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.