How to Drive Revenue Growth in the COVID-19 Crisis

The COVID-19 pandemic, as devastating as it has been, has also spawned numerous smaller crises, and the healthcare sector has not been immune. In fact, the pandemic has directly impacted healthcare delivery, particularly for outpatient and elective care, and has resulted in significant revenue losses.

Specifically, early in the pandemic, outpatient visits plummeted by 60%, according to The Commonwealth Fund, a not-for-profit that seeks to improve access to high-quality care. Similarly, the Medical Group Management Association (MGMS) reported a 55% decline in physician-practice revenue.

Recovery from that initial fall-off has been uneven, with many specialties – including cardiology, pulmonology, immunology, orthopedics, and more – continuing to lag.

In a scenario like this, healthcare organizations need to be proactive in offering guidance and identifying ways to accelerate revenue growth by reassuring patients that it is safe to book an appointment. As they continue to strategize towards reversing the economic impact of COVID-19 on their business, healthcare organizations and medical groups (along with their team of physicians) are continuing to evolve their action plans for their business functions, patient interactions, and revenue generation. Listed below are a few expert tips that would help in boosting strategic growth.

4 Tips To Generate Revenue

1. Triage and prioritize patient reengagements

We suggest starting by prioritizing reengagement according to importance and/or value. For example, start with patients who delayed appointments or pre-op visits. From this list, anticipate a backlog of patients with chronic or preventive needs and reach out to them for scheduling appointments. Orthopedic, cardiovascular, and cancer screenings can bring in quick appointments in addition to ensuring consistent downstream revenue.

Proactively reach out to your other patients to inform them about the reopening and tell them it is time to come back in for an appointment. In particular, emphasize the importance of seeking care for critical issues like chest pain, stroke, etc.

2. Ensure Patient Peace of Mind

It is important to understand patient comfort in terms of re-engaging. So, set up the new visit interactions in a way that ensures them peace of mind. Reinforce the impression of your organization as a safe haven for clinical visits when they do reengage and opt for screenings, physicals, and visits.

• Communicate the safety protocols followed at your end with real, concrete information about measures taken at your end to sanitize outpatient centers, doctors’ cabins, etc.
• Also, keep them informed about the safety protocols they will need to follow during their visit.

3. Personalized Messaging Can Work Wonders

In a Deloitte survey of what matters most to consumers for creating positive health experiences, the number one response was personalized experiences.

That starts before the visit even happens. Refrain from sending generic messages to your patients when targeting to book in-person visits. Remember, people are already flooded with communications on healthcare programs, COVID safety tips, and so much more. Instead, communicate in a personalized and direct manner that makes patients feel valued.

In addition to this, provide clear instructions on how the office arrival process and wait time for appointments will go.

After each wave of communication, we recommend analyzing patient turnout volume. This will drive how new patients can be approached and how to allocate them to physicians with capacity.

4. Support and Promote Complete Well-Being

The ongoing pandemic has had a profound impact on mental health and emotional well-being. As responsible healthcare organizations and physicians, you must support all aspects of a patient’s health.

Empathize with their mental state and communicate that you understand this pandemic has impacted their lives, potentially causing unhealthy habits and affecting overall health. Try to anticipate their situation and offer them resources and information that might support their overall well-being. Doing so can help you to win their trust and prevent any unprecedented revenue downstream issues.

Considering the current scenario, unfortunately, the ‘new normal’ is here to stay, at least for a while. Therefore, personalized interactions aligned with patients and their needs would help drive revenue growth. Strategizing and planning well can yield great results.