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How Nigerian Hospitals Can Increase Revenue & Profitability in 2024 and beyond

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Discover the ways hospitals can improve their revenue in 2023

3 Ways Hospitals in Nigeria Can Increase Revenue & Profitability Before the End of 2023

Are you familiar with how dwindling patient patronage, long patient waiting times, and poor patient satisfaction can hurt hospital revenue?

Do you constantly experience low patient turn up for follow-ups or missed patient appointments?

Do you struggle with managing patients with long-term illnesses who require home-based care?

Do you have an effective model that caters for busy executives who do not have the luxury of time to visit the hospital or key population and influential persons whose personalities require utmost confidentiality? 

If any of the above is of concern to you, then read on!

Many Nigerian hospital administrators and owners struggle with the notion that many Nigerians believe that hospitals and clinics ought to be charitable endeavours because they are saving lives.

This mindset is pervasive across the country and can be alluded to be one of the reasons for the stunted growth of the Nigerian healthcare industry.

How can private and public hospital administrators navigate this limiting cultural ideology to uplift the healthcare industry to be at par with its counterparts in other parts of the world?

A sure way to do this is to unlock latent opportunity and potential in the industry which will create new streams of revenue for your hospital. 

This will increase your profitability and provide collateral-free capital to invest in the organization for better patient satisfaction. This cannot be achieved through the old ways of doing things, hence, the need for innovative operations and processes.

There will be a need to commit to using new tools and adopting change management strategies for your organization to thrive in these changing times

Top 3 ways hospitals in Nigeria can increase revenue and profitability before the end of 2023:

Ways to increase hospital revenue
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Adopt Telehealth & Telemedicine in your practice

In business, it is common to desire to outsmart the competition. In most cases, we attribute the competition to another business providing similar products and services.

However, for hospitals in Nigeria, the competition is neither other hospitals nor the employees within. The competition is self-medication.

Why do patients engage in self-medication? 

The answer is simple. They are unable to access quality care that is convenient, fast and easy and affordable, thus, they resort to the seemingly easiest option which is self-medication.

Telemedicine bridges that gap and provides patients with the ability to reach doctors in your hospital quickly. 70% of the reasons most patients come to your hospital do not require in-patient care, therefore, adopting telemedicine is a no-brainer.

How can you adopt telemedicine?

Using new telemedicine tools such as KompleteCare will give you access to new patients especially those that prefer and value personalization, confidentiality and their time.

You can also try it for free and make up your mind if it is worth it. The interesting thing about adopting telemedicine is that you can be consulted from anywhere in the world as long as the patient is able and willing to pay for the service. 

Provide home-care services

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Many hospitals in Nigeria do not provide this service. However, there is a sizable demand for home-based care in Nigeria and this gap is currently filled by individual doctors and nurses who have built personal relationships with patients who can afford this kind of service.

A hospital that has the right tools to manage these kinds of requests can open a decent stream of income as home care medical services are considered premium and can be afforded by individuals who have the resources to pay for such services.

Using tools like KompleteCare can provide a hospital with the needed platform to maximize this opportunity to make more profit.

With KompleteCare, your organization can easily unlock this stream of income and benefit from this high-end market.

Manage your patient pipeline

Has your hospital or clinic experienced a patient showing up at the outpatient department without an appointment? This is a common occurrence in hospitals and clinics in Nigeria.

Have you taken the time to analyze what it is costing your organization to “fly blindly” which in this sense means having patients just show up for treatment? Most definitely, the immediate need would be to care for the patient but is that the most effective and efficient way of using your resources?

What if many patients, more than your facility can handle, show up on a certain day without an appointment and have very few doctors to attend to their needs? How will that affect your operations?

Wouldn’t you wish you had a way of knowing what number of patients will show up at your facility? Encouraging patients to book hospital appointments with your hospital is very important.

The benefits far outweigh the costs. For starters, it helps you to manage your finite resources efficiently and effectively. That way, you are able to offer patient-centered care, satisfy patients and optimize revenue generation.

KompleteCare can help you manage your patient pipeline. The platform allows insured and uninsured patients to schedule face-to-face hospital appointments with your hospital in a manner that gives you and the doctor an idea of what your out-patient is likely to present with. This certainly does not apply to emergency cases.

KompleteCare can help you manage your patient pipeline. The platform allows insured and uninsured patients to schedule face-to-face hospital appointments with your hospital in a manner that gives you and the doctor an idea of what your out-patient is likely to present with. This certainly does not apply to emergency cases.

KompleteCare is a health technology product of Sevenz Healthcare that enables seamless patient-provider interactions and ensures that patients receive patient-centred care from all the players in the healthcare value chain for patient satisfaction.

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Ginika Oluchi Okeke

Ginika is the Lead health writer at KompleteCare. She also doubles as an editor and proofreader for everything that concerns content. When she's not writing content for KompleteCare, you might find her copy-editing works for authors before publication.

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