Lowering Your Expenses

At the very least, being smart about how you spend your money will increase your profit. It’ll also make your clinic more efficient and easier to scale.

But you’d be surprised to know the number of GP clinics that aren’t any good at managing their money.

As you can expect, many of them will never take off. How can they, when they have a problem turning a profit in the first place?

Now, there are ways to boost your clinic’s revenue. But first, you need to know that there are two directions to go with your profitability:

You can gross more money (more revenue) or you can cut down on your costs and expenses to keep more of your revenue.

World-famous writer and businessman Robert Kiyosaki had the following to say:

‘It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.’

In this post, I’m going to focus on the second direction. And here are the most effective ways of cutting down on your expenses:

1. Start a Patient Portal

How many staff members do you have?

And also, how much time do they spend on the phone with your patients?

For most GP clinics, the answer is ‘too much’.

That’s assuming they don’t have a patient portal.

In the 21st century, the patient portal is the most elegant and cost-effective management system for patient appointments.

With an online patient portal, you can drastically reduce your staff workload and the costs of hiring new staff. With this, you’ll be taking the lid off your productivity and save money. 

The inevitable result?

Growth.

2. Renegotiate With Your Vendors

Many practice owners use the same vendors for many years. And often, they don’t revisit their original agreements with these vendors. As a result, they’re still paying the same amount now compared to how much they paid years ago.

Renegotiation provides you with a chance to lower your vendor costs.

Consider getting quotes from other vendors to use as leverage during the renegotiation. You may also consider whether you truly need the vendor to supply you with their services full-time.

Perhaps you could save money by moving them into a consultancy role, especially if they work in IT and similar areas.

These are only two of the many ways to cut costs and increase profit. It’ll be easier to grow your clinic and you can grow it more rapidly as well.