As 2021 comes to an end and 2022 approaches with new uncertain challenges, cutting down costs in your medical practice might be one of the top goals for the year to come. But, how could you do that without sacrificing valuable assets or necessities?
Surgical Capital Solutions presents you with two ways to cut down costs long term in your medical practice (Plus, they will also help you differentiate valuable strategic activities, from those routinary and time-consuming ones):
1. Automation
Routinary, non-strategic activities like calling patients to confirm assistance, validating insurance and checking-in process (just to name a few) are time-consuming for your staff, keeping them away from core activities such as patient care, customer service, and delivering patients the best experience they can. Therefore, we dare say, Inefficiency is costing you money.
Avoid tying up your staff and resources with time-consuming day-to-day activities that could be easily done electronically! It’s time to automate. Analyze what activities from your medical practice you could take to the digital assistance world. There are different software options out there (at fairly low rates) specifically designed to handle these daily activities without taking any toll on your staff!
Automation gives more time to focus on patients and the care they need while keeping your practice running effectively and ready to the next level: Digital Healthcare and virtual platforms for patient care and service (For more information on Digital Healthcare and Virtual Platforms, go to our previous article: How to get more patients this 2022?).
2. Outsourcing:
We know what you might think. “This is an extra investment, what are you thinking?” But hear us out first. Outsourcing comes at a price but, when analyzed thoroughly, you will find the fees are actually very affordable for what you get in return. So, what can you outsource? Think about the many processes and areas you have going on in your practice. Which areas could use a boost and the experience from Outsourcing? Are you performing time-consuming activities that are not your core? Are there any activities not being totally fulfilled at your practice that you need ASAP? Marketing, Billing, Sales...are just some examples of the areas that could benefit from experienced teams with years of experience in their specific industry, which will make your team more efficient and step onto the next level.
Here we mention just some of the benefits of outsourcing:
a) Expertise at your service: You can access professionals dedicated to the specific process and/or activity your practice needs, assuring a higher quality of the outsourced tasks.
b) Efficiency gain: An outsourcing company brings in specialized knowledge and experience, leading to productivity and efficiency increasement of your practice.
c) Cost Reduction: Yes, believe it or not, outsourcing comes at lower labor and operation costs, as well as a reduction in overhead expenses.
d) Save time: Outsourcing non-core activities frees up your resources helping you to focus on the core functions of your practice, rather than supporting ones.
e) No-spend on Technology and Infrastructure: There is no need for you to invest in any infrastructure or new technologies (like automation), your outsourcing company takes responsibility for the process and thus develops or acquires the infrastructure needed for such.
We are not saying these suggestions are not going to cost you any money, but one thing is guaranteed: It will make you save money in the end. The strategy here is to identify the core activities of your practice and your staff, and make those your real priority, not letting you and your team get tied up to the daily non-strategic activities. Have your teamwork on what really differentiates your practice from the others.
The rest? Automate or outsource.
One easy way to start practicing these tips is by servicing your medical receivables with Surgical Capital Solutions. More economical than hiring staff, our team of professional industry veterans can service your auto accident medical accounts for you so you can keep your focus on patient care while still maintaining ownership of your receivables.
What are your thoughts on these ideas for cutting costs in your practice?
Have you found any different ones that have worked for you, or are you planning on new ones? We would love to know! Share your comments below.