Tips for medical practices to cut down on operational costs

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It can be difficult running a medical practice on a budget.
A few simple ways to cut costs without cutting corners.

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Tips for medical practices to cut down on operational costs

  1. 1. Tips For Medical Practices To Cut Down On Operational Costs MedicalTranscriptionsService
  2. 2. Tips for medical practices to save up on operational costs! • Workflow pressures, financial bottlenecks and ever increasing rental costs and taxes, can stress out physicians. • How do you cut costs without cutting corners? • Here are a few ways medical practice managers can slash down on costs and run more profitable practices.
  3. 3. Discuss about tax deductions… • Discuss with your accountant about maximizing deductions for office expenses. • Business property, health insurance and retirement plan contributions are a few eligible expenses you can ask deductions for. • Have a separate business credit card and check book to maintain accurate business records.
  4. 4. Do you throw away fax paper? • Buy supplies in bulk to get discounts. • Reuse envelopes, uses the back side of unwanted faxes, and shop online to reduce on costs. • Join a medical buying group to get rebates. • Instead of using an answering service one could use a cheaper alternative like a virtual voice service.
  5. 5. Have a huge office? • Rent out a portion of the office space or share it with another medical practitioner and split costs. • A physician from a related specialty can also increase referrals. • Collecting copays and deductibles at the front desk can save practices, the enormous amount of money it takes to follow up on them.
  6. 6. Penny wise pound foolish! • Shop around for credit card processing companies that charge the lowest processing rates. • Invest in better systems • hire trained professionals to cut back on training costs. • Work with money producers such as accountants and collection agencies. • Focus on the money drainers, and yes remember, no expense is too small to be overlooked.
  7. 7. THANK YOU!!! For more details contact 877-272-1572 or www.medicaltranscriptionsservice.com

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