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How to Save Money at Your Medical Practice

How to Save Money at Your Medical Practice

While the high overhead of operating a medical practice can make it difficult to turn the kind of profit that you were hoping for, physicians who take a few cost-saving measures may notice an improvement on their bottom line. From digital record keeping and replacing the entertainment in your waiting room to handling broken equipment and lowering labor costs, there are plenty of ways to make any practice more profitable.

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Cutting Costs in the Front Office

The first thing that your patients see when entering your practice is the waiting room, and making it a comfortable space is an admirable goal. Alongside toys for the children, most practices provide television and reading materials to keep both kids and parents occupied; however, while such items are always welcome, they can be expensive. Instead, select and play videos that are appropriate for all ages and consider asking staff members to bring magazines from home. Eliminating cable packages and magazine subscriptions can result in significant savings over the course of a year.

Practices that have not yet digitized their patient charts may want to consider doing so; although the initial cost of the software and training employees in the new method may seem overwhelming, the savings over time will make up for the initial investment. Physicians who choose electronic record keeping methods not only cut costs and save time, but they also reduce their practice’s ecological footprint by using this newer, greener method for organizing vital patient information.

Reducing Costs in the Back Office

While your go-to solution for stocking your practice may be to invest in the best medical equipment that money can buy, even excellent, quality tools occasionally need to be repaired or replaced. Common, affordable objects often cost little enough that repairing them would be more expensive than replacing them. However, other equipment may need to repaired to ensure that your practice remains in the black; for example, endoscope repair services are likely to be far more economical than replacing the item every few years.

Finally, lowering labor costs will help you make your practice more financially viable. Instead of hiring four new medical assistants, hire one experienced person and let that individual supervise three interns. Working with a seasoned professional and several interns is feasible for almost any position in a practice, and it can save a great deal of money.

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