Boosting Practice Revenue Reduces Stress, Enhances Lifestyle

Would you like to enhance your quality of life while lowering your workload? How about minimizing stress in your life? Or increasing potential net profits for your

practice — all while maintaining or improving quality patient care?

Just about everyone would sign up for any or all of those enhancers, right? But these are avenues most physicians do not actively pursue — through no fault of their own. Physicians are well aware of the avenues they could explore for generating additional practice revenue, but being aware and knowing how to put them in play are two different things.

“Doctors have so much more on their plate that minimizes or hampers or prohibits them from exploring other avenues,” says Bill Rego, president and CEO of Rego Medical Consultants. “I believe that even if they did go out and want to bring in ancillary products and services to their office, because they’ve got so much on their plate right now, it typically takes a back seat.”

So how about a helping hand?

Making Connections

The goal of Rego Medical is to educate physicians and provide connections to corporations that are looking to bring a product or service to market quickly and efficiently. These corporations are eager to connect with medical practices, and they know that by plugging into Rego Medical, they can, with one brush stroke, connect with several hundred potential clients to help them grow.

“We’ve diffused any consulting fees for the physicians, which is a win for them,” Rego explains. “We’ve allowed them to connect to one company (Rego Medical) that gives them access to multiple manufacturers and companies, which is a benefit to them from many points of view.”

It’s a connection, but not an obligation.

“We give them advice, we give them the education, and we give them the options,” Rego says. “It’s up to them at that point to do as they wish.”

Understanding Needs

Step one in Rego Medical’s process is a thorough assessment of physicians and their team members. The goal is to increase quality of life, minimize stress, lower workload, while creating great programs for their patients as a means for adding revenue. For example, what types of programs does the practice currently have? How many staff members are there, and are they experiencing time constraints? What programs are creating more efficiencies?

“We ask them qualifying questions,” Rego says. “We ask them questions that allow the sales executives to understand what it is they’re doing. And once we do that, we find a solution to that need and we fill that void with our portfolio of ancillary products.”

Rego says the common denominators among medical practice are new rules and regulations; platforms that have been implemented over the last three to five years that put physicians and their staff in a position where they’ve had to cutback in order to implement these requirements.

“If you understand that,” Rego says, “then you work backwards to try and solve some of these issues.”

Taking Action

Rego acknowledges that change can be challenging — but he adds that nothing happens by osmosis. Action has to be taken.

“Change is the only constant,” he says. “What’s important is how you handle it, and what meaning you give to that change.”

For example, will the change create more inefficiency? Or will the change ultimately take the physician, his or her staff and their patients to another level.

“The programs that we’ll put in play will be a tremendous benefit to their patients, number one; will all be legal, number two; and will all potentially increase their net profit by six figures a year,” Rego says. “When that happens, when all of a sudden they’ve got some cash flow coming in, now they’ve got a reward for their change.”

Those rewards, based on increased practice revenue, come in the form of being able to hire additional staff to alleviate some of the pressure, and enable current staff to take time to do whatever is important in their life at that moment. Quality of life improves, and stress is reduced.

But, Rego emphasizes, medical practices are under no obligation to do anything following consultation with his team.

“We give them advice, we give them the education, and we give them the options,” he says. “Then it’s up to them.”

But if no action is taken, nothing changes.

“If they want these products and services to work, there has to be a commitment to action,” he says. “However, I’ve seen that not doing anything would ultimately cost them more than if they did it.”