5 Tactics to Help Cut Cost for Your Medical Practice
Running a medical practice is a business and physician practices are confronting unique operational and business challenges during the COVID-19 pandemic. In order to grow profitably and responsibly, trimming costs is necessary. There are several areas where this can be done — overhead, personnel, technology, billing, bill processing, and insurance. Within these categories, simple changes can lead to process improvements, helping physicians find more time for appointments and other revenue-generating activities.
The end result is cost-savings, something that can bring more stability and opportunity for growth to a medical practice. Below, learn five tips for effective cost-cutting from some of Tower’s operation managers.
Outsourcing select practice operations to Tower is another viable option for most practices who want to improve their efficiency and stability. We have full-time professionals in IT and Revenue Cycle departments who stay up to date on the latest regulations, applications and skills.
Here our some ideas suggested by Tower’s operations managers:
● Cross training staff so that a MA can work front desk, and room patients, etc. in addition to clinical role
Cross-training offers a wide variety of benefits for medical practices. A well-designed program can help reduce costs, improve employee morale, reduce turnover, and increase productivity. It can also give a company greater scheduling flexibility, and may even lead to operational improvements. Perhaps the most important benefit to companies that implement cross-training programs, however, is greater job satisfaction among employees.
● Use technology in new ways to make the workflow more efficient
Technology provides you with the ability to maintain normal operations in somewhat less than normal conditions. With data backups and recovery systems, you can continue work if the worst happens.
● Streamline workflows and equip each staff member with clear roles and accountability
Even if your workplace does have processes in place, learning how to streamline processes and improve workflow efficiency is important. Many companies have documented processes in place, but they are often scattered, open to interpretation, difficult to monitor, inefficient or outdated
● Use group purchasing to save on ordering of supplies, rather than ordering directly from individual vendors
A group purchasing organization (GPO) is an entity that helps healthcare providers—such as hospitals, nursing homes, surgery centers and clinics, and home health agencies—realize savings and efficiencies by aggregating purchasing volume and using that leverage to negotiate discounts with manufacturers, distributors and other vendors. Hospitals and other healthcare providers use group purchasing to obtain the best products at the best value.
● Consider sub-leasing your office space you are not utilizing
If you’re renting office space but not using all of it for your business, why not recoup some costs? Much like apartment renters use AirBnB to rent out their extra rooms, businesses can sublease on days the office isn't being used.
Contact Tower today for more information regarding technology support for your practice. Please contact Tower Physicians Solutions at 630-243-5731 or email us at info@TowerPS.com Learn more at: https://towerps.com