Here is a summary of the 10 Tips
Tip #1 Merchant Services (Savings: $750)
Tip #2 Buy everything with a credit card (Saving: $1500)
Tip #3 Optimize your land lines or cell phone bills (Savings: $2400)
Tip #4 Pre-Paying Debt Early (savings $3547)
Tip #5 Recruit staff to save money every month (Savings: $3600)
Tip #6 Spend money to save money (Saving: $4500)
Tip #7 Renegotiate Lease Terms (Savings: $27300)
Tip #8 Free Software (Savings: $1749.95)
Tip #9 2% prompt payment discount (Savings: $4,000)
Tip #10 Join a GPO (Savings: $35,000)
If you noticed, the total sum of the savings is $84,346.95; just a tad over $80,000. That is because I like to under promise and over-deliver.
As I mentioned at the beginning of the series, this is by no means a comprehensive list. I’m sure you’d all agree. But what I wanted to do, was to highlight some relatively easy ways to find savings while at the same time, put them into perspective with actual data and proven savings.
Often times we hear, “we need to reduce cost” but we rarely see practical example of how to go about with the process. Hopefully, the series pointed you and your practice in the right direction. I know that as I’ve been writing these tips, I have thought about other things to consider in the money savings aspect of making money.
One final tip
It is important to document each money saving initiative you implement in the office. Why? Because it is good management. But more importantly, it can help you if you are up for review. Imagine walking in to your review with a list of well documented money savings initiatives that account for thousands of dollars. I’d be willing to bet you’d gain a little more leverage. Wouldn’t ya say?
I'm a practice administrator at a Pediatric office located in the western suburbs of Chicago. I write mostly about running a small business that happens to be a medical practice.
