If you’d like to learn more about every aspect of starting and growing a private practice, I’d love to invite you to join my fb group, The Private Medical Practice Academy and listen to my podcast with new episode every Tuesday. In it, I will be giving you the detailed tips you need to make your practice run smoothly and extremely successful
Dr. Sandra Weitz
Dr Sandra Weitz
@drsandraweitz
@drsandraweitz