As a clinic owner or administrator, it is important to keep operating costs low while providing quality healthcare to your patients.
Finding ways to reduce expenses can be challenging, but with some effort and creativity, it is definitely possible to lower your clinic practice costs quickly.
Based on our work with doctors and dentists, here are the top 10 ways to lower clinic practice costs fast and effectively:
Top 10 ways to lower clinic costs fast
1. Negotiate with suppliers
One way to reduce clinic practice costs is to negotiate with suppliers to get better prices. This can be done by contacting suppliers and asking for a discount or negotiating for better payment terms.
In addition, it may be helpful to research alternative suppliers to find the best prices for each product you require. While this might be a time-consuming task, every single dime can add up.
2. Reduce staff hours
Another way to lower clinic practice costs is to reduce staff hours if possible. This can be achieved by cross-training employees so that they can perform multiple tasks, which may allow you to reduce the number of staff members required to run the clinic.
Tools like Medtrik are able to accurately identify your high peak and low peak seasons to optimise your schedule for you and your clinic staff. Besides being able to save money by reducing staff hours, you will be able to:
Better allocate manpower
Identify opening and operational hours that can better suit the habits and behaviours of your patients
Plan out high and low season dates where additional or reduced manpower is required
Using data to optimise your schedule can open up opportunities and gaps that have gone unnoticed.
3. Cut down on paper use
Using electronic medical records (EMRs) like Plato, instead of paper records can save a significant amount of money on paper and printing costs.
Additionally, encouraging patients to fill out forms online instead of in person can also reduce paper usage and increase overall efficiency for your clinic staff.
4. Increase efficiency
Increasing efficiency in the clinic can lead to lower costs. Reducing the time it takes to process paperwork or scheduling appointments can save staff time, which can be used for other tasks.
5. Use telemedicine
Telemedicine, which involves using video conferencing or other digital technologies to provide healthcare services remotely, can be a cost-effective way to provide care to patients. This can reduce the need for patients to come into the clinic, which can save on overhead costs.
6. Implement energy-saving measures
Implementing energy-saving measures, such as turning off lights and equipment when not in use or switching to LED lights, can help reduce energy bills. Additionally, installing energy-efficient windows and insulation can also help lower heating and cooling costs.
7. Purchase used equipment
Purchasing used medical equipment can be a cost-effective way to equip the clinic. This can be done by contacting other clinics that may be selling equipment or purchasing used equipment from online retailers.
8. Partner with other clinics
Partnering with other clinics can be a way to share resources and lower costs. This can be done by collaborating on purchasing equipment or supplies or sharing administrative staff.
9. Implement a wellness program
Implementing a wellness program can help reduce healthcare costs by promoting healthy behaviours among staff and patients. This can include activities such as exercise classes or smoking cessation programs.
10. Outsource administrative tasks
Outsourcing administrative tasks, such as billing and coding, can be a cost-effective way to manage these tasks. This can be done by contracting with a third-party vendor that specialises in these services.
To sum it up
Reducing clinic practice costs can be achieved through a combination of negotiating with suppliers, increasing efficiency, using telemedicine, implementing energy-saving measures, and partnering with other clinics.
By taking these steps, clinics can provide quality care to patients while keeping costs under control. To find out how Medtrik can help your clinic save on unnecessary costs, book a demo with us to analyse your existing clinic data.