A profit for a healthcare owning company can be made by considering important elements such as
(a) Keep track of the revenue projections by knowing the details for total monthly revenue, such as number of patients, average billable hour fee for a given service, average number of hours given per month for each patient,
(b) Expenses on the type of service provided by knowing the labor, general and admin costs.
(c) Capital expenditure on assets like furniture, computers, transport and medical equipment
(d) Track of ongoing working capital
(e) Readiness on the financial projections in case to be shared with probable investor
Once these are identified then the business strategies should be developed to grow the business without increase in the cost rather focus to increase the revenue, by following ways:
– Appreciate and reward the staff to get an increase in productivity
– Get the customer feedbacks in case developing new products
– Identify new customer and markets for business to grow
– Continuous improvement of customer service by providing trainings etc.
– Rework on the pricing models
– Promotional offers and good deals to the customers
– Good management of the stocks, vendors or suppliers etc.
– Decrease in overheads and indirect costing
– Benchmark the own business by comparing the similar business in the market
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