By Matt Kuhrt
With physicians' pay fairly flat and ongoing concerns over the cost of medical care, private practices are increasingly looking for ways to trim their budgets and keep their margins high.
This means walking a tightrope, since a slip in patient satisfaction can wind up sending revenue elsewhere. An article in Medical Economics offers some advice for practices looking to keep their balance:
Do
- Consider new staff positions. While adding staff may not seem like a natural cost-cutting measure, some practices have had success in adding medical assistants to spread out the non-physician workload, freeing up doctors to see more patients over the course of the day, according to the article.
- Think about the effect of cuts on employee morale. A generous health insurance or retirement benefit may look pricey, but turnover due to poor employee morale could cost even more.
- Shop around as much as possible, the article suggests. It may be worth the extra effort to go to a warehouse store to purchase office supplies that are less expensive than the products offered in a catalog.
Don't
- Decorate your waiting room with fancy furniture and artwork while ignoring the spaces in which physicians actually work, according to the article. As patients become more sensitive to costs, they're likely to appreciate a relaxed space more than an opulent one.
- Skimp on salary or benefits for important staff positions. This includes support staff, particularly those in charge of areas like insurance coordination, who understand the ins and outs of accurate coding.
- Make cuts that adversely affect your patients' experience. An automated phone system may seem like a way to save, but patients dislike them. A live person on the phone can also be a point of differentiation for a practice seeking to provide more personalized care.
To learn more:
- read the article