Does your medical practice have leaks? Is your growth hindered by “lost business” that negates the full impact of new patient growth? One of my favorite business expressions is from Roger Enrico, the former CEO of PepsiCo, who would say: “Growth is what matters.” It was one of the cornerstones that made PepsiCo the evolving company that it is and helped form the company’s distinguishing strategy.
Growth Comes in Many Forms
- Acquiring New Patients
- Raising Prices
- Capturing More of Your Existing Patients’ Healthcare Needs
Real growth comes from acquiring new patients and providing more services to your existing patients. Raising prices, which is not much of an option in today’s insurance reimbursement-dominated world, is often a fool’s errand and not real growth. It may create short-term revenue increases, but, at some point, the economics of supply and demand take over and patients leave for cheaper alternatives.
It is also said that if you are not growing, you are dying. In any business, growth is the pathway to sustainability for the company, its employees and customers. Many businesses have come and gone. Margins decline, investment in marketing and other customer-facing enticements disappear, and the business spirals downward. There are many examples of companies like this: Sears, Kodak, RCA, and Bed Bath and Beyond are just a few. They lost sight of their customers’ needs, and their customers fulfilled those needs elsewhere.
Your practice is a business with similar needs and challenges. There are technologies and services that entice your patients every day, including urgent care, telemedicine, allergy care, spa services, concierge services, and lifestyle services such as hormone replacement and weight loss, to name a few. As your patients seek these services, where will they go? As they are lured away to meet their needs, will they return to you? Will this begin a downward spiral for your practice?
Did you know that a leaky faucet that drips at the rate of one drip per second can waste more than 3,000 gallons per year? That’s the amount of water needed to take more than 180 showers! Small leaks are often ignored, but over time, the impact can be staggering.
Does your practice have leaks? Is your growth hindered by “lost business” that negates the full impact of new patient growth?
Take a Look at Allergy Care Services
A smart way to grow is to find ways to expand your offerings and keep your patients within your practice. What services do your patients need that you can offer? Allergy care can be an easy starting point. Over 50 million Americans suffer from allergies and asthma. These patients can be miserable and often self-medicate to treat symptoms without addressing the underlying cause. In today’s world of rapidfire patient visits with limited time to diagnose, treat and counsel, it is common to refer these patients out for care.
More recently, these patients are being lured by multiple telemedicine options offering easy access to care. Allergy care is a perfect example of a service many of your patients need that you can provide. Nearly one in three U.S. adults and more than one in four U.S. children reported having a seasonal allergy, eczema or food allergy in 2021, according to new data from the Centers for Disease Control and Prevention’s (CDC) National Center for Health Statistics. Almost 6% of U.S. adults and children have a food allergy, with Black, non-Hispanic adults and children the most likely to report this type of allergy.
50million+
Americans diagnosed with seasonal and environmental allergies
24million
Americans have seasonal allergic rhinitis
3.1million
missed work days per year
Seasonal & Environmental Allergies
Take a look at data revealed in two new reports from the National Health Interview Survey: “Diagnosed Allergic Conditions Among Adults, United States, 2021” and “Diagnosed Allergic Conditions Among Children Aged 0 – 17 Years: United States, 2021.”
Findings from Adult’s Report1
- ABOUT ONE QUARTER (25.7%) OF ADULTS have a seasonal allergy, 7.3% HAVE ECZEMA and 6.2% HAVE A FOOD ALLERGY
- WHITE, NON-HISPANIC ADULTS ARE MORE LIKELY TO HAVE A SEASONAL ALLERGY (28.4%) compared with Black non-Hispanic (24%), Hispanic (18.8%) and Asian non-Hispanic (17.0%) adults
- The percentage of adults with ECZEMA IS HIGHER AMONG WOMEN (8.9%) THAN AMONG MEN (5.7%)
- BLACK NON-HISPANIC ADULTS ARE MORE LIKELY TO HAVE A FOOD ALLERGY (8.5%) compared with Hispanic (4.4%), White non-Hispanic (6.2%), and Asian non-Hispanic (4.5%) adults
Highlights from Children’s Report1
- NEARLY 1 IN 5 CHILDREN (18.9%) HAVE A SEASONAL ALLERGY, 10.8% have eczema and 5.8% have a food allergy
- BOYS (20%) ARE MORE LIKELY TO HAVE A SEASONAL ALLERGY THAN GIRLS (17.7%)
- CHILDREN 6 – 11 YEARS ARE MOST LIKELY TO HAVE ECZEMA (12.1%), followed by children 0 – 5 years (10.4%) and children 12 – 17 years (9.8%)
- BLACK NON-HISPANIC CHILDREN ARE MORE LIKELY TO HAVE A FOOD ALLERGY (7.6%) compared with Hispanic (5%) and White non-Hispanic (5.3%) children
1 Prevalence and Severity of Food Allergies Among US Adults. JAMA Network Open 2019. The Public Health Impact of Parent-Reported Childhood Food Allergies in the United States. Pediatrics 2018. Food Allergy in the United States: Recent Trends and Costs – An Analysis of Private Claims Data. FARE Health White Paper, November 2017.
85%
of asthma patients have allergic rhinitis
50% more
likely to have allergies if one parent has allergies
75% more
likely to have allergies if two parents have allergies
Allergy Care Supports Patient Retention
Where are these patients getting the care that they need today? Rather than risk losing these patients, you can partner with companies such as United Allergy Services to provide the highest quality allergy testing and immunotherapy treatments in your office. United Allergy Services brings expertise in areas such as leading immunotherapy protocols, inventory management, clinical support, best practice management, staff recruiting/hiring/training, revenue cycle and more—freeing you and your staff to focus on providing the best clinical care for your patients while generating additional revenue.
As you think about your growth plans for this year, don’t forget to focus on stemming the leakage. It’s there, and it’s real. Let United Allergy Services enhance your practice by helping you extend the care you provide your patients.
Learn more about how UAS can improve your practice and create a patient-centered medical home with comprehensive care.
Maximizing Your Practice
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