Overlooked opportunities to reduce practice expense
Overlooked opportunities to reduce practice expense
![AdobeStock_335858033 [Converted]](https://maxworthconsulting.com/wp-content/uploads/bb-plugin/cache/AdobeStock_335858033-Converted-1024x536-panorama.png "AdobeStock_335858033 [Converted]")
While the full impact of the coronavirus on our healthcare system won’t be understood for quite some time, we are beginning to put together the pieces. It’s clear that independent practices were hit particularly hard. Practice revenue is down across the country, and as a result, many providers are seeking ways to reduce cost.
A recent Medical Economics article outlined 10 ways to reduce operating expenses. The list is helpful, but it does not include one commonly overlooked area: practice benefits.
Most independent practices aren’t in the habit of reviewing their compensation and benefit offerings once they’ve been established. But doing so could uncover hidden opportunities for cost control.
Through our independent partner network, MaxWorth can assist practices with an analysis of their current offerings to make sure they support the organization's most pressing needs.
We believe that compensation and benefits should be aligned with organizational goals. When properly designed, the structure of your benefits could help ensure the longevity of your organization.
SIGN UP FOR OUR NEWSLETTER
If you would like to receive industry updates and articles like the one you see here, complete the form below
Want to Learn More?
The fairness factor: How to avoid agitation around nurse pay
The fairness factor: How to avoid agitation around nurse pay MaxWorth got its start designing healthcare compensation strategies nearly two decades ago when call pay was one of the most contentious topics in the industry. We quickly learned that a perceived lack of fairness was at the heart of nearly…
Balancing penalties and rewards in benefits for health care providers
Balancing penalties and rewards in benefits for health care providers NBC News recently reported that it’s becoming common for hospitals to require nurses to pay back the cost of their training if they choose to leave or are fired within a certain amount of time. These costs can amount up…
Hidden opportunities to reduce healthcare labor cost
Hidden opportunities to reduce healthcare labor cost In January, KaufmanHall reported that 2022 was the worst financial year for hospitals and health systems since the start of the COVID-19 pandemic. December saw an increase in provider productivity, but it simply wasn’t enough to outweigh cost increases. Expenses likely to…
Benefits for an aging physician population
Benefits for an aging physician population The AAMC’s 2022 Physician Specialty Data Report found that nearly half of physicians currently practicing are aged 55 or older. An aging physician population places pressure on recruitment and retention in many ways. Healthcare leaders might be asking themselves: Are young people encouraged to…
