As a dermatologist, your goal is to increase your dermatology practice's profitability. By improving revenue and increasing your bottom line, you'll be positioned to manage a successful practice that attracts and maintains patients.
Tips on How to Increase Practice Profitability Margins
Having a profitable dermatology practice involves balancing both management and patient care. Check out a few tips on how you can achieve this objective.
1. Review Pricing
Offering the dermatology services your patients are looking for at the right price can help increase your overall patient volume and profits. It's important to keep in mind that the pricing needs to correlate to the value of the service. Reducing expenses and increasing prices can lead to higher dermatology profit margins.
2. Diversify Services
Adding to your current list of services can help attract more patients. When your practice offers a diverse range of offerings, you'll be able to better meet the needs of individuals of all ages with various conditions.
Whether you offer additional medical dermatology services or spa options, your practice will be better positioned to increase profitability.
3. Build a Quality Team
Your team plays a significant role in the success and profitability of your dermatology practice. Having the right amount of dermatologists, assistants and administrative personnel will improve your practice's quality and efficiency.
Keep in mind it's also cheaper to retrain individuals rather than hire new staff members, making it worthwhile to invest in your current team.
4. Utilize Financial Tracking
Any medical practice, regardless of the size, needs to maintain detailed financial books and records. Regularly reviewing these records, ranging from overhead to service transactions, can help you determine areas where you could reduce expenses and maximize your dermatology profitability.
5. Partner With a Derm Group
Many practices spend a lot of time on administrative tasks, which impacts both productivity and profitability. This time could be spent treating patients instead, increasing your dermatology practice's profit margins.
Partnering with a dermatology practice management company like DermCare allows you to take advantage of shared back-office support in areas like:
- Group purchasing.
This partnership will enable you to focus on serving patients while retaining 100% autonomy of all clinical decision-making.
Discover How DermCare Can Help Increase Your Dermatology Practice's Profitability
At DermCare, we remain committed to providing a world-class suite of business services that help practices free up the time and effort spent on back-office tasks.
Interested in learning more? Give us a call at 844.633.9358 to see how we can help you reach your goals.