No matter what type of medical practice you have, saving money is sometimes the hardest thing to do. There are costs around every corner and figuring out where to pinch pennies and where to put your pennies is difficult. Your practice is important to you and keeping it going for as long as possible is an essential part of your life. Saving a dollar here and a dollar there can really go a long way in assuring financial security. So how do you save money in the right places?
Buying medical equipment can get outrageously pricey. From the simplest x-ray machines to the most advanced stem cell equipment, nothing is cheap in a practice. Leasing can be a fantastic alternative to outright buying. Saving thousands on purchasing that you can put elsewhere.
There are countless college students and freshly-graduated young adults wanting any way in to the medical field. Use this to your advantage while giving an incredible opportunity to someone looking for experience. For example, instead of 4 assistants running the front desk have 3 assistants and 2 interns. For interns who work for experience alone, this will eliminate an entire salary, and possibly find you a great employee for the future.
Cut back on supplies
There are a lot of supplementary supplies that go along with owning a practice. The smallest things from copy paper to toilet paper can actually add up to a lot over the course of a month or a year. If you can avoid over ordering, you can spread out the cost and make it cheaper.
Credit Card Processing
Every medical practice has to deal with this. When the bills get high, people can only put them on their cards. In practices, there is always a fee for processing credit cards. Though it is small, it can add up largely. Instead, try money transfers so that you can avoid fees, and money is directly deposited into your account
Find hourly employees
There are now sites for freelancers where physicians can hire employees hourly or by demand. For example, if your practice is seasonally busy you can keep an employee for a few months instead of paying all year for an unnecessary employee. Be careful though sometimes this can lead to bad employees.
No matter how big or small your practice is there are always ways to save a buck. Keeping track of billing, and managing your staff are important; but monitoring over-supplying and credit card processing fees are just as important. Keeping a handle on all these can make your practice run smoothly for a long time to come.
We want you to succeed that’s why optimizing your daily processes to expedite payment turn around is important to us. Do you want faster payments and an optimized revenue stream for your practice?
No matter how exceptional you are, to reach your ultimate goals you need help. Whether it’s to grow a quaint practice or operate an enormous clinic, you’ll need help regardless.
Unlike most medical practices, a dedicated billing service has healthcare policy experts who are always aware of proposed and pending changes that can have major impacts on the reimbursements a medical practice will receive.
The staff and office space needed for in-house billing are fixed expenses that remain the same regardless of billing volume. If a practice pays a percentage of collections for a billing service, there is a better correlation between collections and cost.
It is expensive to maintain an in-house online payment system that is both reliable and compliant with applicable regulations.
With modern marketing tools being so exciting and accessible (like Facebook, Instagram, Snapchat, and other digital platforms), it’s easy to find an old-fashioned newsletter to be a bit boring and outdated. In reality, well-made newsletters sent by email are a very easy and useful way to engage with your patients. Pretty much everyone uses email, and people like newsletters because it allows them to easily keep up with the brands they care about. Here are some tips on crafting your practice’s newsletter:
Know your brand.
Pinpoint your specialties and the most popular treatments/services you provide. What brings patients in? Talk about these things in your newsletter often. If you have a particular font and color scheme you use, implement it in your newsletter’s design (if they read well). If you don’t have a signature font, pick one that is professional and easy to read.
Build your recipient base.
Gather email addresses from your patients, including ones that are referred by other physicians. This list will provide a very targeted audience for your newsletter, helping you come up with a recipient base that is likely to read it. While your staff collects email addresses, have them reassure patients that your practice will only send helpful and relevant content, won’t send too many emails, and will never share their contact information with third parties.
If you can create a blog for your practice, do it! Stick to blogs that are 400 to 500 words in length and link relevant ones in your newsletter. If your blog post goes on longer than that, break it up into sections with headers and proper formatting to make it easier to read.
Include relevant content.
Don’t think of your newsletter as a direct advertisement. While it does serve that purpose, recipients will stop opening your emails if all those messages contain are highlights of your services and accomplishments. If you include helpful content in your newsletter, they’ll have a better time reading it and be more likely to open the next one!
There are many digital tools available to medical practices nowadays, with social media being the most popular. Newsletters are useful in their own right, and you can even use your social media pages to ask your follower base to sign up for your newsletter! If you keep the approach of gathering content that helps people, they’ll associate that with your practice’s brand.