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Are Doctors, GPs and Dentists Losing Out On Revenue?

December 8, 2017

By Simon Misiewicz

Article relevant to the tax year 2017/18

Are you as a dentist, GP or doctor earning all that you can?

Could you be earning more if you had the right resources in place?

I believe that GPs, doctors and dentists are losing out on revenue needlessly because:

  • Clients are unable to book treatments out of hours
  • Reception desk is too busy to take calls and are asking the wrong questions
  • Telephone lines are engaged and new clients are lost

I feel it is a waste of time to advertise medical professional services if there is no one to take the treatment orders from potential or existing clients.

Lets Take Dr Wasteful. She has set up a private Practice after working with the NHS for far too long and wishes to be rewarded properly for her time in the medical profession. She has a part-time receptionist and leaves the answer machine on for the rest of the time. He is disgruntled by the fact that she has paid lots of money to a marketing agency that promised her significant client calls.

The truth of the matter is that potential clients tried to call into the Practice. They were unable to get through because the phone was engaged or the answer machine message was not effective and customers hung up.

If no one is there to take the call, then I would suggest that it is pointless paying for advertisements, irrespective of how good your service is.

Our team of medical professional accountants are focused on creating greater revenues for your medical professional business such as GPs, locums and dentists, whilst being tax-efficient.

Book your wealth planning session. Let’s address your finance/tax issues and build family wealth that’s sustainable for your future generations. 

By now you would have noticed that the number of tax changes means that you need to plan for the future to ensure that you keep more of what you earn.

Property investors: How does Section 24 (mortgage interest relief) affect you? How are your properties going to perform once Section 24 (mortgage interest relief) comes into full effect?

Doctors/Dentists: Have you incorporated your private practice work into a limited company? Have you structured it to ensure that you and your family takes advantage of the tax breaks?

Stephen Covey said that “people climb to the top of the ladder, only to find out that it is set against the wrong wall”.

Many people go about their business and at the end of the year they feel that they have not moved forwards.

The finance, tax and wealth sessions have been designed to review your financial and tax plans for the next five years by reviewing your income streams, lifestyle costs, investment returns, legacy and estate planning needs.

Learn more about my Finance, Wealth and Tax Planning service – Click Here. 

Please use the redeem code “CRM25” to get 25% off your next wealth planning call, face-to-face in our Nottingham office.

Using automated systems and Virtual PA’s to increase revenue for your medical practice

After a period of time, Dr Wasteful decided to speak with a business consultant to help her understand what was going wrong with her business. After a few days of analysis the business consultant identified that there were a number of unanswered calls and that there was no one available for people to answer the phone.

It was agreed that Dr Wasteful would use an online booking system so that existing clients that already knew of her Practice would book treatments online and pay for them immediately.

This was very convenient to her clients, as they could book time with her whenever it was convenient for them. Dr Wasteful was still able to block out time for her personal endeavours and Acuity scheduling, just one of the online booking systems, only allowed one client booking at a time and allocated time and cost for each type of treatment.

Dr Wasteful also made a significant change for any new potential clients that wanted to understand more about her services. She used a virtual assistant that meant a call centre would receive all inbound calls.

They had a script that was designed by Dr Wasteful and they were able to discuss the needs of a client from a top level so that calls may be booked in with Dr Wasteful.

After a two-month period, revenues for medical practice had tripled and her conversion rates of potential clients to lasting relationships also increased as every touch point of the client experience improved immediately.

I wrote another article about how GPs can make more money by changing the services that alter the services they provide. It is worth reading this article

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Telephone: 0115 939 4606
Email: simon@optimiseaccountants.co.uk