Website Design with Search Engine Optimization will help Private Practices Control Cost
Deciding to abandon the security and structural support of big hospital system can be daunting. You went to school for medicine, not entrepreneurship. Instead of focusing solely on helping patients, now you have to weigh the needs of staff, facilities and your own family. It’s a daunting task for anyone. Luckily, there are steps you can take to keep your costs down when opening a private practice.
Do your due diligence. You may not think of yourself as one, but you’re a small business owner now. That means you need to do the same research you’d do if you were opening a restaurant or a hardware store. You need to make sure you buy or rent in an area that’s convenient for your patients at a rate that you can afford.
- Save your budget for the big stuff. Medical equipment is expensive, and it’s where you should be focusing your spending. You may be tempted to put in a fancy water installation in your lobby, but would you rather have that, or a machine that can save a patient’s life?
- Technology is your friend. There’s tons of software out there for medical professionals to help you streamline your practice. You may prefer taking notes on a pad and doing everything in an Excel spreadsheet, but those methods are time consuming and inefficient.
- Understand meaningful use. You may not have a whole team working to ensure your practice hits meaningful use benchmarks like big systems do, but if you’re able to hit your EHR benchmarks, you’re eligible for a nice kickback from the federal government – $63,750 over six years. You can find a meaningful use checklist on the CMS site.
- Invest in training. An inefficient staff makes for an inefficient practice. Ensure that your goals are clearly outlined and everyone who works for you is equipped to meet them.
- Practice smart scheduling. If you don’t have the patient flow to stay open 40 hours a week, consider cutting back on the schedule to save money on utilities. Alternately, working later in the day or on the weekends could give you an advantage over your competition when it comes to attracting customers.
- Keep it simple. Being frugal in your private practice is the same as being frugal in any other part of your life. You need to carefully weigh every expenditure and not give in to impulse or luxury purchases unless you really need them or can absorb the cost.
Starting a private practice isn’t cheap, but there are actionable steps you can take to make things easier. If you need help, Practice Appeal can help your medical practice run more smoothly than you ever thought possible.