The rise of value-based care and declining reimbursements from insurance companies has led to difficult times for many physicians. However, ancillary services offer physicians a way to grow their practices while better serving their patients. There are many different ancillary services that a physician can offer. These include physician dispensing of medications, various tests that patients would normally have to go to another office for, nutritional counseling, cosmetic procedures, and more. It may not be right for all physicians to offer all of these services. However, by adding a couple you can grow your revenue and ensure greater patient outcomes and satisfaction. To learn more about different ancillary services that you may want to add to your practice, read on.
One of the most common and lucrative ancillary services that many physicians offer in their practice is physician dispensing. This refers to providing medications to patients at the point of treatment, rather than making the patients go to a pharmacy. Dispensing medications in the doctor’s office increases revenue and affords the doctor more time to invest with patients improving outcomes. Many patients do not actually end up filling their prescriptions. With in-office dispensing, doctors can ensure that patients actually get the medication they need.
It has become quite common for physicians to offer electrocardiogram tests or ECGs. In years past, patients would have had to go to a separate medical testing office to get an ECG done. This is still the case for many patients. However, more and more physicians are getting an ECG machine and offering ECG tests in their offices. The ECG test and others can be a good way for physicians to grow revenue, which is why several different tests are listed as profitable ancillary services.
It is less common for patients to access spirometric tests at the point of care, but it is not unheard of. Spirometric tests measure a patient’s lung capacity and function. As with ECGs, in the past patients had to go to a medical testing office to get this procedure completed. However, some physicians have had a great deal of success by offering spirometric tests as part of their practices.
Some physicians are even offering nutritional counseling to their patients. This service is traditionally associated with nutritionists. However, physicians may be able to offer scientifically based nutritional counseling according to modern medical procedures. Some nutritionists are known to use pseudo-scientific techniques in advising their clients, which could end up being harmful in the long run. Many patients are aware of this and feel more comfortable getting nutritional counseling from a physician.
Radiology refers to several different tests that are not usually offered in the physician’ office. Some physicians are now offering radiology services through their practices. While this can be lucrative, it also requires a great deal of startup capital. The machines that are used to complete radiology tests are extremely expensive. However, if a practice can get start-up capital together, offering radiology services can be a great way to increase patient satisfaction and revenue.
Patients often think of plastic surgeons when they are considering cosmetic procedures. However, other types of physicians can also offer cosmetic services. This is very commonly seen with dermatologists. Any of them will treat skin diseases as well as providing cosmetic procedures to their patients. However, other physicians can offer various cosmetic services such as Botox if they feel comfortable doing so. These services are simple to perform and quite lucrative. It is also worth noting that patients usually pay out of pocket for the services, which reduces the physician’s reliance on insurance reimbursements.
It has become common for general practitioners to offer implantable contraceptives. Implantable contraceptives are easy and simple long-term contraceptives that are implanted into a woman’s arm. This is a quick procedure that is in high demand and can help a family medicine practice garner a little more revenue.
All physicians in the United States have to be familiar with the ongoing opioid crisis. This crisis has increased the demand for addiction medicine greatly. More and more practitioners have begun offering services for patients who are struggling with addiction. This is a great way for physicians to help people who might otherwise not have medical options and grow their practice at the same time.
Choosing The Right Ancillary Care Services
When a physician is looking to add ancillary services to increase revenue, it is important that they add the right ancillary care services. It can be tempting to add as many as possible to grow your practice as much as possible, but you want to make sure that you can continue to serve your patients well. If there are areas such as dispensing medications or nutritional services that you feel you are knowledgeable in, these would be good areas for new ancillary services. If you don’t feel comfortable performing cosmetic procedures, for example, then you should not add the service to your practice even if it could be lucrative.