The current healthcare landscape is extremely competitive, which makes protecting your GP surgery’s bottom line even more important. Patient demand and medical costs keep rising, meaning that it is important to implement ways to save money while still providing quality care. This article gives cost-saving tips and actions that GP surgeries can use to strengthen their long-term financial standing while also being sustainable.
Set Up a Budget
The very first thing to do is to create a budget. A budget will provide an outline of where money needs to be allocated and what it is needed for. You will know where and when money is being spent and how much the expenses are. This will help you to control your finances more efficiently. You can hire a bookkeeper to create the budget for you and to keep your practice on track. Once you have a budget, you must stick to it.
Shared Space
You can share a space with different kinds of practices, where the rent is divided evenly between all parties. This arrangement can also benefit patients that don’t have the time to drive between different doctors. Another idea is to time-share a space where your practice uses a space for a few hours before switching out with another practice. This way, you don’t have to buy equipment on your own because you’ll be sharing it with other doctors.
Become Energy-Efficient
Your practice can save a lot of money by becoming more energy-efficient. Perform an energy audit to see how much energy your practice uses and where it is used. This will indicate where energy is being wasted so that you can make the necessary changes. Use an energy comparison organisation to help you broker more affordable rates by finding a more agreeable energy supplier for your practice. Switch to LED bulbs and practice more responsible behaviour.
Improve Sustainability
Your practice can become more eco-friendly by using solar power or wind energy, which are alternative energy sources. This will make your practice less reliant on the National Grid. You will also have fewer energy disruptions. You can also practice reusing, reducing, and recycling everyday activities and items. This will make your practice more attractive to environmentally conscious patients. IT will also give you a competitive edge over your competition.
Reduce Waste
Buy quality equipment that will last longer than average equipment that has short lifespans. This will decrease the amount of equipment that will need to be discarded. Invest in single-use medical equipment that you can sterilise and use repetitively. Make sure to sort waste into the correct bins. Red bags that contain medical waste are very expensive to discard. Make sure that only medical waste is put in red bins.
Evaluate Inventory
Look through your inventory for items and medications that stay on the shelf for longer than necessary or expire quicker. Adjust your acquisitions accordingly so that you don’t waste money. Make sure that you don’t pay for storage space that you don’t need because you have stock that will go to waste. Has a tracking sheet that employees have to sign when any inventory is taken from storage so that you can manage any inconsistencies or discrepancies.
Negotiate Deals
Look for suppliers who you can negotiate with so that you can get the best possible prices. You can collect quotes from different suppliers and compare the prices with each other. Negotiate new contracts with your current suppliers if you can’t find better deals elsewhere. If possible, try to get all your inventory from one supplier. Try to get discounts when you buy items or medication in bulk.
Online Marketing
Make use of online marketing platforms where you can market your practice at lower rates. Most of these platforms are free. You can make use of social media like Facebook, Instagram, and Twitter to advertise your practice to many people at the same time. Email marketing is also a popular way to contact existing patients and remind them of your services.
Go Digital
Go paperless by using digital platforms. Get rid of paper reports, mailings, and directories by making use of digital versions. You can use electronic medical records (EMR) to file patient information and data. This software is not only efficient but also saves your practice money and time. Should something happen to the hard copies of patient information, you will have the digital information as a backup.
Online Scheduling
Instead of calling the practice, patients can use online platforms to book appointments. They can also easily cancel or reschedule appointments. These services are accessible on laptops and smartphones. Most of the time, this service is free, but sometime patients must be subscribed to a practice. This system is easy to use and frees the secretary up to complete other tasks that need to be done.
Employee Engagement
Employees must be made aware of cost-saving initiatives so that they can do their part to save. Inform everyone at the practice why saving money is important and how they can help. Provide extra training if it is needed. Make use of all skills that employees have instead of hiring someone new and paying for someone that isn’t needed.
Alternative Staffing
Instead of permanently hiring someone to complete a short-term task at your practice, you can outsource the work to someone else. You can hire employees that work on a contract basis instead of full-time. This way, you don’t have to worry about paying for their employee benefits. Your practice can hire interns at a low cost while also providing these people with the necessary experience to apply at a different practice in the future.
Smart Technology
You can make use of smart technology at your practice. There are technology and software that can do the work instead of a person. This workflow automation will cost you little to no money. Make use of a virtual receptionist so that the real receptionist doesn’t have to worry about phone calls while dealing with patients in front of them. This system will always have the same happy tone of voice, where a real person talks according to their mood and can drive a patient away.
Conclusion
This article looked at different ways in which your GP surgery can save money and protect the practice’s bottom line. The tips given included creating a budget, sharing a space, becoming energy-efficient, improving sustainability, reducing waste, evaluating inventory, negotiating deals, online marketing, going digital, online scheduling, employee engagement, alternative staffing, and smart technology.