3 cost-saving tips for physicians

Small cost cuts can add up to major dollars saved in physician practices, according to Medical Economics.

The publication recently asked a group of 250 healthcare professionals for ways they’ve saved money at their medical practices. Here’s three tips that could help your practice save money:

  • Join with other practices to increase your buying power. Practices can save money by buying supplies in bulk, especially as part of a large purchasing group. Also, be aware that many specialty associations offer member discounts on purchasing as another way to save money, the publication noted.
  • Renegotiate contacts and leases if rates have changed. Technology prices, for instance, have decreased, so a practice locked into a long-term contract should try and renegotiate terms of the deal, says Todd Blum, chief executive of Ear, Nose and Throat Associates of South Florida. One incentive for companies to renegotiate is if a practice offers to extend the agreement beyond the current timeframe if prices are lowered, according to the article. If you lease space for your practice, know your current real estate market rates and renegotiate your lease to keep at or below the going rate.
  • Recruit students to work in your practice. Some schools offer student labor free or at little charge in exchange for experience. Sandra Robben-Weber, practice administrator for Colorado Springs Pulmonary Consultants, told Medical Economics that she formed relationships with local community colleges that place students in externships. The students shadow physicians and enter information in electronic health records for patients.

As you employ new strategies to save money, be sure you make cost-saving cuts that don’t adversely affect your patients’ experience or you could pay the price in poor satisfaction ratings.

- read the article