How to Save Money in Your Practice

With rising insurance costs, practices across the country are looking for ways to save money. There are several ways for a medical practice to increase profitability; it just requires some work and thinking outside of the box. Check out the list below for tips on staying cost effective.

Incorporate Technology

Many staff members have the unenviable and time consuming job of contacting patients via telephone with appointment reminders, billing issues, and questions. However, many offices are now switching to patient portals, which make interaction a cinch. These services offer text message appointment reminders and can even provide patients with medical results. This is a great way to free up staff members for more useful and important tasks in the office. 

Rent Space   

If there is a large amount of space that is not being used in your office, renting out the unoccupied area is a great way to bring revenue into your practice. Some doctors are under the misapprehension that they have to partner with the other doctor or service that they rent the space to, but this is not the case.

Market Your Practice

An easy way to avoid spending is to utilize free advertising platforms. A great way to market your practice and services is to use social media. It’s very easy to create a Facebook page that current patients can follow and refer to family and friends. Posting an interesting or informative article every week is a great way to communicate with existing and potential patients.

Shop for Supplies

Many practices select a medical supply company to work with and never shop around for prices. You can easily save hundreds just by checking different sites and their prices on regular supplies. Many companies will even match prices if you find something cheaper through a different supplier. Don’t throw money out the window by not seeing what is out there!

By thinking outside of the box, you will quickly see that it is possible to save money. Running a practice is very expensive, so it’s important to cut back where you can. Talk to other medical professionals to see what they do to save money.