This is tip #7 of the How To Save $80,000 Series Renegotiate Lease Terms (Savings: $27300) If you are up for your lease, this is the time to renegotiate. Your landlord doesn’t want to have find a tenet as good as you, so she will be more likely to sit down and listen to your reasonable terms such as no rent increases for the length of the new lease, tenet improvement dollars for suite modifications or even one or two month … [Read more...]

This is tip #6 of the How To Save $80,000 Series Spend money to save money (Saving: $4500) Spending money to save money is not new. We’ve heard it a million times. But how do we implement it? In the past 12 months we’ve attended several practice management conferences. The conferences were expensive when you considered the flights, rooms, transportation, meals and so forth.  But we’ve gained so much by attending these … [Read more...]

This is tip #5 of the How To Save $80,000 Series Recruit staff to save money every month (Savings: $3600) This tip is pretty self explanatory and it is very easy to implement. Challenge the staff to find ways to save money. I’m sure they’ll have good ideas. Hypothetically speaking, if you have 10 employees, and each of them can save $30 a month on something, that translates to a savings of: $3600 a year (30 x 12 x 10 = … [Read more...]

This is Tip #4 of the How To Save $80,000 series. Pre-Paying Debt Early (savings $3547) The title for this tip says it all. The idea is to save money on interest payments for your loans by paying a little extra each month. Let's say a small 2-doc practice took out a $50,000 loan as working capital or EMR purchase at 6.8% to repay in 5-years. By paying $500 more a month, the practice could reduce the loan terms by 2 years and save … [Read more...]

This is tip #3 of the How To Save $80,000 Series Optimize your land lines or cell phone bills (Savings: $2400) Hello again and thanks for coming back and following my how a practice can save $80,000 series. Today, I want to talk about phone bills. When was the last time you evaluated your phone bill? If you are like me, you got a plan that worked for you at the time you signed up for the service and never looked at your usage (i.e. … [Read more...]

This is tip #2 of the How To Save $80,000 Series Buy everything with a credit card (Saving: $1500) Today is day two of my 10 part series where I’m highlighting practical money savings tip that can potentially save a practice $80,000. If you missed yesterday’s tip, just scroll down and you’ll find it. If you are coming back for tip number two, read on.   Credit is Good Buying everything with a credit card can seem … [Read more...]

This is tip #1 of the How To Save $80,000 Series  Merchant Services (Savings: $750)  Credit card merchant services are a good place to start looking for savings. Fees for processing credit cards payments can be like a small leak under a sink. The amount of water may be small, but over time, you’ll soon have a large puddle. Likewise, a high discount rate on every transaction can add up month to month.  The savings can depend on … [Read more...]

Any business minded person will tell you that there are only two ways to make money. One can either sell more (or in our case, see more patients), or one can spend less. For the next few days, I want to focus on the spending less aspect of making more money. I have prepared 10 money saving ideas that can potentially have a combined savings of $80,000 for your practice. Here is how it will work. Each day, for the next 10 days, I’ll post … [Read more...]