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Ancillary Income - Boost Your Bottom Line

Written by BLG Business Advisers . October 31, 2018
1 min read

Are you looking for a way to increase the revenue coming into your practice? Hiring more General Practitioners (GPs) to service more patients is the obvious choice but there are alternative options to investigate. One of these includes introducing ancillary income services to your practice, which offers patients additional motivation to keep visiting your practice as opposed to a competitor. Below we will be going through some of the ancillary services that could be beneficial to have in your practice.

Pathology

Renting out a room to a Pathology provider can be a  potential revenue stream. However, due to recent regulatory changes and variations in the requirements of providers, it is becoming more difficult and less lucrative.

If you are looking to rent out a room in your practice to a Pathology provider, make sure you are complying with the current regulations.

Allied Health Services

If you are unable to fill your consulting rooms with GP’s, a good avenue could be providing additional services to your patients. These may include Podiatrists, Psychologists and Dieticians.

Looking at your current patient base and deciphering whether those services are going to be beneficial to your practice is important. Looking at the referrals for these services will give you a good indication of whether their services would be good fit and beneficial for your practice and your patients..

Practice Nurse Incentive Program

Having a Registered Nurse (RN) or Enrolled Nurse (EN) in your practice means you may be eligible for the Practice Nurse Incentive Program. If eligible, you may be entitled to incentive payments which can be used to subsidize the cost of employing the nurse.

These are just some options to consider when wanting to boost the revenue in your practice. Find out what strategies will prompt growth in your practice with a skilled team. Take this opportunity to get in touch with BLG Business Advisers online or by calling (02) 4229 2211.

*This information is relevant at the time of publishing and is subject to change*
Written by BLG Business Advisers . October 31, 2018
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