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Creative ways for private practice groups to earn additional ancillary revenue?

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  • Creative ways for private practice groups to earn additional ancillary revenue?

    Have any of you [your group] found creative ways to earn ancillary revenue beyond traditional approaches? I would assume the main income to a physician practice is almost always going to be their professional fee revenues. For those of you in practices that own their own real estate, PT, imaging, etc. already, what other ways have you come up with to generate additional income streams for the practice outside of actually practicing medicine? I.e. if you had some empty space in a clinic building, what have you done with that? What about creative ways to increase productivity of existing ancillaries like PT, imaging, etc.?

  • #2
    PT - bring in a 3rd party to evaluate/consult or partner. Need to make sure therapists are seeing max patients and billing appropriately.

    MRI - needs to run 24/7 🤣. I think ours runs 7-7, 6 days/week

    DME - can be a money maker. Find a good partner.

    RE - own your buildings, control rent and pay yourselves. Lease existing space to hospital/lab/etc.

    Walkin / urgent care clinic - may not be a huge money maker directly, but can feed ancillaries and bring in new patients. Consider running after hours and Saturdays.

    ​​​​​If surgical, owning your asc is the golden goose. That ancillary incomes blows out the above by magnitudes.

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    • #3
      Originally posted by ACN View Post
      PT - bring in a 3rd party to evaluate/consult or partner. Need to make sure therapists are seeing max patients and billing appropriately.

      MRI - needs to run 24/7 🤣. I think ours runs 7-7, 6 days/week

      DME - can be a money maker. Find a good partner.

      RE - own your buildings, control rent and pay yourselves. Lease existing space to hospital/lab/etc.

      Walkin / urgent care clinic - may not be a huge money maker directly, but can feed ancillaries and bring in new patients. Consider running after hours and Saturdays.

      ​​​​​If surgical, owning your asc is the golden goose. That ancillary incomes blows out the above by magnitudes.
      Right now we have MRI for MSK/spine only. Hours aren't always consistent, but largely based on demand. Maybe could contract with local PCP groups to get them to send all their MSK/spine exams to us?

      Have own DME that makes small margin currently

      RE - buildings owned by docs, but as separate LLC. pay ourselves via overhead and then quarterly dividend. Have some open space in at least one clinic building that could be used for something else (outside of normal practice type of ideas is what I'm looking for).

      Also have walk-in / urgent care. Some performing better than others.

      Individuals also have own investments in various ASCs throughout the region.

      Really I'm trying to think outside the box with this... I.e. if unused part of clinic was leased out to some other company with some sort of profit sharing agreement, or start a separate company as a group that could operate out of that space?? I'm looking for the non-traditional ancillary revenue just to help make overhead lean as possible haha.

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      • #4
        Ketamine clinic, Botox, ‘vitamin’ infusions, tattooed makeup, anything CBD, Scentsy, Herbalife, etc.. These are outside the box.

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        • #5
          you could mine altcoins on all the office computers during off hours

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          • #6
            Why would any company want to rent space from you, only to also give you a share of their profits on top of that?

            Leasing the space to anyone is better than what it’s doing now. List the space and see if you get any takers. Sorry that’s not very out of the box thinking, but not sure your problem needs an out of the box solution.

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            • #7
              Originally posted by pierre View Post
              Why would any company want to rent space from you, only to also give you a share of their profits on top of that?

              Leasing the space to anyone is better than what it’s doing now. List the space and see if you get any takers. Sorry that’s not very out of the box thinking, but not sure your problem needs an out of the box solution.
              Some companies offer to give profit sharing in place of a lease payment (a percentage for instance). If you believe the numbers could be in your favor with this set-up, it could be bigger benefit than a guaranteed dollar amount. We've had businesses approach us with such a thing in the past.

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              • #8
                Originally posted by Bonez View Post

                Right now we have MRI for MSK/spine only. Hours aren't always consistent, but largely based on demand. Maybe could contract with local PCP groups to get them to send all their MSK/spine exams to us?

                Have own DME that makes small margin currently

                RE - buildings owned by docs, but as separate LLC. pay ourselves via overhead and then quarterly dividend. Have some open space in at least one clinic building that could be used for something else (outside of normal practice type of ideas is what I'm looking for).

                Also have walk-in / urgent care. Some performing better than others.

                Individuals also have own investments in various ASCs throughout the region.

                Really I'm trying to think outside the box with this... I.e. if unused part of clinic was leased out to some other company with some sort of profit sharing agreement, or start a separate company as a group that could operate out of that space?? I'm looking for the non-traditional ancillary revenue just to help make overhead lean as possible haha.
                I thought docs couldn’t own dme?? I couldn’t practice medicine and write orders to a dme I own..that would be illegal..correct?

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