Medical care providers and practices are at a crossroads right now. As the industry is on the precipice of tremendous changes in insurance and care delivery methodology, it’s becoming more imperative than ever to look at ways to trim excesses and cut general expenses.
This is something nearly every type of medical care provider is experiencing, and it can be particularly imperative when you operate a small practice.
The question becomes, what do you do when you’re facing overwhelming expenses that are making it difficult for you to remain profitable? While there are some areas in medical practices where corners absolutely can’t be cut, there are other creative ways you can shave quite a bit off your expenses and make a significant financial impact.
Creating an intern program can be a valuable idea for medical organizations of any size. You can hire interns to do things like handling administrative work or even to do marketing and patient outreach. When you hire interns, you’re not just saving money in your practice, but you’re also gaining the benefits of a fresh, new perspective. In many cases, these interns may turn into full-time employees after graduation, so you have the advantages of fast-tracking employees who’ve already trained in your practice.
Invest in Efficient Technology
Technology is in many ways changing the way medical practices operate, and along with ensuring you improve your efficiency and compliance, you can also use technology to cut costs. New technology such as a comprehensive Electronic Health Records platform may require an initial upfront investment, but over the long-term it can save you quite a bit of money in administrative labor costs, the cost that comes with human error and overall expenses related to traditional record keeping. When you have robust, reliable software, you can cut down on your overall number of staff, and you can also reduce costs such as overtime pay.
Re-Evaluate Your Vendors
Many doctors and medical care providers develop strong, long-term relationships with their vendors, but this can lead to spending more money than is necessary. Before every contract renewal, consider all the possible vendor alternatives to ensure you’re making the best possible financial decision. For example, depending on your provider, if you change medical waste disposal companies, you could find yourself saving as much as 15%. Just ensure when you do choose other vendors you’re considering not only overall cost, but also the quality of service and the costs associated with the transition.
Making simple changes to your medical practice that are more eco-friendly isn’t just good for the planet and your marketing—it can also save money. Look at small changes such as selecting supplies that can be sterilized and re-used or shifting the type of lighting you use in your office.
Moving Toward a Smarter, More Streamlined Office
With simple, creative cost-savings measures you can not only improve the level of efficiency in your medical practice, but you can also save yourself money and increase profitability. Medical practices don’t have to be at the mercy of costly vendors, supplies or operational practices when there are so many viable opportunities available.