HOW TO MAKE AN EXTRA MILLION DOLLARS WITH YOUR PAIN MANAGEMENT CLINIC
When it comes to running a pain management clinic, there are several current overriding issues to consider. With over 50 pain management clinics as clients of US Lead Network, we speak daily to clinic owners and administrators.
Insurance companies consistently are cutting reimbursements for procedures for no good canstockphoto6498329reason other then they just feel like it. There are several mechanisms that pain clinics can use to make an extra million dollars a year, and here is an overview of how to do it.
First and foremost, US Lead Network helps pain practices attain new patients in a turn key fashion. The Network captures patients online by marketing with over ten different methods, generating phone calls to an answering service, then vets the leads according to the practice specifications. There is an excellent ratio of these leads turning into excellent patients.
Currently, there are at least five ancillary service methods of revenue capture on these new patients that are brought into the practice. The first is depression and opiate risk stratification scoring systems. These are extremely valuable scoring systems that are performed digitally and take less than 10 minutes. They are reimbursable through the vast majority of insurances and can make anywhere from $30-$50 each. Some can be done monthly, and others can be done every six months.
When a pain management patient needs an interventional procedure, the typical method of injection consists of putting together a tray that includes the needle, syringe, medications and sterile draping. Obviously these consumables are not free and must be purchased as a cost of doing business. Most insurance companies will not pay extra for canstockphoto3389624these and include them in the overall fees paid.
However, the FDA has approved several injection kits recently to reduce the risks associated with reusing medication files. As a result, pain management clinics can now utilize these FDA approved kits which get reimbursed through the patients pharmacy benefits. This could turn into an extra $200-$400 profit on each applicable procedure performed.
Performing urine drug screening is another method of acquiring revenue for a practice. Checking for drugs of abuse is very important and the practice may as well make money off of something they should be doing anyway.
When a pain management doctor feels that the patient would benefit from a brace for back pain, knee pain or other extremities, typically there is DME coverage through the patient’s insurance.
Medical practices are allowed to purchase the DME equipment and then provide it to patients while billing for it with the appropriate codes, this can be an excellent money maker for practices.
What this means is that as the US Lead Network acquires new patients for the practice, the possibility for additional revenue to the practice can be increased immensely. This will make the cost of the marketing program essentially minimal.
US Lead Network offers strategic partners for clients to speak with regarding all of these ancillary revenue services. With the practice that has an average patient population, and with the help of US Lead Network, these services can add well over 1-$2 million annually to the bottom line.
Call US Lead Network today to discuss a pay for performance marketing model for your pain management practice!