12 Months /
A well-respected regional healthcare provider aimed to expand its operations after facing a revenue plateau for several years. RAPID helped the organization double its revenue in 12 months, with positive cash flow. Now, doubling revenue again in the next 12 months is possible.
Step 1 – We conducted a market analysis and found that mental health care is severely lacking nationwide. Patients often must wait over three months to see a provider and may be unable to use their insurance coverage. On the provider side, a tight labor market with high turnover and insurance-related timelines can make achieving positive cash flow difficult.
We contacted existing patient referral sources, including primary care and OBGYN practices to better understand our potential partners’ needs. In addition to providing excellent patient care, they emphasized the importance of immediate access to care and a seamless handoff process and follow-up communication to keep them informed about the patient’s status.
Step 2 – We evolved, developing business acumen and cross-functional teams. By aligning different functions within the team with key performance indicators (KPIs), we fostered a better understanding of business processes, tracked progress, and identified critical adjustments needed for growth. This leadership approach promoted accountability, professionalism, and action among administrative and clinical staff, preparing the team to handle growth effectively.
Next, we sought referral partners who could bring us many new patients, not just a few at a time. We looked for partners who could benefit from our services and were committed to providing high-quality patient care.
We joined two of our state’s largest clinically integrated networks covering over 375,000 people to achieve this. We worked closely with each partner during onboarding to ensure our approach aligned with their unique organization, systems, and culture.
We learned a lot through this process, and we’re now using this knowledge to expand to new hospital systems in our state and beyond.
Managing cash flow is crucial for any business. Our organization prioritized retention as the key driver of our economic success. We designed our recruiting, selection, and onboarding processes with retention in mind. To stand out in a competitive labor market, we offer top-quality pay and excellent support to our staff, eliminating non-patient-facing tasks that other practices require. We evaluate applicants based on their competencies and cultural fit, not just their capabilities and experience. Thanks to our effective recruiting efforts, we have grown our provider count from 6 to 25 in 6 months, with zero turnover in the first year.
Our patients have given us glowing 4+ star reviews on Google, and we plan to double our provider count to 50 soon.
The practice is now on track to quadruple (4X) revenue in 2024 over 2022 with more than 4,000 new patients generating strong cash flow. It can now internally fund further growth while maintaining high patient care and capabilities standards.