If you’re here, orthopedic practice management is likely an essential part of your job. If so, are you struggling to balance financial growth with excellent patient care despite having years of health and/or business finance experience?
Nobody said these responsibilities would come without challenges. Several external factors can damage your bottom line, even minor changes in healthcare regulations.
It’s time to organize your financial operations and get your orthopedic practice on track to maximize revenue. Below, our team outlines seven proven methods for boosting revenue in 2025 and beyond.
Try the fastest and most direct way now — book a ChartRequestSelect demo for no-cost records release automation!
7 Practical Tips To Boost Income for Your Orthopedic Practice
Healthcare organizations in the U.S. often operate on thin margins. According to 2023 year-end data, the U.S. healthcare operating margin reached 2.3%. While some financial administrators may interpret this data as a positive rise, market performance remains unstable.
Your practice can stay competitive and reduce unnecessary expenditures despite these market trends. Here are seven ways to start:
1. Utilize Digital Records Management
If your orthopedic practice still operates a paper filing system for medical records, now is the time to switch to a digital health information management platform.
Unnecessary manual paper processing costs the healthcare industry around $18 to $22 billion annually. Take paper check processing, for example, which costs more than $7 on average per transaction. This type of manual filing is also prone to human errors that can lead to delays, billing discrepancies, or incomplete claims.
Implementing a digital records management system can lower costs and enhance the revenue cycle of your orthopedic practice management.
Platforms like ChartRequestSelect simplify records management and exchange for orthopedic practices at no cost through encrypted software.
2. Enhance Patient Communication and Experience
Communication impacts how patients perceive your orthopedic services. When patients are anxious about their well-being, effective communication can help ease that stress. Providing regular updates about their conditions, treatment plans, and significant medical events empower them to take charge of their health journeys.
67% of patients cut ties with their doctors due to poor communication. Encourage your medical staff to foster open dialogue that creates a supportive environment. This method is an excellent way to boost patient satisfaction — essential in retaining clients and encouraging referrals.
Quickly transferring a patient’s health history upon request is just one example of trust-building and communication. Upgrade your orthopedic practice management strategy with effective record exchange platforms like ChartRequest.
3. Improve Patient Intake Processes
Inefficient patient intake processes harm care coordination which can result in treatment delays. When these bottlenecks occur, hospitals can lose up to $16,300 per patient due to readmissions. In these situations, duplicate testing, new prescriptions, and other avoidable costs may drain your clinic’s budget.
Faster patient intake processes will improve your chances of earning substantial revenue and reducing operational delays. Our release of information solution includes a care coordination and referral management component for getting patient records to other providers before the first appointment!
4. Invest in Staff Training
Your orthopedic medical records team is an asset too valuable to ignore. Investing in high-quality training can pay off in spades. Ongoing employee development and skill improvement can directly influence the quality of patient care and the operational efficiency of your practice.
Here are the advantages of regular staff training:
- Well-trained staff have a deeper understanding of patients’ needs, resulting in improved care and outcomes.
- Training enhances employees’ comfort with new technologies and systems, streamlining workflows and reducing delays.
- Regular training demonstrates that you value their professional growth and job satisfaction.
- Keeping your staff updated on the latest regulations mitigates risks and safeguards the practice against legal issues.
- Knowledgeable and confident employees contribute to a superior patient experience that fosters loyalty and encourages referrals.
- Fewer bookkeeping mistakes in your orthopedic practice can reduce financial losses and pave the way for long-term success.
5. Strengthen Compliance and Security
According to Health and Human Services (HHS), security breaches in 2022 impacted over 20 million patients.
Legal compliance with healthcare regulations is non-negotiable. HIPAA and the Cures Act have strict guidelines; even seemingly minor violations can lead to hefty fines. Your systems and procedures should always be ready to protect you from the following:
- Phishing and cyberattacks
- Unintentional information blocking
- Right of Access Violation
- Non-compliance with Minimum Necessary Standards for Protected Health Information (PHI)
Moreover, HIPAA violations can severely impact your public image and reputation. Anthem Inc. lost 1.7% of its market share after one of the most notable HIPAA mishaps in 2015.
Big or small, your orthopedic practice management policy should strengthen compliance to protect the integrity and confidentiality of patient information.
6. Optimize Workflow Efficiency To Reduce Administrative Costs
The average administrative cost per hospital in the U.S. is around $54.6 million per year. Administrative activities are crucial for tasks like scheduling, staff hiring, and handling medical records, which are essential for efficient orthopedic practice management.
Streamlining your workflows can save office resources and free up more time for patient care. Look for ways to automate routine tasks and eliminate bottlenecks in your processes.
Modern technology can play to your advantage. For example, ChartRequestSelect works with all EMR / EHR systems to reduce interoperability and compatibility issues when exchanging data with non-network healthcare providers.
7. Enhance Marketing Efforts
Saving lives sits at the core of every healthcare organization. However, you still manage a business that must advertise to maintain growth.
Marketing helps your organization stay top of mind and increases patient awareness of your services. This due diligence can lead to more appointments, referrals, and profit.
Explore these effective ways to enhance your marketing efforts:
- Online Presence: Establishing a website with relevant information about your practice, providers, services, and contact details is crucial in our increasingly digital world. This tool also opens the door to online appointment booking.
- Social Media: Utilize various social media platforms to engage with patients and showcase your expertise through informative posts and patient testimonials.
- Email Marketing: Send newsletters or informational emails promoting new services, health tips, or updates within the practice.
- Partnering with Referral Sources: Establish relationships with other healthcare providers who may refer patients to your orthopedic practice.
Enhance Health Information Management For Your Orthopedic Practice at No Cost
Effective orthopedic practice management goes beyond managing daily operations. Implementing effective strategies can enhance communication, lower administrative costs, and strengthen your healthcare compliance.
Our no-cost release of information solution for orthopedic practices can free your team from endless phone calls and faxes, so they can focus offering exceptional care and a top-notch patient experience.
If you’d like to learn more about how we offer ChartRequestSelect partnerships at no cost or what your orthopedic practice can gain by partnering with us, click here to set up a brief consultation.
