7 Money Saving Tips For Your Healthcare Practice

Sep 9 | , , , ,


Carol A. Wilcox

PREFERRED Therapy Providers, Inc.

Are you looking for ways to save money in your clinic without compromising the quality of care you provide to your patients or doing without the staff you need to stay in business? Here are 7 money saving tips you can implement right now in your healthcare practice:

Money Saving Tip # 1: Cut down on office supplies.

Do you really need 5 different types of pens? Do you order office supplies without really knowing if you’ve actually run out of stock? It’s easy to get carried away with office supplies. Before you know it, your supply list has been customized to suit a variety of people in your clinic and you’re ordering more frequently than is necessary. Begin by taking stock of your existing inventory. Are your supplies located in multiple areas of the office or do you have a centrally designated space for supplies? Who controls the supply ordering and inventory management?  If possible, try to keep your supplies all in the same place to make it easier to control. This resource offers detailed information on how to manage inventory to save money and time.

Money Saving Tip # 2: Outsource.

For some non-clinical tasks, outsourcing is an option because you only pay for services when you need them. Some areas of a business that can be outsourced include marketing, bookkeeping and payroll, and human resources services. You can save money by outsourcing because you don’t have to pay a full time salary and benefits, especially if you don’t need full time help. Plus, you save money on training because most outsourced professionals need only minimal guidance to get started.

Money Saving Tip # 3: Use a programmable thermostat.

By using a programmable thermostat, you can control cooling and heating in your clinic. It goes without saying that the comfort of your patients and staff should never be compromised, but what about during off-hours, weekends and evenings? You can use a programmable thermostat to increase heat or air conditioning in your clinic during the times that your clinic is open, and then reduce it in the evening hours and overnight when you’re closed. You can save money each month by installing this device.

Money Saving Tip # 4: Power down.

Do you keep your computers powered up all the time? One of the biggest drains on electricity is computer workstations. Get your staff in the habit of powering down their computers at the end of the day to save money on energy.

Money Saving Tip # 5: Rent out some of your space.

Do you have some extra space in your clinic that you’re not using? Consider renting space to a healthcare professional that can complement your practice. For example, renting space to an acupuncturist, massage therapist or nutritionist can add more value to your clinic’s offerings and can be a great resource for referrals while saving you money.

Money Saving Tip # 6: Group purchasing.

You can save money on clinic supplies and equipment by participating in a group purchasing program. These programs help businesses purchasing similar products leverage their combined purchasing ability to get better pricing. For example, in 2018, PREFERRED’s network members collectively saved over $650,000 in healthcare supplies and equipment through PREFERRED’s Member Purchasing Program.

Money Saving Tip # 7: Put a limit on donations.

Do you receive numerous requests to donate to sponsorships and local fundraisers each year? While it’s great to contribute to these organizations, it can also get quickly out of hand and expensive. To save money, consider writing a charitable contribution policy that outlines the process of how your clinic donates and what the donation limitations are. Make sure your staff is aware of the policy by printing out or emailing the policies to all employees.


About the Author:

Carol A. Wilcox is the staff writer and head of marketing communications at PREFERRED Therapy Providers, Inc. You can reach Carol here.

This article is brought to you by PREFERRED Therapy Providers Inc. PREFERRED is the nation’s leading payor management services network. Our expertise is working with physical, occupational and speech therapy practices – from single clinics to multiple clinic locations.