3 Ways to Reduce Costs in your Medical Practice
No matter how well your practice is doing, it’s always a good thing to keep costs as low as possible without compromising on quality. After all, reduced costs filter straight through to the bottom line, and that means greater profitability. Here are three ways Healthbridge advises you to trim those overheads:
Optimise your office space
Your medical practice, like so many others, is probably paying premium rentals for valuable office space. But is it being put to the best possible use? For example, you could turn part of your existing office space into exam rooms for a new associate, or modify it to accommodate an auxiliary service that generates revenue.
Shop wisely for supplies
Medical practices are huge consumers of supplies, from medicines to office stationery. When last have you checked that you are getting the best possible deal on your purchases, both in terms of discounts and payment terms? Even a seemingly small decrease in your monthly bill will translate into major savings over the year.
Maximise your use of technology
Is your practice using all the latest software applications specifically designed to help medical practices operate more efficiently? They dramatically slash your admin load and phone bill, and free up your staff for other tasks. For example, instead of phoning the medical aid to check patient benefits, you can get the same information within seconds from a computer application.
Your practice’s financial success is determined not only by what you earn, but also by what you keep. The economics of medicine is changing, and more and more practices are successfully changing too.