Having an healthy financial situation combining a practice’s profitability is not always easy to manage for practice owners. Conscientious, you make sure to produce and provide your balance sheets regularly and monitor as close as you can your finances and your working capital. However after analyzing and updating your finances statements, did you notice the costs that damage your profit margin?
Exemples of hidden costs :
Old and obsolete equipements
You still own the same equipment for years, it still works but become slower or break down sometimes? Working with a disfunctional equipment is good neither for your team or your practice. Morever it will have a negative impact on your profit margin. Maybe it’s time to invest in a new and profitable equipment? In this case, you will face several possibilities of financing. Lease vs. Loan : our experts explains everything you need to know to take the best solution.
Having a good position at work and a good gesture manipulation during your patients’s consultations might be the key to not harm yourself or develop injuries like tendonitis, back pain… that could prevent you from working or with more difficulties. Having ergonomic working equipment is very important because it might damage your work, your health and the profitability of your practice.
Increasing the number of your patients doesn’t always increase your profits. The loyalty and the retention of your current patients will have more benefits for the profitability of your practice. Make sure to welcome your patients in a modern practice with state-of-the-art equipment while providing a good « patient experience » and they won’t consult the competition.
Hidden costs can also result from human dysfunctional linked to the practice organization, the management or human: absenteeism, employee turn-over, performance and quality lack… These dysfunctions are rarely measured but if they would have been, the hidden costs might be high. Lower the absenteeism by offering a good work environment will increase the motivation of your employees and the productivity of your practice.
MediCapital supports you
Keep an eye on your practice’s hidden costs, spotting them and knowing how to manage them will imply a positive impact on the results of your practice. Moreover, once discovered the implementation of these small daily changes will have big positive consequences for your finances.
In need for a financial support to finance your medical practice and carry out your projects? MediCapital offers you a reknown expertise and a tailor-made support. Discover all our services.