Thinking outside of the box when it comes freeing up money in your medical practice is a sure-fire of being able to reduce your overheads and release some cash that may otherwise be tied up.
If your medical practice struggles to recoup losses or needs to find ways to save money and reduce outgoings, getting on board with these ideas can help this practice.
Sell Old Equipment
If you have unused or unneeded medical devices or equipment that are just sitting there unused, then it could be worth finding a medical resale company that can facilitate a sale on your behalf. As long as the equipment or devices are in good condition, you can sell what you no longer need, for example, sell hyperbaric chamber, for whatever reason you need to make money.
Automation
Most specifically in regards to billing. Electronic billing reduces the need for staff to be entering billing codes and manually by implementing electronic billing. Allow the system to create and file accurate invoices for both patients and insurance companies and benefit from decreased collections and more staff hours utilized elsewhere in the business.
Go Digital
Reduce spending on stationery, pamphlets, forms, and more by implementing a more digital-based practice. While this might require an initial outlay, moving forward, you can expect to see lower monthly outgoings with a reduction in equipment you need to buy.
Email clients instead of sending letters for appointments or important information they need. Send a direct request to pharmacies to fulfill prescriptions etc.
Share Equipment and Services
Suppose you own multiple medical facilities close to each other or are on good terms with other local practices. In that case, it could be an option to combine what you offer and the equipment you have on a reciprocal basis, for example, referring clients to a different location for specific tests or services.
Centralized Scheduling
Reduce the time staff spend chasing up appointments or signing in patients by opting for a centralized system that allows patients and suppliers to arrange their own appointments, follow-ups, tests, and more.
Reduce Inventory Quantities
In many cases, medications or supplies will waste because industry vendors have set quantities, meaning they can only over order. Challenge this directive by negotiating smaller amounts that reduce your purchase costs and eliminate waste due to having too much stock than you need in a given timeframe.
If this isn’t possible, try combining orders with other locations or sourcing new vendors who can accommodate more flexible inventory orders.
Offer Discounts
Implement an internal payment system that offers a discount for quick payments within a week or ten days. This encourages invoices to be settled quickly to take advantage of the discount and can help you bring more cash into the medical practice faster. Generally, people take note of discounts and, instead of paying the total amount, will take advantage of the discount.
Taking a full audit of all of your outgoings and inventory regularly and asking for staff inputs can help you to assess areas you make changes to not only save money but run your medical practice more efficiently.