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4 Ways to Cut Costs (Without Cutting Corners) in Your Healthcare Business 

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The economy has been fluctuating ever since Covid hit in 2020, and we’re still in the process of collectively recovering from the lockdown. While many businesses have sprung up and even flourished over the last couple of years, it’s still a good idea to be mindful of your finances and make sure you aren’t spending more than you need to, especially if you’re a startup. 

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Without further ado, here are 4 ways in which you can cut down on your overall costs, without having to minimize your benefits or value. 

Let’s get started. 

1. Improve your EHR billing and coding

One of the most time-consuming tasks in the medicare industry belongs to the billing and coding sector, since there’s a lot of data and numbers that need to be tracked in order to maintain a complete and correct medical history and record. However, you now have the option of reducing the strain of the process using tech. 

If you want to know how to improve EHR billing and coding, do some research and invest in a cost-effective software that does both the tasks for you – this way, you wouldn’t need to invest in separate tools to take care of different parts of the process. 

Once you’ve done this, you’ll effectively cut down on costs since you’ll be using a single platform instead of multiple tools and workflows to keep track of records, bills, and medical history of patients. 

Another plus side to this is that it also makes it easier for employees to access any data they need, since it’s all managed in a centralized system. 

2. Follow a hybrid work model

Something that most businesses figured out during the pandemic was that the hybrid work model was a win-win for both parties – the employers and employees. From a business point of view, it helps cut down on half the cost, since you wouldn’t have to worry about electricity and other essentials when your employees are working remotely

However, if you do believe in working out of the office (since that has its perks as well), consider following a hybrid model where employees come in only once or twice a week and work remotely for the rest. 

3. Outsource work if possible

Hiring a full-time inhouse employee or team for a particular task can not only be a strenuous time-consuming task, but it can also be pretty expensive. Instead, most businesses now outsource tasks to freelancers who are willing to work for negotiable prices. 

So, instead of having everyone work as a full-time employee (with insurance and other benefits), hiring freelancers for some of the work can be extremely efficient in terms of cost, time, and effort as well. 

All you need to do is find the right company or individual freelancer and give them minimal training to complete the given tasks. For instance, customer service jobs and HR tasks are usually outsourced by most businesses, while they hire full-time employees only for the core roles in the company. 

4. Don’t spend too much on marketing

You may see competitors and other companies spending millions on marketing each year. However, all you really need is a good social media strategist to make the most of social media and word-of-mouth marketing

Even some of the biggest SaaS companies out there still curb their marketing spends, and instead rely on more traditional ways of marketing their products instead of shelling out large amounts of money for very little returns. 

Of course, this doesn’t mean that your marketing budget needs to be completely cut off – you just need to plan effectively and come up with efficient strategies with the help of an expert. 

Published: September 2, 2022
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