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7 Ways to Cut Costs in a Medical Practice

Sageworks
December 3, 2015
Read Time: 0 min

When running a medical practice, there are multiple ways one can cut down on their total expenses. Cutting out unnecessary expenses is a critical component of becoming more profitable. Read ahead to learn more about the different ways that a medical practice can reduce costs.


  1. Invest in Pre-Registration Software

Consider using patient pre-registration software such as HealthWare Systems’ ActiveREG or OnBase ECM to increase efficiency and reduce administrative costs.


  1. Provide More Intensive Training for Nurses

In order to be best prepared for situations in which a physician is not immediately available, consider training medical assistants and nurses outside of their traditional job description. If nurses are able to perform some tasks without the need of a physician, it can give the doctor more time to meet with additional patients. Please note that when doing this, it’s important to ensure that nurses are not doing anything that legally must be completed by a doctor.


  1. Post Patient Rooming and Discharge Protocols in Patient Rooms

Consider posting a list of standard patient rooming and discharge protocols in every patient room. This way, any staff member can follow the standard procedure without physician oversight. This can also help prevent costly mistakes when patients are being discharged.


  1. Verify Insurance Beforehand

Try verifying patient’s insurance information before an appointment by having them email pictures or scanned photocopies of their insurance cards before they arrive. This can help increase patient-physician time and reduce administrative costs.


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  1. Patient Documentation

Consider implementing a team-based system of patient documentation to allow physicians more time to meet with patients. Clearly identify which responsibilities are delegated to each team member. Responsibilities may include note taking during patient visits, inputting patient information, scheduling/reviewing lab tests, renewing prescriptions and more.


  1. Group Insurance Options

Since small medical practices are the most vulnerable to rising insurance premiums, consider working closely with nearby hospitals or other larger organizations so that you can enroll in group insurance options.


  1. Accreditation and Certification Requirements

Consider implementing accreditation and certification requirements for employees to maintain top performance in a dynamic field. Organizations such as the National Committee for Quality Assurance, the American Board of Medical Specialties, the American Board of Internal Medicine and the American Medical Association support the use of accreditation and certification programs as external incentives for practices to improve.

For more recommendations on how to cut costs for your practice, try our free cash flow solution, CashSage.

About the Author

Sageworks

Raleigh, N.C.-based Sageworks, a leading provider of lending, credit risk, and portfolio risk software that enables banks and credit unions to efficiently grow and improve the borrower experience, was founded in 1998. Using its platform, Sageworks analyzed over 11.5 million loans, aggregated the corresponding loan data, and created the largest

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