{"id":1755,"date":"2019-08-13T11:35:02","date_gmt":"2019-08-13T18:35:02","guid":{"rendered":"https:\/\/ascentblog.org\/?p=1755"},"modified":"2019-08-16T11:36:41","modified_gmt":"2019-08-16T18:36:41","slug":"eliminate-these-overlooked-expenses-to-save-your-practice-money","status":"publish","type":"post","link":"https:\/\/ascentblog.org\/eliminate-these-overlooked-expenses-to-save-your-practice-money\/","title":{"rendered":"Eliminate these Overlooked Expenses to Save Your Practice Money"},"content":{"rendered":"\n<p>Data shows that U.S. health care practices can rack\nup overhead costs of 70 percent or higher. Considering the average salary for a\ndoctor in 2019 is $313,000, it shouldn\u2019t come as too much of a surprise that\nthe average practice brings in $1.04 million in revenue but pays $727,000 in\nexpenses per year. Much of this is simply the cost of doing business; supplies,\nfacility costs and other necessities add up. <\/p>\n\n\n\n<p>However, there are a lot of areas in which expenses\ncan be reduced. Some of them you might never have even considered. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">4 Hidden Expenses You Can Eliminate<br>\n<br>\n<\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignright\"><img decoding=\"async\" src=\"https:\/\/ascentblog.org\/wp-content\/uploads\/2019\/08\/cash-money-copy.jpg\" alt=\"\" class=\"wp-image-1757\"\/><\/figure><\/div>\n\n\n\n<p>Looking to reduce expenses? Consider the following\nfour areas. <\/p>\n\n\n\n<ol><li><strong>Get rid of\nexcess inventory. <\/strong>Most health care practices tend to\noverstock inventory, accumulating supplies they don\u2019t actually need\u2014particularly\nmedications\u2014on the off chance that a patient will come in for a complex\nprocedure. Unused medications are likely to expire on your shelf just because\nthey are so difficult to keep track of. Data shows that providers throw away\nalmost <strong>$10 billion<\/strong> worth of expired medications every year! One way around this is to pay\nclose attention to expiration dates and transfer medications that are close to\nexpiring to a centralized location and assign staff to maintain this area on a\ndaily basis. This will help cut back on the number of unused and expired\nmedications and reduce waste. A good strategy is to log all medications that\nare expiring in 60 days and share this information with your providers. <\/li><li><strong>Eliminate\npaper.<\/strong> We live in an increasingly mobile society, so it\nmakes sense to eliminate paper. This is difficult in the health care industry,\nsince the majority of practices still send out paper mail\u2014and patients (many of\nwhom are older) have grown accustomed to this. But just because you\u2019ve always\ndone business this way doesn\u2019t mean you should <em>keep<\/em> doing business this\nway. With so many consumers using email and smartphones, it pays to embrace\ntechnology and make the switch to paperless billing, appointment reminders, provider\ndirectories, etc. Besides, you\u2019ll be helping to save a few trees in the\nprocess! Be sure to inform your patients prior to making the switch to digital.\n<\/li><li><strong>Encourage\npatients to schedule their own appointments online.<\/strong> Research shows that 83 percent of consumers use online scheduling for\nbooking travel arrangements and making restaurant reservations. If your\npractice doesn\u2019t offer online scheduling, you are likely losing business from\npatients who are more comfortable making their own appointments. There are\nplenty of inexpensive booking solutions that are easy to implement and use;\nthey\u2019ll free up your staff to focus on other more important areas. <\/li><li><strong>Join a\nnetwork for lower insurance rates.<\/strong> Malpractice insurance is a necessary\nevil for health care providers, and an expensive one. It\u2019s estimated that\npractices pay 10 percent of revenue toward premiums that can cost as much as\n$200,000 per year. You can reduce these costs by joining a physician or\nprovider network. Not only are premiums lower, but you\u2019ll receive additional\nbenefits such as networking, value-based contracts, participation in an\nAccountable Care Organization (ACO) and more. You\u2019ll even have access to an\nonline library of educational publications. <\/li><\/ol>\n","protected":false},"excerpt":{"rendered":"<p>Data shows that U.S. health care practices can rack up overhead costs of 70 percent or higher. Considering the average salary for a doctor in 2019 is $313,000, it shouldn\u2019t come as too much of a surprise that the average practice brings in $1.04 million in revenue but pays $727,000 in expenses per year. Much&#8230;<\/p>\n","protected":false},"author":3,"featured_media":1757,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"schema":"","placeID":"","no_match":false,"name":"","company":"","review":"","address":"","city":"","state":"","zip":"","lat":"","lng":"","phone1":"","phone2":"","fax":"","mon1":"","mon2":"","tue1":"","tue2":"","wed1":"","wed2":"","thu1":"","thu2":"","fri1":"","fri2":"","sat1":"","sat2":"","sun1":"","sun2":"","hours-note":"","footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Eliminate these Overlooked Expenses to Save Your Practice Money | ASCENT: Administrator Support Community for ENT<\/title>\n<meta name=\"description\" content=\"ASCENT: Administrator Support Community for ENT | Data shows that U.S. health care practices can rack up overhead costs of 70 percent or higher. 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