“Driving growth in your GP practice” was presented at GP20.
The panellists, Belinda Hegarty (Head of Healthcare, CommBank), Jonathan Foyer (National Director Medical Services, CommBank), Belinda Allen (Senior Economist, CommBank) and Ben Howat (Chief Operating Officer, Smart Clinics) discussed various opportunities practices have to drive growth amid the recovery.
Research showed that during the initial period of COVID patients stayed at home and 3/4 of practices reported a decline in patient numbers and revenue.
To increase patient engagement optimise the practices website for convenience.
Showcase the experience of the GPs
Highlight the full range of multi-disciplinary services
Have the functionality so that patients can book on-line, as this will drive appointment making
To increase revenue and profitability:
Introduce new services and new service lines ie skin cancer checks, women’s and men’s health services, chronic disease management programs.
Grow non-core areas – eg imaging and pathology. Focusing on non-core areas can help by providing a more rounded offering and this increases patient consideration
Identify efficiencies in practices to reduce costs.
Upgrade technology to provide for more efficiencies.
Reallocate some services to nurses eg vaccinations and general health checks.
Question every line of expense and identify cost savings eg renegotiate contracts with suppliers and leases.
Overall, diversification of revenue stream will increase profitability and overall patient satisfaction.