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Five Ways to Reduce Your Medical Practice Costs

  • Posted 11th March 2015

Five Ways to Reduce Your Medical Practice Costs

Are you spending a lot on your medical and office supplies? Is it affecting your net income immensely? If you think it is, it time to cut down your expenses by considering some major issues in your medical practice. Today, in medical practices, it is hard to maintain profits more than ever. Take a look at some great tips which can help you to reduce costs for your practice.

Staff Costs

Too many staffs can lead to a high expense. That is the reason you should have a reasonable number of staffs working for you. You should also ensure that all of your staffs are being utilised effectively to improve their efficiency. In the meanwhile, it is equally important to consider having part time staff instead of full time staff. You can also consider training your staffs for increasing their skills. An overtime cost is also something you should probably avoid which may add up to your expenses.

Drugs & Medical Supplies

Costs can be cut largely through group purchasing deals. It is mostly your clinical assistants who do the purchasing part. Thus, it is very vital that they maintain a friendly relationship with the medical supply vendors. You can also search new vendors and for the best prices or discounts with the other practice managers. It is because these practice managers maintain a record of their stock’s quantities for not ordering more products than required.

Technology

Having technology will definitely decrease the errors which can be made by humans. As a result, this will improve productivity of your staffs. That is why adapting to the new technology is essential. While, it may be expensive to implement new technology within your practice, the outcome will surely reduce your expenses. For instance, the use of electronic record system will make your job a bit faster and efficient.

Utilities Costs

From heating to lighting costs to telephone bills, you have to pay for all these utilities. As these expenses are varied, it is likely to be the area for reducing overhead costs. For getting the best deal for your premises running costs, you should use price comparison sites. Not only they ensure using energy saving light bulbs but also switch off appliances when they are not being used. Also, you should avoid the telephone calls to mobile phones from landlines as it can be very expensive. So, consider purchasing a mobile phone with unlimited calling minutes for a low monthly line rental charge.

Space Costs

If you’re renting medical office space, you should keep lease expenses and related costs in mind. Although, the specifics depend on the negotiations of the lease, things such as yearly rent rise can affect your operating costs largely. Another option for reducing your space costs is to optimize on the existing space.   Although reducing expenses is not exciting as growing income, it certainly has a significant effect on your income. So, you should always make sure to reduce your expenses wherever possible. If you require medical accountants in London for additional advices, please contact us today at 020 7060 9556.

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