7 Tips on How to Boost Your Medical Practice’s Revenue

Revenue is an integral part of the overall success of your medical practice.

6 Tips to Boost  Revenue

  1. Boost your online presence– While 64% of small businesses have a website, there are other important ways your business needs to be present online. One of the first things to do is to update your website and make sure that it is mobile-friendly. From there, make sure to create a content plan for your blog, email subscribers, and social media following. This content will engage your current customers while also boosting your reach to new audiences as well. Once you have created an effective content plan, incorporate paid advertisements on Google, Facebook, Instagram, and Linked-In. This ensures your brand is consistently in front of your target audience.
  2. Encourage online reviews– There are a few things you and your team can do to encourage reviews. First, you can create a list of patients that you would like to ask for a review. Second, make sure you have links to the sites that you would like them to leave a review on. Third, make sure to say thank you to the patients that do leave a review. According to Inc., 91% of people read online reviews. Additionally, 84% trust online reviews as much as a personal recommendation. These statistics alone communicate the importance of real, recent reviews about your medical practice.
  3. Make educational videos– Video quickly engages potential patients, while also delivering relevant content. It is an excellent resource to increase your revenue. Create FAQ videos, what to expect at their first consultation, or a behind the scenes look with your team. These videos create trust with new clients and boost your visibility. You can also use these videos for new content on your website, Youtube channel, or IGTV.
  4. Create a referral incentive with current patients– Your current patients are a great avenue to new, similar patients. To get access to their circle of influence, create incentives around referring new patients. This can include a percentage off their bill for each new patient they bring to your practice or a referral program that gives them a free service once they have referred a certain number of clients.
  5. Increase your appointments– Perhaps one of the most obvious ways to boost your revenue is to add more appointments to your schedule. Start by taking one new patient per day, and eventually increase your hours to evenings and weekends if those are in-demand times. If you are unable to change your hours or add new days, there are other options to consider to increase your appointments. One way is to incentivize low appointment times. This will fill your slow days while opening up popular hours to other clients.
  6. Implement late and cancellation fees– To increase the likelihood of people keeping their appointments while decreasing times of your practice being vacant, consider implementing late and cancellation fees. This will boost your revenue while also incentivizing your patients to keep their appointments. So it is a revenue win on both accounts!
  7. Consider the office experience– The look and feel of your medical office location play a large role in the patient experience. Consider curb appeal, the smell when they walk in, waiting room chairs, entertainment, and everything in between. Keep your existing clients coming back and new clients impressed by creating an enjoyable experience for each of them.

To find the medical office lease in Los Angeles that works best for you, reach out to Boulevard Medical Properties today.

Benefits of Incorporating Your Medical Practice

Starting your own medical practice can be a huge undertaking. You are responsible for countless decisions that could catapult or sink your business. This is why many medical practices work with an attorney to help with the legal side of things. When it comes to choosing the most efficient legal entity for your medical practice, you’ll want to discuss your goals with your lawyer. This involves medical, legal, financial, and tax matters. A lawyer can also advise you on whether or not you should incorporate your medical practice.

There are many benefits to incorporating your medical practice. Read below to find out more.

Basic Benefits

Incorporating your medical practice ensures that, overall, you are following legal formalities. Corporate laws are first laid out by the owners and lawyers of the medical practice based on practical goals. Beyond that, corporate duties may include holding regular meetings, filing tax returns every year, and discussing employee payment and benefits. You may also want to go over liability issues and have this properly documented.

Financial Benefits

Incorporating your medical practice gives you several financial benefits. This includes being able to pay employees regularly and properly through a corporate system with stock options and bonuses. Corporations also attract more investors by way of stock, meaning more money for your business first hand. Another financial benefit is that because shareholders also own the corporation by the number of their shares, anti-kickback enforcement protects the doctor from compensation based on value or patient intake. In addition, corporations will handle franchise taxes and the cost for maintenance and accounting. On your own, you will be paying a large sum of legal fees.

Overseeing

Overseeing the medical practice with a set guideline of written laws and regulations enforced by the corporation is one of the greatest benefits. These guidelines are set out at the beginning of incorporating a medical practice and may include: requirements for employee hiring, daily medical practices, purchasing equipment for the medical practice, cleaning the equipment for the medical practice, and who determines certain daily decisions. While a director of operations oversees the totality of these regulations, a manager or several managers will oversee these details. These rules can help to keep a medical practice organized and ensure that your business is being run exactly the way you’d like.

Other Benefits

Limited liability is another important benefit of establishing a corporation for your medical practice. Find the pros and cons of limited liability in this study. In cases where you are the primary physician for a medical practice, all of the liability will fall on you. This includes debts, vendor contracts, management of employees, and property lease tasks. In addition to working on patients and improving your business, this is a lot to undertake. Incorporating your medical practice allows some of these duties to be shared so there is not as much holding you personally at stake. Insurance is also great to have on hand if anything goes wrong, but a corporation sharing some of the more non-medical conditions is important to have under your security belt as well.

Another benefit of incorporating your medical practice is that you can more affordably offer health care and retirement benefits to yourself and your employees. Corporations involve more people handling these things for you, but you have the right to sit down with them and choose which options are best.

Medical Office Lease in Los Angeles

Incorporating your business is like gathering a support group for your art project. Having other people liable and contributing in areas where you lack knowledge is important for building a strong business. This includes finding the right medical office lease in Los Angeles. If you’re looking to work with others to create a strong foundation for your business, incorporating is the way to go. Start by working with a leasing team at Boulevard Medical Properties and get a free quote on available spaces today.

How Does Commercial Escrow Work?

