The economy has hit everyone, and your practice is no different. Here are a few suggestions on how to ease expenses while we’re waiting for the recovery to happen. – Jen Gilbert
• Cut hours, not jobs
For jobs not directly associated with patient care, consider cutting just a few hours a week. If you haven’t already done so, think about putting your office staff on a salary instead of paying them hourly—and thus doing away with overtime pay and the need to cut hours at all. Be sure to check your state employment laws before making changes.
• Control the Thermostat
Just a little change can save a lot here. Employees tend to vary in the temperatures they prefer, causing one person to turn the air down low, and another one to come right behind and jack it up high.
Instead, pick a temp that suits most people—and put a lockbox on the thermostat. Those who need to wear more or less (within reason) to be comfortable can do so.
• Go Paperless
Investing in technology actually saves in the long run. But so does making the best use of what you already have available. If you have computerized systems in place that are not being used to their fullest potential, fix them. Electronic medical records can be incorporated into any practice. Even forms can be signed and stored online with the right software.
A low-cost scanner can eliminate the need for a copy machine—and its ink, paper, and maintenance expenses. With a scanner, you can copy charts, store them directly on your computer, and fax them from there, too.
Cut down on the need for appointment cards by asking patients to expect an instant email or text message to their iPhone or Blackberry. You’ll increase the chances of their remembering the appointment and save a few trees—and yourself some extra cost. In the process, put your practice’s email address in there so that communication can happen virtually as well.
• Get Draconian with the Supplies
Have a quick inventory done on supplies already available and stop ordering extra ones. Make all supply orders above a certain amount subject to your approval.
This goes for what you are supplying employees as well—ask your staff to chip in for coffee, creamer, and paper cups.
• Renegotiate Your Services
What are you paying for an answering service? How about cleaning? Lawn maintenance? Scrutinize it all . . . and shop around for the best price.
Then approach your existing service providers with the lowest cost estimates you received—and see if they will match them. Companies would rather discount than lose you as a customer altogether.
• Outsourcing Medical Billing
By far, medical billing is the most time consuming, complex, and expensive—yet absolutely necessary—function of a physician practice. Run the numbers on how much it costs to keep it in-house versus outsourcing the function.
When you take into consideration employee compensation, benefits, extra office space, phone, and other expenses—it might just be worth it to hire outside help.
• Downsize office
As a last resort, consider moving into smaller quarters. It may not be as comfortable, perhaps, but with the reduced offices rental rates now available, you could save a bundle. And the patients are there to see you, not hang out!
It’s always smart to save wherever possible. With a little ingenuity and attention, you could save dramatically. And you can do it without undue effect on your employees or your patients. Happy savings!
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