Having undetected money leaks in your clinic not only impacts on your clinic’s revenue and profit margins, but can also impact everything from staff retention due to smaller budgets for pay rises, to the mental health and wellbeing of the clinic owner who may wonder why their hard work is not being reflected in hitting their financial goals.

While many clinic owners report money leaks to be things like doubling up on subscription services that do the same thing, not comparing prices for equipment servicing (for example an autoclave) or inefficient management of appointment books, we’ve been seeing a lot of different kinds of money leaks in clinics that you may not have even thought of – and that you can take immediate action on. Here are six that are very topical in our post-COVID business era.

Not having your appointment pricing on your website

Price is undoubtedly one of the many factors that a prospective patient will consider when deciding whether to book with you, and the issue around price transparency (nicknamed price “transCAREncy”) in healthcare is one that has an ongoing conversation and research around. But the question is: does displaying your price clearly online make it more or less attractive to a prospective patient?

From our research and speaking with our clinics, it’s largely a benefit. Having readily available pricing can set your clinic apart, especially when other nearby clinics keep their pricing private, thus demanding an inconvenient, time-consuming phone call. From a marketing perspective, where the goal is to get the information patients need to them as quickly as possible to help them make a booking decision, you are asking them whether they can be bothered to pick up the phone and call you, with no guarantee of an answer right there and then if your reception team are busy. It can be a big ask – and one not everyone will make, instead opting for the clinic where they can be prepared and informed of the price – regardless of what the price actually is.

Next, consider the impression that clear pricing leaves on onlookers: one of openness, honesty and transparency – and a good level of customer service, according to the Medical Economics magazine. Having clear and concise website information in all aspects including pricing can say a lot about the culture and environment in your clinic – and whether you like it or not, your website is going to be the first impression that most prospective patients have of you. So make it a good one.

Not offering a buy now pay later option

Buy Now Pay Later (BNPL) is here to stay in New Zealand – and the rest of the world. While early 2021 statistics were showing that a third of all kiwis had recently used a BNPL service (including 44% of millennials), a recent NZ survey from the Ministry of Business showed that 33% of people used BNPL at least every 2 weeks, and 83% of those surveyed used BNPL in the past year. The simple truth is that BNPL is regularly being used to afford things that someone may not be able to otherwise – and when it comes to healthcare that can deteriorate if not promptly addressed – in this scenario, it seems that BNPL has a very genuinely helpful use, as opposed to aiding in the purchase of unnecessary consumables.

New Zealand’s leading medical and health-based BNPL service is HealthNow, featuring benefits like allowing payments to be split over 12 weeks and with zero fees or interest to health consumers. HealthNow also meets a higher level of regulatory compliance to ensure that it operates with social responsibility, ethically setting it apart from other profit-focused providers.

Not checking in on your patients

Statistics show that acquiring new patients costs five times more than retaining one, according to Forbes. So what’s an easy way to capitalise on this while also offering a premium level of service that is rarely offered by other clinics? Call your patients to check on them. And it doesn’t have to be by you – having your reception team make these calls are just as effective. These phone calls allow you to:

• Check on your patients progress since their last appointment
• Answer any questions they may have regarding their ongoing care or recovery
• Make further appointments if they have related concerns, or new concerns they want to discuss. This is a biggie – for example, as a dentist, the person for whom you did a filling may have been wanting their teeth whitened for some time, though it hadn’t been an immediate priority, but may now feel much easier given their relationship with the clinic
• Nurture their relationship, promoting word of mouth referrals in the future
• Set your clinic apart as a genuinely caring clinic
• Be confident that your patients are happy with your services, and offer the chance to resolve any issues if this is not the case

Checking in on patients only costs time from your admin team or yourself if you have a cancellation – but can make a world of difference for your reputation, patient outcomes, and your bottom line.

Not offering bundle pricing on certain services

For certain services, bundled pricing has very attractive qualities. Aside from being “the only true transparency in healthcare” according to Medical Economics, offering your patients a bundled price for a series of treatments, especially when the solution to a health problem requires multiple approaches, gives them much-needed predictability to know that they will be able to afford it, without any unexpected surprises that can otherwise leave a bad taste in their mouth.

Very successful examples we’ve seen include teeth straightening packages, plastic surgery packages, heel pain treatment packages, pregnancy ultrasound packages – and more. So consider if a pricing bundle could be a valuable addition to your clinic and fix the money leak of patients feeling overwhelmed by the uncertainty of the total cost and just how high it may get, and therefore delaying or not starting treatment.

Not leveraging employer aid services

Employer aid payments are now becoming the preferred employer benefit in NZ over contributing towards an employee’s health insurance plan. The switch has come about from the very evident cons related to private health insurance, such as inflexible limitations on the plan itself, long waiting periods for pre-existing conditions that often take three or more years, and not having family members covered by an individual plan.

So instead, many large NZ organisations have stepped up to instead contribute annually (or whatever periods and increments they’d like) to an employees’ health wallet that they can spend at any time on any health or medical service in NZ. This means no limitations or waiting periods. It also means money isn’t being ‘wasted’ if an employee doesn’t make any claims – the money stays in their account, and can also be used at pharmacies on health-boosting benefits like vitamin supplements, or symptom-relieving medications for colds and flu. Better yet, the money in the health wallet can also be used on family members – because our own health is often very much affected by the health of those around us.

In order for your clinic to accept the ready-to-go funds from a health wallet, you must have a HealthNow provider account – and your clinic will then be listed on HealthNow’s list of providers so you get even more patients to your clinic.

Start Fixing Your Money Leaks Today

At least two of the money leaks we’ve mentioned today can be addressed by registering your clinic to the HealthNow platform. It’s easy, and the team runs you through everything you need to know to make the onboarding process seamless. To get started, register your company’s interest via this contact form and a HealthNow team member will get back to you promptly.