In the process of purchasing or leasing a commercial property? You may have come across the term “escrow”. Escrow is a contractual agreement where a third party handles or holds the money for a property until all terms on both sides are met. Once all the details are settled, the third party can then distribute the money as set out and complete the transaction. Purchasing a commercial property through escrow is viable and safe. It protects both parties from any double-dealing or devious actions because the money isn’t transferred over until all conditions are met. Here’s a little more about how the process of escrow works.

The Beginning

Whether you are selling or buying, the first thing you should do is find out the value of the property or business. You can do this by consulting with a real estate agent or by searching medical properties for lease. After you’ve gathered an estimate on your property or the property you’d like to purchase, decide on a minimum/maximum you’re willing to buy or sell the property for.

Next, look into an advertisement for the space if you’re looking to sell. If you’re working with a broker they will likely do a lot of this advertising for you. But it doesn’t hurt to pitch in as well. For example, make a clean-cut print out of the property with photos, amenities, and price. Then post it around local establishments.

The Details

After you’ve set up your advertisement or, if buying, found a few properties you are interested in, you will want to lay out all your conditions on purchasing/selling. If you are a seller, you’ll want to make your books, including tax returns, inventory, profit and loss statements, etc, all out in the open for buyers to see. This shows a commitment to honesty and trust. Once you have a buyer or a seller, you can negotiate a price. When you’ve come to an agreement, the escrow account will hold the money exchanged usually for 30 days or more. This is done to give both the buyer and seller an opportunity to make sure all the terms on the contract were met.

The Close

When closing a sale, the following must be fulfilled:

  • All final documents signed
  • Payment for the escrow account met
  • All written conditions carried out by both parties

Once all of this is done, the funds in the escrow account may be released.

Types of Escrow

As mentioned above, escrow is typically used in commercial real estate situations. However, an escrow may be adapted for a homeowner as well. When a buyer moves into the home, they may choose to pay an escrow account to pay the mortgage lender. The lender then uses that money to pay property taxes and insurance. In this case, the mortgage lender has direct access to the escrow account. The benefit of using an escrow account in this situation is that it prevents the mortgage lender from falling behind in property tax or insurance payments. This usually means that a homeowner will have to pay about two months worth of expenses at first. This will, however, save you money in the long run. If you don’t have enough money in your escrow account, you run the risk of losing your insurance or home.

Business transactions that are done online are highly recommended to be secured by an escrow account.  It is highly recommended that an escrow agent secure online business transactions. There are too many cases of fraud on the internet. Having an escrow account will help secure the safety of your business. It’s also a great way, as a buyer, to ensure that you’re getting exactly what you want and need out of a business purchase by setting out your conditions and making sure they are met before a payment can occur.

Medical Properties for Lease

If you’re searching for medical properties for lease, look no further than Boulevard Medical Properties. Visit our website today to view what we have to offer or a free quote from one of our experts.

Medical Practice Management: Going Above And Beyond

Managing a medical practice is unlike the majority of other commercial property management. A medical office building requires a very specific set of rules and regulations both in functionality and leasing. The level of insight that is needed to manage a practice can be daunting for some. In 1983, 76.1% of physicians were owners of a practice, and by 2016, that statistic dropped to 47.1%. Make sure that you are aware of all the nuances that will help you manage the building effectively. Before you can manage the practice, you need to find a location for the practice. Step number one is to establish the best location for a medical office building. Boulevard Medical Properties can help you with your search for specialty medical offices in Downtown Los Angeles. With their help, you can focus on the areas that are most important for managing a medical practice.

You Can’t Spell Management Without Manager

To effectively manage a medical practice, there needs to be someone in charge of the management. Many times, physicians will try to take on this role to disastrous results. Next to the human body, managing an office may seem like child’s play, but a medical practice is quite a complicated system. By having someone knowledgeable and focused take on the management responsibilities, the practice will thrive. It is important to find an educated manager. One who knows about all positions and their functions in the office. This will help give them insight into how to delegate properly. A communicative manager is necessary as well because a medical office only runs effectively if everyone is on the same page. Finding the right person to fill this crucial role will make all the difference in a medical practice.

Cleanliness Will Set You Apart

There are places that people assume to be clean: restaurants, hotels, and the doctor’s office. If something shatters our perception of these places being cleanly, most typically do not return. A cockroach in the bathroom of a restaurant or a dirty towel in a hotel room can spell disaster for these establishments. The same goes for medical practice buildings and their workspaces. Many people have a fear of going to the doctor, so visiting a medical office can be a stressful affair.

By creating a clean and inviting environment, you can help foster a positive experience for patients. Cleanliness is important to set yourself apart from other practices, but it is also necessary for the safety of your patients. Most patients who visit a doctor do so because they are sick. Having a heavily trafficked area with sick people spreading germs is more than enough reason to properly invest in janitorial services and supplies. In some cases, cleanliness can be the difference between life and death in a medical practice.

You Can’t Over Deliver When You Understaff

This is a thin line to walk because being frugal and financially sound is important too; however, being understaffed and ill-prepared could be more harmful to your bottom line. Even with appointments set, you never know who may be coming into your medical practice for an emergency that could set the delicate balance of your schedule into utter chaos. The thing that is most synonymous with going to the doctor is sitting in the waiting room even when you have an appointment. Imagine how superior your medical practice will be if you were one of the few that actually kept to the appointments that patients set. Going above and beyond means that something needs to be different to keep your patients happy and returning.

Finding Medical Offices in Downtown Los Angeles

Managing a medical practice can be time-consuming, and Boulevard Medical Properties is available to help in any way they can. We will take the stress of finding medical offices in Downtown Los Angeles. Give us a call today to see how you can benefit from our insight.