Decreasing costs and increasing revenue without compromising on patient care is an important goal for any medical practice. By taking a few simple steps to tighten up on spending, you will be able to increase your revenue year after year.
First, it is essential to closely monitor and log all operating expenses. As you make changes to save on costs, be sure to track what expenses you are cutting back on. Even if you’re only saving $100 by cutting back on one area of your practice, you will discover that all expenses, small and large, add up quickly in the end. It is often the small expenses that get overlooked as insignificant but that, when added up, significantly impact the bottom line of a medical practice.
Medical Call Answering Service
A quality medical practice ensures that their patients can reach a live person at any time. Unfortunately, the costs associated with keeping a clinic open 24 hours a day, 365 days a year can be exorbitant. One way to keep employee costs low while still providing your patients with around-the-clock access is to hire a medical call answering service. With a live answering service of operators who are HIPPA trained, you will be able to get away with using fewer resources while optimizing patient care.
Medical Supply Group-Purchasing Deals
The cost of medical supplies is sure to make a considerable dent in your budget. Many types of medical supplies have a limited shelf life and must be replaced regularly. If available, sign up for a group purchasing deal for medical professionals. This will allow you to take advantage of a number of discounts for a wide array of medical supplies. You may also find that there are group purchasing deals for physicians in your area that give you access to much more affordable biohazardous waste disposal services.
Look into New Vendors and New Buying Techniques
Are your current vendors giving you the best deals possible on quality medical supplies and equipment? Taking the time now to shop around for the best deals may end up saving you thousands in the long run. If cost-effective, purchase supplies directly from the manufacturer when possible. You may also find that there are vaccine-buying cooperatives and other cost-saving techniques that will save you quite a bit over time. Whenever possible, purchase bulk quantities of medical supplies as long as they won’t expire before you can use them.
If a certain type of buying technique only seems like it will save you a small amount per order, calculate your savings over a full year to determine its long-term value. You may find that even small savings are worth the effort when annual savings are determined.
Reconditioned or Used Office Equipment
You can’t run your medical practice without office equipment. Unfortunately, office equipment can be very expensive and will break down from time to time forcing you to buy new equipment. A great way to save a considerable amount on your expenses is to find a company that specializes in selling reconditioned or used medical equipment and office equipment. Gently used clinical and office equipment has the potential to save you thousands of dollars each year.
Hire an Accountant
If you’re trying to save on expenses, it may seem counterintuitive to spend more money on outside help. However, the money that you spend on an accountant may be one of the most financially savvy decisions that you make. An experienced accountant can show you exactly where money is being spent. With a clearer understanding of your practice’s spending habits, you will be able to initiate effective changes so that you can increase your bottom line without affecting patient care.