It’s fair to say that most businesses, whatever industry they operate in, could benefit from saving money. The less money they spend, the bigger the profits they can make and the better they can make their business. This is particularly important in the medical industry where saving money can be redirected into caring for and supporting patients.
If you run a medical practice, check out these very real ways that you could save money starting today:
Often, it makes more financial sense to outsource things like checking staff’s credentials to a credentialing contracting company or the creation of medical databases to Professional It companies, instead of doing these things in-house, where they will take up more of your valuable time and cost you more should you need to hire professional staff to get the job done.
Reassess Your Scheduling
No matter how long you’ve had your schedule in place, it might be worth reassessing it. Sometimes, for example, it makes more sense to stay open over lunchtime than it does to open at the weekend, when employees may need to be paid a premium. Not only that, but it might make sense to encourage employees to go home early, unpaid when there is little work for them to do. These fairly minor things could make a huge difference to your bottom line over the course of a year.
Use Technology to Your Advantage
It has never been more possible than it is now to use technology in place of medical practice staff. Obviously, you will still need to employ a dedicated team of staff to take care of patients, but a lot of things such as scheduling and sending payments and booking appointments can largely be handled by automatic software, which is less expensive and more efficient.
The great thing about running a medical practice is that there are an abundance of suppliers vying for your business, so it’s quite easy to change your suppliers and make huge savings in everything from cotton swabs to essential medical equipment. You just have to take the effort to see sales reps and gather as many quotes as possible.
Rent Out Spare Office Space
If you have a room or two that are not being used in your medical practice, renting them out to other businesses, preferably in the healthcare sector, as office space will enable you to cut the cost of your rent and utilities without really changing anything about your business or the way your practice is run.
Ask for Staff Suggestions
Often, the staff at your practice, whether they’re doctors, reception staff or healthcare assistants will have a lot of sound ideas about reducing waste and cutting costs – you just have to take the time to ask them.
Cut Down on Supplies
Last but not least, do what you can to cut down on the amount of supplies you need. Doing as much as you can electronically, will cut the costs of paper and ink significantly, as will simply buying less of the stuff. When you do this, staff will use what resources they have much more carefully, saving your business thousands annually.