Scheduling Analytics

Good Patient Scheduling Can Optimize
Your Medical Practice Revenue Stream

dashboardmd appointment monitoring dashboard

(Click image to enlarge.)

A critical financial factor that many medical practices overlook is how patient scheduling affects their bottom line. Having the information you need to analyze and understand your appointment scheduling — especially how to deal with no-shows — can lead to an improved revenue stream for your practice. According to MGMA, medical practices experience a yearly no-show rate of five to eight percent. Depending on the size of your practice, your total revenue loss could range anywhere between three to 14 percent.

At an average of $95 per missed appointment, the numbers add up quickly. Just four no-shows per week will generate almost $20,000 in lost revenue annually. In today’s economy, all lost revenue needs to be avoided.

The first step in mitigating this “revenue leak” is to determine your no-show rate. You should try to keep it below 5 percent. Then, using a calculated formula, specific to your practice, discover the approximate amount of over booking you need to do to compensate for your revenue loss. While making your calculations, keep in mind your patient wait times and ensure they remain at an acceptable level. Research shows the best time to over book patients is in the morning; that is when most patients miss their appointments.

Creating the right balance between seeing enough patients to meet your financial needs and still offering high quality patient care can be challenging. The number one patient complaint is long wait times. Considering how unpredictable healthcare can be, it is understandable that there may be times when patients will have long waits. Sometimes it’s just unavoidable, but understanding your wait times, the reasons for your no-shows and striking the right balance of over booking to compensate for losses, can lead to a better financial picture for your medical practice.

 


Register today to schedule a demo webinar and see our Scheduling Analytics in action.

An * indicates a required field.)

Contact Name: *

Company Name: *

Phone: *

Email: *

Practice Management System:

How can we be of service?

Good Patient Scheduling Can Optimize
Your Medical Practice Revenue Stream

dashboardmd appointment monitoring dashboard

(Click image to enlarge.)

A critical financial factor that many medical practices overlook is how patient scheduling affects their bottom line. Having the information you need to analyze and understand your appointment scheduling — especially how to deal with no-shows — can lead to an improved revenue stream for your practice. According to MGMA, medical practices experience a yearly no-show rate of five to eight percent. Depending on the size of your practice, your total revenue loss could range anywhere between three to 14 percent.

At an average of $95 per missed appointment, the numbers add up quickly. Just four no-shows per week will generate almost $20,000 in lost revenue annually. In today’s economy, all lost revenue needs to be avoided.

The first step in mitigating this “revenue leak” is to determine your no-show rate. You should try to keep it below 5 percent. Then, using a calculated formula, specific to your practice, discover the approximate amount of over booking you need to do to compensate for your revenue loss. While making your calculations, keep in mind your patient wait times and ensure they remain at an acceptable level. Research shows the best time to over book patients is in the morning; that is when most patients miss their appointments.

Creating the right balance between seeing enough patients to meet your financial needs and still offering high quality patient care can be challenging. The number one patient complaint is long wait times. Considering how unpredictable healthcare can be, it is understandable that there may be times when patients will have long waits. Sometimes it’s just unavoidable, but understanding your wait times, the reasons for your no-shows and striking the right balance of over booking to compensate for losses, can lead to a better financial picture for your medical practice.

Register today to schedule a demo webinar and see our Scheduling Analytics in action.

An * indicates a required field.)

Contact Name: *

Company Name: *

Phone: *

Email: *

Practice Management System:

How can we be of service?

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