“Work with a real estate agent to help you negotiate a better deal, such as rent abatement [not having to pay rent for a month or several months at the start of a lease] or an agreement to provide renovations after a certain time period,” Dr Baraf says. “When your lease is coming up for renewal, let your landlord know that you’re shopping around, which may entice [them] to provide a lower rent increase, [because] finding a new tenant for a medical space can be difficult.”
Equipment & Supplies
Dr. Morris says to comparison shop for furniture. “We opt for function and comfort, rather than trying to make a fashion statement,” he says. “Similarly, walls are decorated with inexpensive prints, rather than expensive artwork.”
Don’t be afraid to haggle and bargain. Manufacturers may be willing to cut the price of heavy equipment to move it, Dr. Morris continues. The sale of a unit at a discount is better for their bottom line than no sale at all.
Additionally, if your practice works with a group-purchasing organization, you may be able to get a discount on an electronic health records system. “Do your research to find the right vendor and equipment,” Dr. Baraf says. “Get input from colleagues who have worked with different vendors to make sure they offer good service and that there aren’t any hidden costs. If your system is down for even a day, it will be costly.”
Dr. Baraf recommends using a group-purchasing organization to get group discounts that many can’t get alone.
For office supplies, again, comparison shop. Don’t automatically use the same company time and time again, Dr. Morris says. If you know the practice will use all items in a reasonable timeframe, buy in bulk—which usually costs less. Shopping at warehouse savings clubs may help reduce expenses for office supplies.
Invest in Promotion & Marketing
In an effort to get your name better recognized in the community, Dr. Morris advises looking into serving as an expert for a news article. Practice owners can also nominate a partner to be recognized in an article on community movers and shakers run by a local publication. Another idea is to support local sports programs with an ad—it’s inexpensive, but shows community support.
Dr. Baraf recommends investing in a professionally designed website that is search engine optimized, which enables potential patients to find it. Another method he’s found success in is to print small cards with a QR code on them that take patients to social media outlets where they can leave positive comments or reviews about his practice. “Usually, only disgruntled patients will take the time to leave feedback,” he says. “But this [approach] helps satisfied patients quickly and easily find you on social media.” It won’t cost you much, just the printing cost of the cards.
