Scheduling Analytics

Optimized scheduling and good patient flow will increase revenues.

dashboardmd appointment monitoring dashboard

(Click image to enlarge.)

A critical financial factor that many medical practices overlook is how patient scheduling affects their bottom line. Having the right analytics and understanding your appointment scheduling — especially how to deal with no-shows — can help increase revenues. Medical practices experience a yearly no-show rate of 5 to 8 percent. At an average of $95 per missed appointment, the numbers add up quickly. Just 4 no-shows per week could result in almost $20,000 in lost revenue annually.

The first step in mitigating this “revenue leak” is to determine your no-show rate. You should try to keep it below 5 percent. Then, using a calculated formula, specific to your practice, estimate the approximate amount of slight over booking you may need to do to compensate for your revenue loss. While making your calculations, keep in mind your patient wait times and ensure they remain at an acceptable level. Research shows the best time to over book patients is in the morning; that is when most patients miss their appointments.

Creating the right balance between seeing enough patients to meet your financial needs and still offering high quality patient care can be challenging. The number one patient complaint is long wait times. Considering how unpredictable healthcare can be, it is understandable that there may be times when patients will have long waits. Sometimes it’s just unavoidable, but understanding your wait times, the reasons for your no-shows and striking the right balance of slightly over booking to compensate for losses, can lead you toward improved revenues and patient flow.

 

Register today to schedule a demo webinar and see our Scheduling Analytics in action.

* indicates a required field.

Contact Name: *

Company Name: *

Phone: *

Email: *

Practice Management System:

How can we be of service?

Optimized scheduling and good patient flow will increase revenues.

dashboardmd appointment monitoring dashboard

(Click image to enlarge.)

A critical financial factor that many medical practices overlook is how patient scheduling affects their bottom line. Having the right analytics and understanding your appointment scheduling — especially how to deal with no-shows — can help increase revenues. Medical practices experience a yearly no-show rate of 5 to 8 percent. At an average of $95 per missed appointment, the numbers add up quickly. Just 4 no-shows per week could result in almost $20,000 in lost revenue annually.

The first step in mitigating this “revenue leak” is to determine your no-show rate. You should try to keep it below 5 percent. Then, using a calculated formula, specific to your practice, estimate the approximate amount of slight over booking you may need to do to compensate for your revenue loss. While making your calculations, keep in mind your patient wait times and ensure they remain at an acceptable level. Research shows the best time to over book patients is in the morning; that is when most patients miss their appointments.

Creating the right balance between seeing enough patients to meet your financial needs and still offering high quality patient care can be challenging. The number one patient complaint is long wait times. Considering how unpredictable healthcare can be, it is understandable that there may be times when patients will have long waits. Sometimes it’s just unavoidable, but understanding your wait times, the reasons for your no-shows and striking the right balance of slightly over booking to compensate for losses, can lead you toward improved revenues and patient flow.

Register today to schedule a demo webinar and see our Scheduling Analytics in action.

* indicates a required field.

Contact Name: *

Company Name: *

Phone: *

Email: *

Practice Management System:

How can we be of service?

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Simply fill out the form on the right, click on our contact us page to send us an email, or give us a good old fashioned phone call.
877-289-2311

 

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