5 Simple Ways To Cut Medical Practice Costs

Physicians are finding that a few simple steps can open the door to big savings in operating a medical practice.

General operating costs for multispecialty practices have increased 52.6% since 2001, exceeding revenue gains in that period, according to the Medical Group Management Association (MGMA), which uses such groups as bellwethers for the overall practice economy. But those expenses were cut 2.2% in 2010, according to MGMA.

MGMA said the drop probably is due to closer monitoring of operating expenses by medical practices.

Physicians and consultants said the numbers reflect how $100 savings in different areas can grow into thousands, even tens of thousands of dollars, in savings to a practice

without adversely affecting patients' experiences. The keys, they said, include negotiating prices, bargain hunting, being cost-conscious but not penny-wise and pound-foolish, and being cognizant of where your money is going.

Read the full article at: http://www.ama-assn.org/amednews/2012/01/09/bisa0109.htm

Source: American Medical News