From small rebates to larger savings, aesthetic practices are always looking to increase the dollars coming into their practice...and reduce the expenses going out.
Think you have done all that you can to achieve these lofty goals? Think again. These 10 Shorr-fire tips will certainly help improve your bottom line.
1. Reduce Credit Card Processing Fees
Evaluate your credit card processing fees once a year to make sure that the rates you're paying are still competitive.
2. Swipe, Whenever Possible
Credit cards with rewards associated with them have a higher processing rate, as does entering a credit card number over the phone with the card not present. Swipe whenever you can!
3. Want Not? Waste Not
How often is biohazardous medical waste picked up at your practice? How much are you paying for each pick up? You could very well be paying too much if your staff puts items like bandage wrappers and non-sharps in the biohazardous medical waste container. Check your state laws regarding the details.
4. Implement a Free Patient-Financing Program
Some vendors charge incredibly high rates of nine to 16 percent for patient financing. Other options exist. Look for free tier-two patient financing options for patients with less-than-stellar credit.
5. Join a Buyer's Club
With a buyer's club, practices get the buying power and discounts of larger organizations because they're seen as buying in bulk. (Think Costco compared with your neighborhood food store.) Many of your current vendors are likely already part of a buyer's group, so joining may not mean changing anything except for your bottom line.
6. Get What You are Paying For
MORE TO BE SHORR
For even more Shorr-fire cost savings tips, check out the latest episode of To Be Shorr
Have your practice manager review each vendor contract to make sure you're getting all that you are paying for. For example, some laser purchases include a marketing package that often goes unused.
7. Don't Get Stuck in the
Practices often get stuck in a cycle with a vendor because they never remember to end the contract within the specified amount of time. Auto-renewal agreements can make for another yearlong relationship. Make a note on your calendar of all contract expiration dates, from leases on equipment, Internet marketing companies, hazardous waste vendors, pre-paid warranties, etc.
8. Schedule a One-on-One with your Accountant Before December 31
The purchase of additional equipment or an educational investment for your staff, including an out-of-state conference, can reduce the amount of money that you owe to the IRS. Your accountant can help.
9. Always Negotiate
From equipment add-ons to money toward a build out when leasing a new piece of real estate, there are more tricks of the trade than many people realize. Consider asking a professional to assist you if the thought of negotiating makes your mouth dry and palms sweat.
10. Automate when possible
Practices will sometimes spend more money than they realize on man-hours when the process could be automated. (Think simple items like patient reminders.) Free your team up to do other things that can't be automated.
Taken together, all of these 10 items can save hundreds to thousands of dollars or more for your practice.
Jay A. Shorr, BA, MBM-C, CAC I-IX is the founder and managing partner of The Best Medical Business Solutions, assisting medical practices with the operational, financial and administrative health of their business. He is also a professional motivational speaker, an advisor to the Certified Aesthetic Consultant program and a certified medical business manager from Florida Atlantic University. He can be reached at firstname.lastname@example.org
Mara Shorr, BS, CAC IX serves as the Vice President of Marketing and Business Development for The Best Medical Business Solutions. She is a Level II - IX Certified Aesthetic Consultant utilizing knowledge and experience to help clients achieve their potential. A national speaker and writer, she can be contacted at email@example.com.