How Practice Management Solutions Helped Us Become More Profitable
At HENO, we understand how difficult it can be to manage a PT practice and be profitable. It requires hard work, organization, and the right tools to make everything flow.
In fact, that’s how HENO was born. We were frustrated using multiple software solutions to manage our practice. We realized, when we evaluated the available practice management solutions, that there wasn’t one tool that could do everything. We put our heads together and created HENO.
You probably expect practice management to simplify your job. What you might not know is that it can also help you to become more profitable. Here are some of the specific ways that practice management solutions helped us increase our profits.
It Simplified Billing
In the early days of our practice, we were handling billing in a piecemeal fashion. We had a separate accounting system that we used to bill patients and insurance companies, but it wasn’t integrated with the other aspects of our practice.
Creating and using HENO allowed us to:
- Bill patients immediately, without waiting
- Track insurance payments
- Automate follow-ups
The bottom line is that without a comprehensive practice management solution, bills and collections were falling through the cracks. We improved our bottom line simply by putting a system in place to ensure our billing was managed efficiently.
It Improved Patient Care
Patient care is directly tied to your bottom line, even if it doesn’t always seem that way. When your patients know they can trust you to give them the best care possible, they’re more likely to return to your practice again and again.
Another benefit of streamlining patient care with practice management solutions? It increases the chances that your existing patients will refer their friends and family to you when they need physical therapy.
Improving patient care also provides some intangible benefits. For example, better patient care is likely to translate to better online reviews and a better reputation for your practice. You might not be able to put an immediate price tag on those things, but you can bet that they’ll help you attract new patients to your practice.
It Allows More Time for Patients
Let’s face it, using four to five different software solutions to manage a single business isn’t just expensive – it’s time consuming, too. We know because that’s what we did before we created HENO.
When you can manage everything from one simple dashboard, it frees up your time to do the most important thing of all – treat patients. In fact, we found that we could schedule more appointments because we saved time using the right software to help us manage the various aspects of our practices.
It’s not difficult to understand that being able to take on more patients also translates to more income. That’s simple mathematics – and something we could see in our bottom line when we finally had the practice management solution we needed.
It Simplified Our Marketing
Marketing is a must for every physical therapy practice. If you’re like a lot of the practice owners we meet, though, you struggle to find time to do things like manage your social media accounts or create promotions for your existing patients.
One of the biggest things we wanted to do with HENO was to integrate marketing into the practice management solution we created. Why? Because research shows that conversion rates are higher for practices that use content marketing.
That’s why HENO allows you to integrate your marketing. It’s easy to manage your referral sources, create promotional codes, and send out promotional information to your existing referral sources and prospects. And it’s no surprise that better marketing translates to higher profits.
It Allowed Us to Track Sales and Inventory
Stocking medical supplies and necessary items for your patients makes sense. Why wouldn’t you want to encourage them to buy from you when possible. Sales of these items can add to your profits without requiring a lot of extra work – if you have the right practice management solution in place.
One of our goals with HENO was to give ourselves a way to track our inventory, identify best-selling items, and make sure that the items we had in stock were useful to our patients as well as being profitable for us. We also wanted to make it easy for our clients to set up punch cards for packaged services and accept credit card payments – things that encourage patients to buy from their practitioners.
An All-in-One Solution
Of course, the bottom line isn’t the only thing that matters when you compare practice management solutions. Your practice is important, but so is your life. The best solution is one that streamlines your management responsibilities by letting you do everything from one convenient dashboard that you can access from anywhere. Ultimately, that will leave you with more time for your patients and your life.
Choosing the right practice management solution can help you increase your profits while saving time and eliminating stress.
Ready to see what HENO can do for your bottom line? Click here to schedule a free demo.
