How to Buy Medical Supplies for your Cash Only Medical Practice
Besides staffing and insurance, medical supplies are one of the major expenses of modern medical practices
. Physicians who run traditional offices often discover that they have to sacrifice their own income in order to furnish their office with the supplies necessary to tend to their patients, particularly as they wait for reimbursements from insurance company claims. Offering services at negotiated, lower rates is frustrating for doctors, who must keep their offices supplied regardless of how much cash they have on hand. This cash flow dilemma often encourages modern physicians to search for new
healthcare marketing strategies.
One of the main reasons that medical practice marketing companies suggest transitioning to a cash only practice is to streamline your office's business operations. For this reason, many physician marketing firms will advise that doctors keep this same philosophy when they purchase medical supplies. Rather than buying supplies on credit or using an ongoing tab that has to be balanced periodically, it is best to only use cash for these transactions. This policy means, of course, that your office will need enough cash on hand to make these medical supply purchases using pay-as-you-go guidelines. After the first month or so of implementing cash only strategies, you will usually find that you have the capital necessary to stock your medical supplies without using credit.
Some suggestions for how to implement sound medical marketing strategies into your purchasing policies include:
Settle existing credit accounts as soon as possible. Rather than continuing to roll your existing credit accounts month after monthcontinuously accruing wasteful interestsettle these accounts as quickly as possible. You may have to use various money-saving methods in other areas of your practice, including sacrificing some initial net income, but you will reap substantial benefits in the future.
Use monthly or quarterly profits from your cash only medical practice to make medical supply purchases. For a Cash Only Medical Practice, your equipment and supply needs will be minimal to begin. In your office setup, you can cut costs by going with the minimum. Firms that specialize in marketing for doctors recognize that the less physicians rely on credit and rolling accounts, the more efficient their business operations become. Once you establish how quickly your office needs to replenish each of your medical supplies, you will be able to set aside a set amount every month or quarter to sufficiently handle expenses beyond what is needed for the initial setup.
Establish an emergency medical supplies fund. As with all business endeavors, it is always wise to plan for the unexpected. Establishing an emergency supplies fund will help you avoid having to unnecessarily reach into your practice profits to pay for your medical supplies.
Some items that you will need to round out your cash only medical office include:
Small desk
Chair
1-2 47-inch high locking file cabinets
Filing shelves (for charts)
Phone
Copier
FAX machine
Calendar
Daily appointment book
Stapler
Typewriter
Inexpensive Calculator
Rolodex file
Computer
Computer paper
Business stationary
To help you as decide whether a cash pay medical practice is right for you, call or email the professionals at Hippocrates Publishing. For several years, Hippocrates Publishing has provided helpful resources to thousands of medical professionals around the globe. Their distinctive specialty is creating and publishing books and informative booklets that guide physicians towards finding success with medical practice marketing and niche medical practices. Visit
www.HippocratesPublishing.com today for more information, or call 877-408-2462.
How to Buy Medical Supplies for your Cash Only Medical Practice
By: High procs
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