Many general practices across the city are having to work harder than ever to both maintain and grow their profitability. This is often due to a struggle to manage income and expenditure, as there are many variables to running a dependable practice for patients.
It is imperative to find ways to boost revenue and cut expenditure each day. Learn how GPs can run a more profitable practice.
Routinely Review Staff Salaries
Every GP practice must routinely review their staff to patient ratio, which will ensure they aren’t overspending on their employee salaries each year. If you have a smaller number of patients on your database, it is a wise financial move to make employee cutbacks to boost your profit margin.
Boost Productivity with Technology
Many GP practices are often afraid to invest in new technologies due to the expense; however, they could boost your team’s productivity levels, which can lead to a bigger annual profitability.
For example, you could utilise various software solutions to reduce your admin workload. You also can improve your practice’s organisation by running a paperless practice, and your doctors and admin staff can gain access to essential files on any internet-enabled devices within the business.
Find a More Affordable GP Indemnity
GP indemnity can provide a general practice with both cover and support as and when they need it. While doctors were once restricted to the ‘big three’ options, they can now secure more affordable GP indemnity from the likes of Medical Defense Society, as you can take advantage of a pricing model that can reportedly save practices between 10 to 30% per year on the essential cover.
Lower Essential Costs
In addition to regularly reviewing staff salaries, you also should routinely attempt to lower essential costs. For example, you should make it your mission to:
- Decrease unnecessary phone calls
- Secure lower electricity, gas and water rates
- Eliminate waste
It is also a smart idea to find ways to prevent employee absenteeism, which can prevent the expense of hiring a locum or slowing down your administrative team.
Improve the Patient Experience
A practice’s success will be determined by their registered list and the money it generates from patients. It is, therefore, critical to retain as many patients as possible.
To prevent patients from switching to a new practice, you must ensure your reception staff are friendly, helpful and welcoming. You also must create a comfortable and attractive waiting room.
It might also be beneficial to ensure your reception staff focus on greeting and supporting your patients in the waiting room, while keeping administrative duties to the back office. It will prevent a patient from feeling ignored while an employee answers a phone call or sends an email.
Hire a Proficient Accounting Firm
Ensure your practice never struggles with financial hurdles by hiring a proficient accountant, who should have experience with general practice. Their knowledge and advice could help your medical practice to lower its annual costs and improve efficiency.