For medical practices across the country, the coronavirus crisis put an abrupt stop to “patient care as usual.” But among the significant challenges and uncertainty created, there are also new opportunities for practice owners to make meaningful improvements that impact day-to-day operations as well as long-term profitability. Here are a few to consider:
1. Remodel or update your practice
With fewer patient appointments than you may normally have, now could be the perfect time to renovate or update your space. From a full remodel to bringing in new equipment or even just a refresh of paint, take advantage of your schedule to make office improvements that you may otherwise have been putting off. These updates will pay dividends for you immediately by providing a better patient and staff experience, but also in the long run, if you choose to sell your practice.
2. Buy a new practice or business
For some practice owners, the COVID-19 pandemic has sparked an interest in selling their practice or retiring from medicine. The market entering a recession could mean a favorable purchase price for you, should you be interested in acquiring a new practice. This venture can increase your revenue in the short term by bringing more patients into your practice, and may also pay off later, should you choose to sell your investment.
3. Upgrade and organize existing systems
If you’re working to keep your staff on the payroll with minimal appointments, using this time to upgrade your systems can help set you up for operational success once your appointment pace picks back up. Here are some upgrades you might consider:
- Transitioning to fully electronic records and recordkeeping
- Implementing telehealth software to help you serve patients now and post-coronavirus
- Consolidating multiple operating and records systems into one holistic software
- Organizing outstanding insurance claims and resubmitting that haven’t been paid after 30 days
- Reviewing vendor contracts and/or renewing subscriptions for cost savings or consolidation
- Updating internal documents, employee handbook, or other administrative documents
4. Diversify your income stream
For entrepreneurially-minded practice owners, the coronavirus has created another option when it comes to diversifying your income: a side business. Whether you’re interested in exploring a personal passion, providing a needed service in your community, or taking more control of your schedule, a side business is a great way to create variety in your revenue. By securing an additional income source, you can safeguard against fluctuations in the economy or other unforeseen risks, which may slow down or impact your primary role as a medical practitioner.
The medical sector is likely to feel the impacts of the pandemic for a long time to come, but that doesn’t need to be a bad thing. For those practice owners being strategic with the opportunity, it could provide positive outcomes that also have a lasting impact. BHG knows you may want to take advantage of the current circumstances without delay, that’s why we offer commercial loan approval in 24 hours and funds in as few as 3 days, as well as financing up to $500,000*. To see how affordable the monthly payment on your loan could be, try our free payment estimator today.
* Subject to credit approval. Amounts and interest rates vary and are determined by applicant’s credit profile. Call for full program details.