4 Ways to Cut Costs When Managing a Medical Practice
Most businesses are looking for ways to cut costs right now and the medical industry is no exception. Whether you run a small medical practice or a largescale operation, there are always ways to reduce your budget if you are savvy. Here are 4 ways to do just that.
Make Regular Inventories
In a busy practice, it is easy to buy what you think you need and then put it in a cupboard and forget about it until it is time to reorder. However, making a regular supply inventory could save you a fortune. You can use this to see what you use a lot of and what you don’t use so much. The chances are you will have a large supply of some things that you don’t really need and keeping your supplies organised will help you determine where you can cut costs and where you need to increase orders.
Many medical products have use-by dates, so while you are doing an inventory, use the time to also put the products you have in date order. That will encourage people to use supplies while they are still in date, and they won’t go to waste.
Choose Your Supplier Carefully
Buying in bulk is a fantastic way to save money. Use a company such as medical-supermarket.com for your GP supplies and you will save a lot of money on things you use a lot of or items that have a long shelf-life.
Buying from an online provider can often save you money, as they don’t need to pay for retail shop space, and they can pass these savings on to their customers.
Utilise Technology
Every medical practice uses technology, but do you use enough of it? For example, are there time-consuming tasks that are done by employees that could be done equally well using a computer program? It may be an accountancy package or an HR program, or even a method of ordering stock that could save an employee many hours of work You may need to pay out some money for this program to start with, but once you have implemented it, you could cut staffing costs or put your employee to work doing those necessary jobs that nobody ever seems to have time for.
Renegotiate Your Rent
If you have been renting your medical practice premises for some time it may be due for a rent review. Don’t let this worry you as you can use it as an opportunity to negotiate a cheaper price and save the practice money. Rent is dependent on market conditions, surroundings, and circumstances, and if you can put together a good enough business case for a rent reduction, your landlord or agent may give you one.
These are four great ways of cutting costs when you are managing a medical practice. Try these for yourself and see how much money you can save and waste you can mitigate. You may surprise yourself by just how savvy you can be.
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