As a devoted practitioner, you want to grow your practice and still provide reliable, patient focused chiropractic and medical services all the time. But if the money is going out faster than it’s coming in, it could mean that your practice’s profitability is going down the drain.
Don’t worry – it’s not too late. Staying competitive and reducing your cost requires a deep analysis of how you run your practice in general, along with thinking outside the box. It begins with establishing a mindset. Some things you do in your business may not be that effective or relevant anymore and therefore needs a bit of change. Below are great ideas to start with:
Simple yet Impactful Ways to Cut Costs and Stay Competitive
1. Consider automating your systems.
Paperwork and documentation can take so much of your time – time that you could have allotted to more important things like promoting your business, and creating strategies for a better patient experience. System automation not only saves you time and energy, but also reduces risk of payroll or billing mistakes, which can lead to more expenses. You may also find inexpensive bookkeeping and accounting software very helpful for managing the financial aspect of your business.
2. Check your spending habits.
Whatever you’re buying – machines, billing materials, office cleaning supplies, storage organizers – it always pays to shop around and check if you’re buying these items at a good price. Consider searching for specific products online. This allows you to get details from specialists that understand the space better than just a large distributor with over one hundred thousand SKU’s. Ordering dedicated medical supplies online saves you cash too. Most online stores provide free or flat shipping which means lesser charges (and less hassle too). You can also find specific bundles that will include something free. Here is a good example of a bundle with free ultrasound gel.
3. Your equipment is your investment.
All the things you buy for your practice – from the office supplies to the more expensive machines and equipment like ultrasound, traction tables, electric stimulators, etc. – are your investments. One thing that pushes their money down the drain which most chiropractors don’t realize is the need to repair and replace equipment every now and then.
Medical equipment that is properly maintained is a big money saver. The truth is that you don’t always have to hire a professional to do routine maintenance for your expensive machines. You can save so much money by doing it on your own. There are machine cleaning solutions, such as disinfectant wipes and specialized coupling gels that help keep your equipment disinfected , clean and functional. However, you have to make sure you are using cleaning and disinfecting solutions that are appropriate for your machine and don’t contain equipment-damaging components like phosphate, bleach, alcohol and solvents.
4. Make your workflow more efficient.
The productivity of your staff is critical to the success of your practice. Using internet-based systems allows your employees to focus on providing quality care and improving patient response such as employee time and attendance systems with close integrations. Another good idea to further increase productivity is to hire temporary/part-time employees for times when business gets much busier, rather than hiring full-time employees who would have more sitting time than actual work time.
5. Take advantage of free advertising.
Advertising can take a big chunk in your budget. Fortunately, there are free yet very powerful avenues to promote your business. That includes social media. Advertising on Facebook, Twitter, Instagram, and other social media channels is a proven way to promote your practice. What’s more, they are easy to manage. Interact with your patients and potential clients through these platforms then encourage them to give you online ratings.
Whether you’re just starting out or trying to make things better for your business, it’s always helpful to initiate ways and strategies to help maximize your earning potential and lower your expenses. There are many things you can do to stay competitive and trim the cost of running your chiropractic or medical practice. Automating your systems, reviewing your operational expenses, keeping your equipment well-maintained, increasing efficiency and productivity, and utilizing free advertising are among the things you can do today that can make a big impact on your business tomorrow. Remember, increasing your business’ profitability doesn’t always require a massive practice overhaul. Sometimes, small changes make big savings.