General operating costs for multispecialty practices have increased 52.6% since 2001, according to the Medical Group Management Association. With the rising cost of healthcare, many offices are looking for ways to save money without lowering the quality of care. We have organized the top 3 ways in which these practices can save money and stay in business.
1. Be smart when buying office supplies and medical equipment:
Medical and office supplies can cost practices up to tens of thousands of dollars per year. When buying office supplies, it is ok to look at used or refurbished items especially when it comes to computers and printers. There are many auction websites that you can browse and then purchase supplies for a great price. By doing this, practices can save thousands of dollars. It is also important that while purchasing medical supplies such as vaccines, to order directly from the manufacturer. While negotiating contracts for the supplies it is necessary to make sure you come up with an agreement that guarantees you can get supplies delivered on an as needed basis.
2. Collect medical costs upfront:
Collecting payment on a procedure, treatment, or surgery that is needed by a patient can be a sensitive matter. Although it is a sensitive matter, we all know that healthcare can’t be and isn’t free. Determining pricing and collecting the funds upfront can save hassle and collection troubles after the treatment or surgery has been completed. Often, healthcare providers will work with companies that specialize in healthcare financing to be able to collect upfront.
3. Using American HealthCare Lending’s patient financing platform:
In order to get the medical treatments they need, patients may need to spend more than they have available. For many, the extra cost may be worthwhile and something that can benefit the patients overall health. The problem is the affordability factor. This is why a patient financing presence in medical offices is critical. Everyday, people look to obtain healthcare treatments that will improve their quality of life. American HealthCare Lending is here to help more individuals afford those services with the nation’s leading online financing platform for healthcare providers. Patients have never had a greater need for help in paying for large, out-of-pocket healthcare expenses. At American Healthcare Lending, we are working with healthcare providers from many industries to “Make Healthcare Affordable” so that more patients can be treated. This adds great value to the practices services. Medical practices can use this patient financing program to close the affordability gap for their patients by doing so, they’ll collect more money upfront, perform more needed procedures, and dramatically decrease their accounts receivable.