Almost all business owners are continually searching for new ways to save money, and health centers are no different. Trimming areas of excess spending, or finding new efficient ways to complete tasks, not only cut unnecessary expenses, but it also pads your bottom line. Even the smallest changes can multiply to impactful saving. So, where do you start? How can you begin reducing expenses and improve profitability? Check out these five tips that will assist you on your quest to reduce costs.
More efficient technology, more savings
Investing in newer, more efficient technology now, can pay off for years to come. Including robust software programs that can help automate tasks. Computers that run faster, thereby increasing completion times of projects. To even replacing the old refrigerator you use in the breakroom, with an energy-efficient model. Combined, each one of these changes can add up.
Implement an intern program
An intern program not only benefits your practice, but it also helps students learn real-world skills. These skills can lead to landing jobs in their chosen field of study. Beyond giving a career boost to students, an internship program can reduce your payroll costs. You can utilize your interns for a myriad of tasks, from managing your social media accounts to helping with patient contact. Additionally, a standout intern may eventually become a standout full-time employee.
Hire the right people and use their skillsets
The search for new employees can be costly. Not only in money but in time as well. Finding the right fit for your health center is vital for production and work culture. So, invest in your hiring process and ensure you make an offer to the right person. Because trying again is expensive and stressful. Also, if you put forth a good effort in hiring a great employee, make sure you use their skillset. When you fail to leverage your employees’ talents, it hurts your bottom line and can also slow their career growth.
In some cases, you can avoid the hiring process altogether, by outsourcing. A talented and experienced outsourcing partner can help you finish complicated tasks that many of your employees may find too time-consuming. Additionally, they can offer expertise in intricate areas for a fraction of the cost when compared to hiring a full-time employee to complete the same project.
Be frugal with office supplies
Just because the local office supply store is offering a good price on pens, it doesn’t mean you have to buy them by the cases. Become efficient when purchasing items for your office. Furthermore, consider finding new sources that will provide better prices and free shipping. So, remember, stocking up on paperclips isn’t necessary. Because rarely is there a shortage of office supplies.
Admit it. You’re now inspired to save some cash. It’s time to start becoming more efficient and cut your expenses. Your bottom line will improve and so will our revenue outlook.
Health centers and medical practices store a plethora of sensitive patient information. So, it’s no surprise that healthcare facilities are the number one target for hackers. Healthcare experienced upwards of 3 times more cyberattacks than any other industry (Cisco). Ignoring this threat is not a wise choice. If you still aren’t convinced that you need to check, and then recheck, your security protocols, here are seven more statistical examples of why you need to make this a priority right now.
- Healthcare is the top target of hackers, accounting for 41% of the total incidents that occurred in 2018. (https://www.beazley.com/news/2019/beazley_breach_insights_february_2019.html)
- Why hack? Hackers breach security mainly for financial gain. 86% of breaches were financially motivated in 2019. (https://enterprise.verizon.com/resources/reports/dbir/?cpur=1&#industries)
- 98% of IoT devices are unencrypted and unsecured. (https://www.beckershospitalreview.com/cybersecurity/83-of-medical-imaging-devices-operate-on-outdated-software-report.html)
- On average, healthcare organizations spent $1.4 million to recover from cyberattacks in 2018. (https://www.radware.com/ert-report-2018/)
- Six in ten healthcare IT professionals state that email was the most common security breach. (HIMSS Cybersecurity Survey)
- Electronic Health Records can be sold for as much as $50 each. In comparison, social security numbers sell for $1 on the black market. (http://www.illuminweb.com/wp-content/uploads/ill-mo-uploads/103/2418/health-systems-cyber-intrusions.pdf)
- 87% of healthcare IT leaders claim they lack the proper security personnel to protect information. (https://healthitsecurity.com/news/87-health-orgs-lack-security-personnel-for-effective-cyber-posture)
Hopefully, these stats make it crystal clear that you need to make cybersecurity a top priority at your health center. That’s why at Practice Management we implement security protocols such as penetration testing, data loss detection, and multi-factor authentication. Patient information is too important to leave to chance.
It’s no secret, a productive health center, needs productive employees. Simple right? Well, it’s a straightforward equation, but the solution still takes work. So, how do you create a work environment that fosters productive, happy employees? We are going to look at five practical ways to improve your health center employees’ productivity that you can start applying right now.
Get to know your employees
Showing you care enough to learn about your employees, beyond work, can do wonders for productivity. And it doesn’t take an enormous investment in time to show interest in your employees’ lives. A few moments familiarizing yourself with an employee can unearth information that not only shows you care but can also reveal ways they can improve your office’s productivity. You’ll never know what amazing talents an employee has unless you get to know them.
Acknowledge their efforts
Don’t be the boss who has no problem criticizing but has difficulty showing appreciation. When you have a worker, who performs at a high level, acknowledge them. Create an employee of the month program that recognizes an individual who has gone beyond her job description to make your health center the best it can be. Additionally, you can take this a step further, by crafting programs that recognize all your employees. Something as easy as a pizza party can do wonders for morale, and productivity.
Delegate with confidence
You did an amazing job hiring the right people, so there should be no reason to take on work others can do. Learn to delegate with the utmost confidence that your employees will not only perform the task but excel. If you don’t have the trust in your employees to take on the extra work, you may need to invest in training programs. Or even consider hiring new workers. Because delegating should be easy.
It has been said many times, “if you can’t measure it, you can’t improve it.” Having clear, measurable goals is vital in helping your employees reach their peak productivity. Go beyond daily goals, and create standards that should be met weekly, monthly, and yearly. Seeing a goal that can be quantitively achieved makes it clear what each employee should be striving to reach. That in itself will increase productivity and a sense of accomplishment when the goal is met.
Ask for feedback
No one at your health center should be above constructive criticism, and that includes the boss. Ask your employees for feedback and use that information to improve your operation. Remember, they are the ones dealing with the daily work, so you can truly learn from your workers. Use that information wisely, and never ignore it.
Use these five tips to improve your health center’s productivity and not only will your work output increase but so will employee morale. And that will make everyone happy.