Continued growth is the key to reaching your practice's potential. One of the best ways to bring in more business is by adding new revenue streams, such as ancillary services or retail products. Practice Provider will help you explore possible revenue streams and decide whether to implement them.
For each possible service or product, Practice Provider will perform an in-depth needs assessment to determine if a viable market exists in your location. Based on the results, we can tell you whether a particular product or service is likely to bring in significant revenue for your practice.
If Practice Provider determines that a viable market exists for a given revenue stream, we will then analyze the feasibility of adding it to the practice. During our feasibility study, we will determine how much it would cost to implement this new revenue stream, as well as the tasks your practice must complete before you can offer the product or service to your patients. Will you need new equipment or software? Will renovation or construction be required? Practice Provider will help you answer all of these questions and more.
Return on Investment
Whether it be the wholesale price of a product or the cost of renovations, every new revenue stream will involve a certain amount of money to implement. Practice Provider will determine whether the revenue your product or service will generate will be worth the investment. During our analysis, we will estimate the amount of money you can expect to invest, the ongoing cost of the maintaining the revenue stream, the expected amount of money it will generate and how long it will take to start turning a profit.
Adding the right revenue streams to your practice can dramatically increase your profitability. Let Practice Provider identify the ancillary services or products that will benefit your practice the most.