If you are a doctor looking to start your own practice, you will probably realise it takes more than excellent medical skills to begin. Starting a clinic is no different from starting a business from scratch and with that comes the need for management and operational skills.
At the core of starting your own clinic is the ability to manage costs and keep it running efficiently that keeps your patients happy, builds a good reputation of your practice and ensures you are clocking in a good profit.
In this article, we will go through the top 5 ways to effectively manage your medical while controlling your monthly operational costs for that much-needed savings!
1. Utilise Single-Use Medical Equipment
One of the key expectations of any medical clinic is sterility in all of the instruments used. All clinics should seek to, wherever possible, to utilise single-use equipment that will help drastically reduce any risk of cross-contamination from procedures such as blood tests and minor surgeries.
Disposable instruments also remove the need for any repair and servicing helping to save thousands of dollars while allowing doctors and their staff to save valuable time during procedures.
2. Efficient Pre-Registration Software
One of the most time-consuming but essential aspects of running any clinic is registering patients. If you are beginning a new clinic, most of your business will probably come from walk-in patients who will register their details on the spot, but what if business increases or you decide to have an online presence?
Ensuring a smooth flow of patients from registration to the consultation is key to maximise your time every single day, after all, two additional patients a day could add up to 60 patients worth of business in a single month!
Investing in a pre-registration is key, especially if you are looking to have an online presence. This will allow prospective patients to immediately fill in their own details before even stepping into the clinic, allowing your staff to review and verify their information beforehand.
3. Post Patient Rooming and Discharge Protocols
Having a clear and efficient patient rooming and discharge protocols in every patient room helps to ensure the smooth flow of patients.
Protocols are set-rules laid down by the doctor and administrators of the clinic to ensure every staff member will be well aware of the purpose of each room, the procedures to be conducted inside and where the patient will be heading to after usage.
4. Verify Patient’s Insurance
While many patients have insurance, not all have the exact coverage necessary for their specific diagnosis and treatment. This makes verifying patient’s insurance information before an appointment rather important to help reduce waiting time and increase the consultation time between the patient and the doctor.
Doing this is rather easy, if you have a pre-registration software, you can instruct patients to upload scanned photocopies of their insurance cards or email them to your clinic before arriving.
5. Save on your Electricity Bills
From medical equipment to lightings and office equipment, running a medical clinic is more energy intensive then you might think.
Every clinic is unique and its operational hours are largely dictated by the doctors. From weekday only clinics to 24-hour clinics, choosing the right electricity plan is key to saving on this operational expense.
But before you decide and switch away from SP services to an electricity retailer like iSwitch, there are 2 main electricity price plans you need to know first.
The Fixed Price Plan
Image credit to EMA
This plan allows your medical clinic to secure electricity pricing at a fixed rate for the duration of the contract. This means no matter how high the price of electricity rises in the future, you will still be paying the same rate that you locked in at the start of the contract.
Choosing this plan is ideal if you want absolute price certainty that allows your business for strict budgeting.
The Discount Over Tariff Plan (DOT)
Image credit to EMA
The DOT plan allows your medical clinic to secure its electricity supply with guaranteed savings off the SP Tariff. The difference between this plan and the fixed pricing is the variability of your electricity bill.
While you definitely will be locking in savings compared to what you are paying now to Singapore Power, your bill could rise and fall based on the prevailing tariff which is controlled by the oil prices and other factors in the market.
Choosing the DOT plan makes sense if you would like to have a hassle-free type of plan without the need to monitor and making any long-term decisions based on the current price of oil.
At iSwitch, we partner closely with clinics and businesses to secure the best plan suitable for their business operations.