Only 3 Ways to Achieve Top Line Revenue Growth

Marketing strategy plays a crucial role in the healthcare industry, enabling organizations to effectively communicate their value propositions to target audiences. In this era of consumer-centric healthcare, a well-crafted marketing strategy can help healthcare providers build brand awareness, attract patients, and establish long-term relationships.

One legendary business leader, named Jay Abraham, wrote a book called “Getting Everything You Can Out of All You’ve Got.” Jay has helped grow more than four hundred companies including IBM, Microsoft, Citibank, and Charles Schwab. In 2000, Forbes listed him as one of the top five executive coaches in the U.S. Needless to say, his principles have been proven to grow businesses of all types and sizes, so I wanted to apply them to physician practices. Jay recommends three key principles for growth, which we will cover here.

#1 : Increase the number of patients coming to your practice. Now this may seem very basic and yet it is, as it points to the traditional mindset of modern marketing. Most practices are solely focused on this principle, constantly trying to figure out how to increase referrals or attract more patients to their practice. However, this isn’t the only dimension to an effective marketing strategy...which brings us to Jay’s second principle.

#2: Increase the frequency of patient visits to your practice. This may come into play for routine care and making sure to schedule appropriate follow-up visits. However, this principle can be very impactful when serving patients who purchase elective and/or cosmetic services since the frequency can often be discretionary.

#3: Increase the average revenue per patient visit. While increasing the number and frequency of patient visits are important, the revenue per visit should also be analyzed. Does your practice offer products that can compliment the services you provide in order to enhance the result for the patient and increase overall revenue per patient? This can also work for offering additional services that work together to achieve the desired result for the patient.

These timeless principles first published by Jay Abraham should be part of every practice’s successful marketing strategy. While physician and patient referrals as well as direct marketing help to drive the first principle, keeping in mind and implementing the other two principles will lead to rapid growth in your practice.

Given the complexities of healthcare reimbursement, growing revenue for physician practices can also come from an efficient revenue cycle which is why this article focuses on “top line” growth.

Do you agree? Leave a comment or private message me with your feedback. 

Email: namar@aveacrna.com