5 Tips for Reducing Orthopedic Practice Overhead

Practice Management

Overhead costs are some of the most significant costs incurred by orthopedic and spine practices. However, practice leaders can take a number of fairly straightforward actions to ensure their overhead is as low as possible.

Randy Marcus, CEO of Orthopedic Center of Palm Beach County in Lake Worth, Fla., shares five tips for reducing overhead costs.

1. Review phone systems.
New technologies can significantly reduce costs.

2. Invest in cost-saving technology.
The use of technology such as electronic medical records and Dragon voice recognition software can reduce transcription costs and often pay for themselves in the long-run.

3. Bundle office equipment leases. Bundling leases for printers and copiers can significantly reduce the cost of leasing this equipment.

4. Review work flows. Review staffing levels and work flows to assure proper staffing and monitor overtime closely. Sometimes functions can be combined, which could lead to reduced staffing costs.

5. Consider reducing staff benefits. Switching staff to higher deductible health insurance plans and/or reducing 401k match programs can yield significant savings in overhead costs.

Orthopedic Center of Palm Beach County has been able to reduce its overhead by several points just this year by implementing the above tips.

Learn more about the Orthopedic Center of Palm Beach County.



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