Running a medical practice can be costly. Like any business, there are various expenses that add up over time. While some costs are necessary and unavoidable, others are not. If you’re concerned with the amount of money you spend annually, it’s smart to carefully analyze your expenses. There are various ways to save your medical practice money, so read on to learn more.
Rent Out Rooms
One of the ways to save your medical practice money is by renting out the rooms. The amount you pay for the building itself is probably one of your most costly monthly payments. If you don’t work every day of the week, consider renting out rooms on those days. It’s important to make the most of the space, and there’s probably someone looking for a place to use. This is one way to make the most of the space, even if you aren’t there. If you have a room in your practice that’s just holding unused equipment, consider clearing it out and offering it up for rent. Another medical professional could rent the space, which would help cut your cost. Having another professional in the building means that you can also share the equipment. When the equipment needs to be repaired or replaced, that individual can split the cost with you. There are many benefits to renting out a room in your medical practice, so consider doing so if you’re able.
Use an Automated Answering Service
Another costly expense to your business is a receptionist. If you rely on a receptionist for more than one task, it’s likely that they work every day that you do. Rather than paying someone to answer the phones daily, consider using an automated answering machine. This doesn’t mean you need to fire your receptionist. A receptionist typically handles more tasks than just the phone—they file papers, assist patients with questions, and many other tasks. If you have an automated answering service handling the calls, the receptionist can work on those things. You could utilize online scheduling for the same reason. Patients tend to enjoy the freedom of making their own appointments. This alternative is beneficial because patients can schedule at their convenience and employees have the availability to complete more tasks.
Consider Ways To Save Energy
Saving energy can save you money. If you’re looking for ways to save money from your medical practice, consider ways to save energy. One easy way to do this is by encouraging employees to turn off the lights. Put a note by the light switch as a reminder to flip the switch before walking out of a room. You could also install motion-activated lights in hallways or rooms that aren’t often occupied. If you have incandescent lightbulbs in your facility, switch them out for LED lights. This is a better choice if you’re looking to save energy and money. Since you probably have a few computers in your office, consider using the power management settings. Set the computer so that it goes into hibernation mode when it’s not in use. There are many ways to make your medical practice more energy efficient, so make sure to do your research. Even though it might cost you some money initially, it’s sure to save you money over time.
Use Less Paper
Think about how many documents are printed each day in your office. You have your own records plus the documents you print out for the patient. Paper is expensive and so is ink, so you’re probably spending more than you think. If you’re trying to save your medical practice money, consider using less paper. There are many ways to decrease your paper use. One way is by sending email confirmations instead of printing them out. Many people throw away or lose the papers they receive at the doctor, so emailing it makes it easier for the patient to find. Many medical facilities implement this method to limit their paper consumption. Going paperless is easier than you think, especially with electronic signature software. Going paperless will save you money, and it’s good for the planet.
Cut Unnecessary Costs
Another way to save money is by cutting unnecessary costs. Take some time to look at your monthly expenses. Even though this seems like a small detail, you’re likely spending more than you think on certain things. For example, you’re paying for cable every month if your office has a tv. Cable is expensive, so consider canceling it. There are so many options that are considerably cheaper than cable. Most people don’t pay attention to what’s playing in the waiting room anyway. Another way to save money is to cancel monthly magazine subscriptions. These changes are sure to save you some money, but you should also try to be frugal with how much you spend on office supplies. Only buy what you need but consider buying in bulk whenever possible. If you place small orders every month, you’re paying for shipping multiple times. Plus, buying in bulk is usually cheaper than buying items individually.
Hire an Intern
If you’re trying to save money for your medical facility, think about hiring an intern. Unpaid employees can make the day-to-day easier, but they won’t cost you as much as a salaried employee would. When you hire an employee that’s full time, there are various expenses that come with it. For example, that employee might want health insurance. An intern is a great option because they are working for the experience. They are eager to learn and you will find it incredibly helpful. A local college is sure to have students looking for experience, so consider that option if you’re looking for some assistance.
Repair Existing Equipment
Another way to save your facility money is to have existing medical equipment repaired. Rather than replacing your equipment when there’s an issue, consider having it repaired. There are industry experts that can assess and repair equipment. If the equipment is beyond repair, consider purchasing used equipment. Equipment is a costly investment, but there are a few ways to save money. At All States M.E.D., we offer medical equipment repair services. We also sell used medical equipment. Whether you’re looking to replace or repair, we’ve got you covered.