Editor: What To Know
- Managing, hiring, and firing employees is time-consuming and needs to be handled in an expert manner, especially in the medical field, where you are responsible for so many liabilities, compliance issues, and safety obligations.
- You can use apps like Quickbooks for a few dollars a month and even link it to your business bank account to automatically track transactions.
- However, if you want others to take a pay cut, a good way forward is to lead by example and take one yourself.
Did you know that cutting costs at your medical practice or clinic doesn’t mean you have to let people go?
There are multiple ways you can reduce your outgoings to reinvest into your business for better service. And the good news is that none of the solutions here are challenging to get going at your clinic or private medical practice.
Outsource Your Staff Management
Managing, hiring, and firing employees is time-consuming and needs to be handled in an expert manner, especially in the medical field, where you are responsible for so many liabilities, compliance issues, and safety obligations. But don’t worry because any reputable HR service, such as Peninsula, can help you with the day-to-day tasks associated with managing the staff in your practice. This means you can focus 100% on doing the best job possible for your patients.
Understand and Track Expenses
It’s possible that the time may come when you have to let people go. But this should be a last resort. Especially when you can avoid most of the worst issues by learning to manage and track your expenses. And this isn’t as hard as you think. You can use apps like Quickbooks for a few dollars a month and even link it to your business bank account to automatically track transactions. Then you can see the source of expenditure and make actionable changes.
Invest in Apps Now for Cutting Costs Later
There’s no end to new technology. And while you will probably use technological changes in your work, you can also use tech to manage your business. For example, you can cut down on patient physical attendance using remote tech. You can also use medical apps such as BeeHealthy, SimplyBook, and Accountable for patient engagement, scheduling and HIPAA compliance. Or you can even consider developing an app that suits your practice unique needs.
Evaluate Pesky Office Expenses
When it really comes down to it, your medical practice is not much more than an office. And offices are expensive to run. Even the most basic things, such as office supplies, can end up costing a lot of money. But there are a few things you can try. First, you can go paperless. This means using paper only when it’s necessary. For example, have patients sign up for SMS reminders rather than sending out letters in the mail. You can also encourage energy saving.
Ask Employees for Contract Adjustments
Finally, you can simply ask any of your employees to amend their working hours or contract rather than forcing cuts to jobs. However, if you want others to take a pay cut, a good way forward is to lead by example and take one yourself. But it may not come to that. By asking for voluntary working hours cuts, you might be surprised by the response. Although some people might lose money, they might also appreciate having more time for family responsibilities.
Summary
Cutting costs is never easy. And letting people go is always the last resort. So try outsourcing HR, improving efficiency with apps, and asking employees for voluntary hour reductions first.
