A medical practice incurs various kinds of costs, on a daily basis. It is pertinent for any practice to keep its expenses low in order to reduce its likelihood of going into a loss or even bankruptcy. In the contemporary era, patients expect modern and well-lit clinics when they visit a practice for examination, consultation or anything of the sort. Therefore, a smart balance needs to be created between spending and saving because patients and staff should not be adversely affected by a practice’s austerity measures. There are a lot of different ways by which a physician can reduce his unnecessary expenses without affecting the overall performance of his practice. Some of them are as follows:
Some medical organizations hire interns to handle administrative tasks, manage nursing work, participate in patient outreach and create an online presence for doctors – all of which are essential duties in any given practice. By hiring interns, practitioners can save money which they would, otherwise, have to give to a full-time staff member. Performing interns can later be offered permanent employment, subjected to their knowledge, skills, and abilities.
Since technological intervention has drastically changed the way medical practices operate, it should be done in compliance with the actual requirements of the potential customers i.e., the practitioners. Since the practitioners are committed to improving their profitability by cost-cutting, therefore only such EHRs should be implemented, which help in substantial cost reductions. Buying a better EHR system may have a large acquisition cost, but its ROI would be better in terms of the annual savings it may offer. It is better to go for a robust system in the beginning than to go for a weak system that would eventually need to be changed at some point in time.
Develop Long-term Relationships
It is advisable that providers develop strong relationship ties with their vendors, patients, and staff members, in order to save himself from the hassle (and costs) of finding new ones.
Be More Participative
As vague as this sounds, being aware of progression and positive social campaigns is a useful way to save money. If we take the example of environmentalism, adopting measures to make your clinic eco-friendly will be suitable for your practice, in terms of cost savings. Selecting medical supplies that can be reused after sterilization, using energy-saving lighting and central conditioning will considerably reduce the cost of utility bills. Using less paper will help too.
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Having a more inclusive environment at your practice will enable trust and increase referrals. That may seem like a tactic to make money, but more importantly, it ensures that the employee turnover and the cost spent to find ideal candidates will lessen. Patients are going to build a level of comfort if they see the same staff members and your good relations with everyone. Empathizing with patients is going to increase visitations, consultations, and other will be a factor in revenues in the long run.
Streamlining workflows is an excellent way to achieve the best of both worlds – improving performance and cost reduction. Allowing patients to schedule appointments is one way; this will save your resources from attending unnecessary phone calls. Instead, your staff can concentrate on other administrative tasks. If patients are given autonomy to view their results, billing histories and curing methods, they won’t have to take up staff or physician time for personal queries.
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Spending some time educating patients, and teaching them how to automate their own tasks is going to save costs which might incur through mistakes in the practice. One huge problem that can be curbed through automation is incorrect billing information. Hiring a billing company or automating it in your practice is going to allow for timely verification, eligibility checks and simplification in case of denied claims. Medical errors are common, and not everyone can be held accountable because it really isn’t anyone’s fault all the time. It is a stressful job for physicians and their staff members.
Some more suggestions…
A few additional tips are: finding a space which has lesser rent, or renting out extra space, if available, is going to help. Renegotiating your rent is another way of reducing monthly expenditure. Sharing office space with another specialty can also increase foot traffic in the clinic. This way, everyone will know where you are and will prove good for referrals. Cutting down on office supply costs, like reading material for the waiting room, or having less monthly stationery expenditure and going for cheaper options where applicable. One option for reducing reading subscription costs is to print your own patient education pamphlets or brochures instead. Purchasing medicines and vaccines in bulk (keeping in mind need and expiry of each medicine) is going to lower the cost of each medicine per unit.
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