The orthotics and prosthetics industry is growing at an accelerated rate . Approximately more than $4.3 billion is spent on O&P products and services across the USA. The prevalence of age and disease related disability are seen as the major drivers of growth
But it is not all gravy. Despite the enormous growth potential in the space most O&P businesses are struggling to increase referrals, tap new revenue opportunities and build a strong patient base.
SolvEdge has over two decades in the orthotics and prosthetics industry and we are committed to enabling providers to grow and increase their market share in a competitive marketplace. We do this by strengthening the two pillars of a successful healthcare business: 1. Building a sustainable business model. 2. Overcoming patient experience challenges.
In this blog, we offer actionable strategies to increase referrals, discover different paths to profitability and grow a profitable orthotics and prosthetics business.
1. Most medical practitioners require continuing education credits and developing CEUs will strentghen your presence as an expert in the O&P field.
2. Ensure that the website of your orthotics and prosthetics practice includes certification details and key achievements.
3. Foster meaningful relationships with providers by conducting regular webinars/ seminars.
4. Include patient testimonials across all marketing collateral.
5. Conducting regular events for the local therapy community offers great networking opportunities.
6. Utilizing a patient engagement platform fuels not just great patient outcomes but solidifies your presence in the field.
7. Create a strong referral strategy by embracing online and offline marketing strategies.
8. Satisfied patients are the greatest marketing engine! Improve patient satisfaction by adopting software that is tuned to their needs.
9. Invest in a patient portal to avoid workarounds and automate key patient access functions.
10. A patient outcomes tracking software specifically built for orthotics and prosthetics will provide your business a strong edge and differentiate you from your competitors, directly resulting in more referrals.
11. Develop a specific referral program for major sources of referrals such as orthopedicians, physical therapists, podiatrists, chiropractors etc.
12. Partner with other potential referral sources like wellness centers and running centers.
13. Develop a collaboration program with new hospitals and clinics in your area.
14. Put together a marketing strategy and reach out to target physician groups and amplify reach.
15. Create a clear and repeatable referral process for providers.
How do you create a positive patient experience? The patient experience encompasses the entire range of interactions between your practice and the patient. Delivering a great patient experience is a tough task but it has clear benefits. Patients who are happy about their overall experience tend to refer your business and lay the foundation for a profitable business.
16. Optimize front-desk wait times by implementing an eligibility verification software that offers near real-time coverage information.
17.Reduce paperwork and provide patients the convenience and flexibility they expect by adopting digital solutions.
18. Offer an exceptional care experience by sending out patient statements and appointment reminders that are highly personalized.
19. Establish patient experience ratings and track results to establish a baseline and identify areas of improvement.
20. Offer regular followup and monitor patient outcomes proactively.
21. The orthotics and prosthetics terrain is difficult to navigate. Guide patients to helpful resources and online information to help them understand coverage information and current treatment and payment plan.
22. Create a referral network of specialists to assist patients in getting the specialized care they require.
23. It is best practice to implement a FAQ section in your website to answer common patient queries.
24. Communicate frequently with patients through newsletters, emailers, and social media.
25. Seek patient feedback that goes beyond industry mandated patient satisfaction scores.
What happens when a patient walks out the door? From better reimbursement and increased engagement a lot hinges on the answer to this question. An increasing number of O&P businesses are turning to software to solve crucial patient experience challenges.
26. An outcomes tracking software shows the value of your services and products to patients, insurers, and referring physicians.
27. Collected outcomes data provides orthotics and prosthetics businesses the leverage they need to negotiate reimbursement rates with payers.
28. Clearly collected statistics of patient outcomes speeds up the approval process.
29. A patient outcomes tracking software enables O&P practices to tailor treatment plans and implement best practices.
30. PRO software is known to improve quality of care and clinical outcomes.
31. Outcomes data instills confidence in patients and builds the reputation of O&P practices at an organizational level.
32. Providing outcomes data to referring primary care providers and specialists boosts the referral base and establishes long-term partnerships fosters long-term partnerships.
33. Patient reported outcomes data enables forward-thinking organizations to analyze fluctuations, trends, and ensures compliance with industry standards.
34. Data-driven analytics offers insights into where your business stands and most of importantly where you could It can be used in marketing programs to position your O&P clinic as a market leader.
35. Outcomes tracking offers patients the much needed support and communication.
36.A patient reported outcomes tracking software equips patients to take better health decisions.
37. Outcomes data can be used to enhance operational efficiency.
38. It improves engagement and the overall patient experience.
39. Provides vital patient information.
40. It creates a culture of accountability and high performance within the organization.
To build a successful orthotics and prosthetics business is challenging. SolvEdge is uniquely positioned to solve the financial and patient experience bottlenecks faced by O&P providers through our suite of patient engagement solutions and revenue cycle management services. Go from mission possible to mission accomplished today.