Private clinics often have to start with a lot of debt and can struggle to find enough clients to break even in their first year. But it’s always possible for a new clinic to make money and exceed its expectations if they make smart decisions. They might be able to identify areas where they could reduce waste, for instance, or think twice before they make any purchases. They can also learn how to hire better and learn how to attract more patients with cost-efficient marketing techniques. Let’s take a look at a few ways private clinics can increase their revenue.
Get Better Suppliers
You should ideally try to have two or three suppliers in your Rolodex at all times. And you have to maintain a steady relationship with each of them. Over time, they will see you as a valuable client and might allow you to open an account and have access to in-store credit. You can also expect them to give you major discounts on GP supplies or anything else you buy from them.
Try to see if you can get better deals with your utility suppliers and insurance company as well. Some sites and services will allow you to compare prices between suppliers in one spot and make switches right then and there. This is a great way to instantly cut your costs and keep more money in your pocket.
You shouldn’t do HR on your own or hire an in-house team to do so. There’s a strong chance that you will be better served by an outsourced team that focuses primarily on healthcare. Not only will they be able to find better employees for you, but they can form and onboard them for you as well.
In addition, you can expect the people they hire to stay longer with you. This is because outsourced HR teams are experts at identifying and vetting talent. They can reflect your company’s culture through listings and make sure that only people that are a good fit come through your doors. This will allow you to save a lot of money in the long run.
Consider Bringing in a Partner
If you have space to spare, know that you could always bring a partner so you can diversify your service offering. This would increase your reach and allow you to split the bills. You could also benefit from their expertise and fill certain skill gaps.
Lease, Don’t Buy
Buying medical equipment is usually a very bad idea. Medical equipment can get outdated pretty quickly, and you might have lots of trouble unloading equipment when it has reached the end of its lifecycle.
Leasing will allow you to limit the cash flow hit, and you’ll be able to always have the latest equipment. Leases also usually come with service deals, so you won’t have to worry about breakdowns either.
Saving money as a private clinic is pretty simple at the end of the day. All you have to do is take a long hard look at your operation, spot inefficiencies, and think twice before you make any decisions.