In the realm of healthcare, medical offices are faced with the challenge of balancing financial sustainability and providing quality care. Unfortunately, many medical offices fall into the trap of fixating on the immediate financial gains from each patient encounter.
This approach prioritizes non-disabled patients with higher-paying insurance and neglects the potential for establishing long-term relationships, particularly with disabled patients.
By focusing solely on the revenue generated from a single visit and disregarding the need for accessible healthcare, these practices not only hinder patient care but also jeopardize their own financial future. In this article, we will delve into the consequences of this short-term-profit mindset and shed light on the importance of prioritizing long-term relationships and accessibility in medical practices.
The Allure of Short-Term Profit
Medical offices often perceive immediate financial gains from in-person visits as more lucrative than telehealth encounters. Factors such as higher reimbursement rates and the ability to upsell patients during in-person visits contribute to this belief. However, by fixating on the monetary value of a single encounter, medical offices fail to recognize the potential for long-term profitability through establishing and retaining patient relationships.
The Elusive Art of Patient Retention
Inadequate office culture and poor communication skills impede medical offices' ability to retain patients. When patients face difficulties scheduling tests or procedures following an initial telehealth consultation, frustration builds, resulting in patients abandoning their healthcare journey.
Instead of addressing these barriers and cultivating an inclusive environment that promotes patient retention, medical offices resort to trapping patients in-person to maximize short-term revenue.
Neglecting Accessibility: A Deterrent to Care
Medical offices often cite the need for in-person examinations to circumvent ADA legislation and justify their focus on non-disabled patients. This approach restricts access to care for disabled individuals who may benefit from the convenience and flexibility of telehealth. By neglecting accessibility, medical offices contribute to healthcare inaccessibility, undermining the principle of equitable healthcare for all.
The Long-Term Value of Disabled Patients
By prioritizing immediate financial gains, medical offices overlook the long-term value that disabled patients can bring to their practice. Disabled individuals often require ongoing care and have a higher retention rate compared to non-disabled patients. Establishing a strong, inclusive office culture and providing accessible healthcare can foster long-term relationships with disabled patients, resulting in a steady revenue stream over time.
The Financial Pitfall
Medical offices that fail to prioritize long-term relationships and accessible healthcare risk putting themselves out of business financially. By focusing solely on the initial encounter, these practices miss out on the potential for substantial revenue from disabled patients who require ongoing care. Considering the average cost of patient acquisition, the return on investment from disabled patients can far outweigh the gains from non-disabled patients.
Conclusion
Medical offices must shift their mindset away from the short-term profit approach and instead focus on establishing long-term relationships with patients, particularly those with frequent healthcare needs such as disabled individuals. By prioritizing accessibility and cultivating an inclusive and supportive office culture, medical practices can secure their financial future while providing equitable healthcare to all.
It's time for medical offices to recognize the true value of long-term relationships over immediate financial gains.
