Taking Advantage Of An Election-Proof Way To Reduce Office Costs
I watched the most recent presidential debate/can’t-miss reality TV show mostly for the reasons people slow down and look at car crashes: you just have to look and see the nature of the carnage. Another important reason I watch is so that I’m versed on what the next opening scene of Saturday Night Live will be. This presidential campaign/election is nothing if not incredible fodder for late night talk shows and comedy shows. I DVR Saturday Night Live weekly for just that reason.
Certainly, most of the United States is disgusted with the campaign. The disapproval ratings of Hillary Clinton and Donald Trump both exceed 50 percent. That’s incredible given that one of them will be elected president of the United States in November.
The debates are full of posturing on issues, deflecting questions that candidates can’t answer well, weird noises and facial gestures to discredit the statements of the opponent, and general bad behavior. My children, unwillingly, sit and watch with me, and state, “They never answer the questions.”
No matter whether you prefer one of these two candidates, someone else or no one else, there is no disputing that our system is broken and embarrassing. I really can’t imagine what the rest of the world thinks about how we conduct these debates and our presidential process.
Nonetheless, different issues are important to different people. We can all listen to the same speech or debate, and come away hearing different things that are important to us. While there are many important issues to me, few are more pertinent than healthcare in the United States. Both candidates admit that our current system is not working. Costs to businesses are rising. Costs to insured patients are rising through higher deductibles and higher copays, yet overall care is not improving. Both candidates state that under their leadership, there will be major changes to the healthcare system.
Although no one has said how things will change, simple math can predict some changes. If costs are going up, someone is going to force costs to go down. How do costs go down? Government agencies and third party insurers could cut their own wasteful overhead, and take out hundreds of millions of non-productive costs. While this may be the most logical solution, this is unlikely to happen. Eventually, the reduced costs will mean reduced reimbursement for hospitals, providers and services. Those threats have been around for years and little by little, those costs have reduced for better or worse. It is likely that in the near or not too distant future, reimbursement for our services is going to take a more substantial cut.
To that end, it is incumbent on each of us to be prepared for the eventual downward trend that approaches. We can get bitter and complain, and stop loving the profession that has provided us with so much. I believe we can adapt and continue to provide excellent patient care like no other foot and ankle providers.
Very simply, you can either increase revenue or decrease practice overhead if you want to maintain your lifestyle with the impending changes ahead, or you can do both. Neither is easy. Typically, you have fixed expenses like leases/rent/mortgage, malpractice insurance, employee salaries and benefits, and more. Those are hard to reduce. You can get a less expensive employee but he or she might not function at the level you need, and then you will have reduced revenue. You can’t just go and renegotiate your leases in most cases.
Getting Group Purchasing Discounts With Talar Capital Partners
We have found a way to reduce our costs on variable expense items like office supplies, durable medical equipment, walking boots, and other things needed to make your practice work. It’s called Talar Capital Partners (TCP). I was introduced to this company by a former co-resident/friend of mine, who told me how much the company benefitted his large and busy practice. It substantially reduced the cost of items his practice thought they were getting at really favorable pricing. As I looked into Talar Capital Partners, I found that podiatrists started it to help podiatrists.
Talar Capital Partners is group purchasing organization (GPO). A GPO leverages the power of a large group of people to achieve substantial discounts. We were already part of a GPO so I didn’t think a new one would be of much benefit. However, I found that because Talar Capital Partners is podiatry-centric, it has better deals with companies that I already thought we had great deals with as a 20-office, 30-doctor practice.
I also assumed there would be substantial membership fees to be a part of Talar Capital Partners and ongoing fees as well. I was shocked to find out that membership is free and discounts on many things are nearly guaranteed. We have been using Talar Capital Partners for the last several months and have sound substantial savings, which is going to translate to better profitability in 2016. For more info on this company, e-mail customerservice@talarcp.com or call 401-424-1827.
Final Notes
There are other ways to reduce overhead but usually with reduced overhead, reduced customer service can result.
By watching the debates and the way the presidential candidates treat one another, I have a fear that this behavior will become more accepted. Then maybe reduced customer service will be the norm, not the exception. Alternately, maybe patients will take the attitude of the candidates, call you names and make false accusations about you and your practice.
Ultimately, you can’t let the election or the possibility of change get you down. You need to look out for your practice, your patients, your employees, your family and yourself. Use the election process in any way you find best. For me, it’s comedy or else it would be tears.
