Developing a strong referral network is critical to ensuring the success of your medical practice. In order to grow your medical practice’s revenue, it is important to attract new patients consistently. In addition to advertising and connecting with insurance agencies, establishing a reliable referral network is an excellent way to bring in new business.
In the last decade or so, the rate at which doctors have referred patients to a specialist has more than doubled. Professional referrals have not grown just because doctors want to expand their practice, but for a multitude of various factors that drive physicians’ decisions. The following are some of the points that are contributing to the increased referral rate:
Too few doctors: There is a shortage of primary-care physicians in the United States, which means they lack the time and resources to pay attention to patients with complex illness. So rather than decreasing the quality of patient care in order to maximize revenue to balance expenses, these patients are referred to specialists who have sufficient resources for handling their complex symptoms. According to published reports, the availability of primary-care physicians is not going to improve for the next few years at least. Therefore, in the years to come, the rate of professional referrals will grow as physician availability declines.
Fear of malpractice: Recent studies have revealed physicians’ constant worry over malpractice. This concern is one of the strongest drivers behind requesting lab tests and referrals. According to a study, physicians’ fears of being sued for malpractice are disproportionate to the risk of being sued. But as long as malpractice remains a concern for physicians, it will influence their referral patterns. Also, patients often demand to be referred to a specialist. In the past, a patient with shoulder pain might be told to take a Motrin and wait for a few days. However, now the patient demands to be referred to a neurologist. So, a larger portion of referrals is coming from patient requests as well.
The quality of your referral network can impact your income, patient experience, information security, and your medical career. That is why it is critical to building a strong referral network from the very beginning. Moreover, once you have established your referral network, you must maintain and upgrade it regularly. Just a few mistakes can damage the reputation of your medical practice. Here are some of those mistakes:
You can call us to take advantage of a free referral marketing evaluation for your medical practice.