5 Ways to Increase Healthcare ROI 

healthcare ROI
September 9, 2022

The past couple of years have been incredibly hard on all industries, but the healthcare industry has taken the biggest hit. 

Medical practices everywhere are struggling to reduce costs and increase their ROI.

If this sounds like you, you're not alone.

Let's take a look at 5 ways you can improve healthcare ROI in your organization. By following these tips, you can save money and improve patient care at the same time.

1. Incorporate telehealth into your practice

Telehealth is not something to leave behind with the pandemic. In fact, it's one of the best ways to improve healthcare ROI. 

Telehealth allows you to reach more patients without incurring the costs of travel and lodging. It also reduces no-shows and cancellations, which can save you time and money. 

Not to mention, patients love it, as it's incredibly convenient to receive the care you need from the comfort of your own home.

2. Use technology to manage staffing issues

One of the biggest challenges in healthcare is managing staffing--especially during the nationwide shortage of healthcare workers and the rise in burnout. Limited staff is causing increased wait times for patients, leading to frustration for all.

You need to have enough staff on hand to provide quality care, but you also need to keep your costs under control.

Technology can help you strike the right balance. The right care delivery platform will help you integrate the scheduling of both virtual and in-person appointments based on patient preferences and physician availability. 

This is ideal for helping you increase patient volume and revenue. It can also help keep patients in-network, preventing them from seeking out other options.

This kind of technology is also great for increasing the productivity of your staff that may be struggling from burnout. Most advanced care delivery platforms also allow for quick and easy payment collection, which can be a major advantage to your practice.

3. Use workflows for triages and assessments

Another way to improve healthcare ROI is by using workflows for triages and assessments.

Workflows help you streamline the process of triaging and assessing patients. They can also increase patient satisfaction, help you reduce mistakes, as well as the number of patients who go to the emergency room unnecessarily.

Combining your telehealth software with other complementary technologies can streamline your care and triage processes even further. The right software will help you be able to assess a patient's condition prior to their visit, resulting in more personalized services while improving access to care and lowering costs to patients.

4. Be mindful of your patient experience

The patient experience is a critical part of healthcare. If patients have a bad experience, they're more likely to tell others about it and less likely to come back.

There are many factors that contribute to the patient experience. 

First, you'll want to make sure your staff is friendly and helpful. You also need to make sure your waiting areas are comfortable and your appointment times are reasonable.

You also need to be mindful of the little things. For example, make sure your bathrooms are clean and stocked with toiletries. 

By paying attention to the details, you can ensure that patients have a positive experience at your facility.

Here are a few tips for improving the patient experience:

  • Use customer surveys to get feedback 
  • Train your staff on customer service 
  • Make sure your facility is clean and comfortable 
  • Be responsive to complaints 

By following these tips, you can improve the patient experience at your facility.

Technology can also help you improve the patient experience. By using patient portals and telehealth, you can give patients 24/7 access to their health information. Patient portals also allow patients to schedule appointments, pay bills, and request prescription refills online. 

5. Hire a fractional CMO

One of the best ways to improve healthcare ROI is by hiring a fractional CMO.

A fractional CMO can help you develop and implement marketing strategies that will increase patient volume and revenue. 

We can also help you create a brand that patients will trust and want to use. 

If you're not sure whether or not you need a fractional CMO, consider these benefits:

  • Increased patient volume 
  • Increased revenue 
  • Improved brand awareness 
  • Improved patient satisfaction 

If you're looking for ways to improve healthcare ROI, hiring a fractional CMO is a great option. Schedule a free 45-minute diagnostic session with the fractional CMOs at Bizzuka today to gain clarity on the opportunities that are lying dormant in your organization.