With rising labor costs, inflation, and stagnant reimbursement rates, many medical practices are feeling the financial squeeze. No matter what your practice size or specialty, controlling costs must be a part of your everyday operations.
In a recent episode of the Medical Group Management Association’s Ask MGMA podcast, Senior Advisor Cristy Good shared practical tips that practices can implement now to reduce expenses and improve efficiency--all while maintaining
high-quality patient care.
Finding Hidden Costs in Daily Operations
You might be surprised how much your practice is spending on things hiding in plain sight like copier leases, unused software, and shredding and storage services. A simple 90-day expense audit can reveal easy cost-saving opportunities. Engaging your team in the review is key to identifying inefficiencies. Their input can help build a culture of shared responsibility for the practice’s financial health.
Cross training your staff not only saves money but also makes your practice more flexible. Front-desk employees can learn basic billing tasks, and back office clinical staff can help with patient outreach. This kind of flexibility keeps things running smoothly during staff absences or low volume periods.
Take Advantage of Group Purchasing
If you’re a small or mid-sized practice, overhead costs especially for supplies can add up quickly. That’s where CAP’s free Group Purchasing Organization can help.
Through the CAP Purchasing Alliance, members get access to the same discounted pricing usually reserved for large hospitals, saving up to 20% on medical supplies, office products, and more. Best of all, you don’t have to switch vendors or change how you order.
How it works:
Once enrolled, your practice is seamlessly connected to the group purchasing organization’s contracted pricing network. You’ll continue ordering, in most cases, just as you do with no changes to your vendors
or workflow.
Most members begin seeing noticeable savings within the first 30 days.
Getting started is easy:
Enrollment takes just 2–3 minutes. After registering, your dedicated client services manager will reach out within 24–48 hours to guide you through the next steps.
► Sign up today at https://cappurchasingalliance.com
Make Cost-Saving Part of Your Culture
From cutting redundant services to automating tasks and renegotiating contracts, the goal isn’t just to spend less, but to run a smarter, more resilient, and patient-centered practice. At a time when every dollar matters, cost-saving needs to be more than just a task, it should be a mindset.
As Cristy Good emphasizes, lasting savings come from smart planning, staff involvement, and effective use of technology. The key is consistency making cost management part of how your practice operates every day.
Andie Tena is Assistant Vice President, Practice Management Services. Questions or comments related to this column should be directed to ATena@CAPphysicians.com.