Running a successful practice isn’t just about great patient relationships. It’s also about strategically managing the business side of things. Paying careful attention to expenses, overheads and processes can help you keep your bottom line in the black – allowing you to re-invest in your practice and continue to build your reputation.
Here’s how to keep an eye on the comings and goings of your practice.
Meticulously Track Everything
If you haven’t yet invested in a digital accounting system, now is the time. Simple cloud-based systems automatically pull from your bank accounts, recording every transaction coming in and going out and allowing you to see where your money is being spent. Compare this information with profit goals and see which aspects of your business are experiencing bloat – and which are working to your benefit. Regular review of your financials will help you stay the course and deal with cost creep. Do this weekly, monthly, quarterly, and annually.
Look for Opportunities to Streamline
Just because things have always been done one way doesn’t mean they should be. New advances in technology and logistics mean that much of the highly repetitive work that takes up so much of staff time can be streamlined using digital tools. If you or your staff are spending large amounts of time on admin, bookings, or chasing payments, look for digital solutions that can do the work for you. Often the cost associated with a subscription is much cheaper than your time – and your staff can be put to work on higher-value tasks.
Plan for Growth, Inflation, and Road Bumps
Good budgeting doesn’t just look backward – it keeps an eye on what’s coming. If your practice is gearing up for growth, be sure to set aside a cushion for additional investment in materials, overheads, and staff. And always have access to savings or an affordable line of credit to keep you going during any potential hiccups. With supply chain shortages dominating the news, this might mean purchasing larger amounts of supplies than usual or being prepared to pay an inflated price for hard-to-fulfill items or services. It might even mean having a plan for pivoting in case of major market changes.
Push Back Against Renewal Increases
When renewal time comes around, don’t just smile and sign on the dotted line. Get on the phone and negotiate prices based on any changes to your needs – and be sure to push that loyal customer line. Taking the time to negotiate can result in a reduction in premiums or a waiver of monthly fees. If your lease renewal is coming up, enlist the help of a professional agent such as the experts at GZ. We can help you renegotiate your existing lease or work out a new one that works in your favor. This might include adjusting lease terms, overall costs, or even the amount a landlord is willing to pay for capital improvements and upgrades.
Talk to GZ Realty Today
If you’ve reviewed your expenses and think you could do better than your current lease terms, or you’re getting ready to renew your lease, talk to the team at Gittleson Zuppas Medical Realty today. We can help you negotiate terms that work for you – or even find a new space or arrangement that allows you to knock your profit targets out of the park.