Why Most Practices Leave 20% of Revenue on the Table
You could be losing thousands of dollars each month without realizing it. It’s not always about getting more patients. Often, it's about plugging the leaks.
Here are 5 common mistakes that cost private psychiatry offices up to 20% of their potential revenue:
1. No-Show and Late Cancellation Gaps
Every open spot on your schedule is lost income.
Patients think its ok to no-show or cancel right before an appointment.
Action: Enforce your no-show and late cancellation policy and automatically charge fees. Make sure that patients signed an agreement clearly stating the policy and that their card will be automatically charged your no-show or late cancellation fee.
2. Uncollected Balances
Patients leave without paying, and no one follows up to collect.
Patients think that they can pay whenever it is convenient for them.
Action: Require cards on file and follow up weekly on past due balances.
3. Denied or Delayed Claims
Insurance errors that no one notices until it’s too late.
Action: Follow up on denied claims weekly, starting with the highest value.
4. Missed Follow-Ups
Patients don’t reschedule, and no one calls them.
You don't have a process to make sure all patients have a follow up appointment.
Action: Have providers schedule the next appointment before the session ends AND have the office staff call patients once a week that don't have an upcoming appointment.
5. Low Call Conversion
Front desk isn’t trained to turn inquiries into bookings.
Action: Train your staff using a script and track call-to-booking ratio. Make it clear to them that new patients are the life line of the practice. Without new patients the practice will struggle or die a slow death.
Final Thoughts
It’s not always about marketing harder. Sometimes it’s making your processes easier and repeatable. MindPractice helps identify and fix these leaks with systems built specifically for psych practices.
Take the Next Step: Let’s Talk
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