How cloud helps cut costs of starting a medical practice
Running a medical practice and ready to cut costs? Setting up your practice on the cloud could be a great cost-saving solution, a new report reveals.
In MedicalDirector’s new guide, ‘Calculating the cost of starting your medical practice’, Professor (Dr) Martin Samy, founder of the Samy Medical Group in Western Australia, explains how a smart medical practice budget needs to consider cloud software from the start.
“When I started the Samy Medical Group, the first thing I did was look for cloud-software I could trust, because cloud impacts everything, from staff resources, capital resources to wider strategic planning,” Prof Samy says. “With cloud, I eliminated server costs, IT support costs and staff support costs from the start. I could buy simple computer hardware and laptops – because all you need is the Internet. Such a huge cost saving from the outset makes a huge difference to my business plan and operational costs.”
Reducing operational efficiencies with the cloud
Dr Samy is not alone in reaping the operational efficiencies of the cloud. Recent research released by Acumen Research and Consulting, reveals how the benefit of cloud in cutting the costs of patient data management is one of the key reasons why cloud adoption is on the rise across healthcare settings globally.
In fact, the Health Cloud Computing Market is estimated to grow at CAGR above 14 % between 2019- 2026 and reach the market value around USD 40 billion by 2026, a new study has found.
According to Dr Samy, this is because the operational efficiencies of cloud technology impact so many aspects of medical practice, from set up, to support, to wider strategic planning.
“I had quotes of $70,000 – $80,000 for my IT and phone systems alone, but with a cloud practice management software like Helix, all I need is one network cable with the Internet,” he explains.”Helix is so brilliant, it makes setting up a practice so simple and so cost effective. I could get up and running with minimal costs, and enjoy many more operational efficiencies from the outset than if I had started with a traditional server-based system.”
Reduce staff and administrative costs
A major cost for any practice is staffing. These increase each year, and if you have mixed billing, then you need to ‘double handle’ the patient, which risks doubling your administrative costs.
“Cloud software also influenced how many patients we can forecast to see a day and helped us see clearly from the outset how we could make money. It even impacted whether we wanted to go bulk billing or not,” Prof Samy says. “In fact, we wouldn’t go for bulk billing if it wasn’t for cloud. That’s how much of an influence cloud has on your business plan.”
Automating and streamlining repetitive tasks can significantly boost efficiency and reduce time and money wasted on manual or administrative tasks. eReferrals, automated patient booking recalls and reminders, integrating EFTPOS payments, are just some of the many ways to keep processes within your practice simple, efficient and fuss-free.
For Prof Samy, a more streamlined and automated reception system significantly reduced his reception and staffing costs from the outset, while improving the patient experience. With a paperless cloud software solution, like Helix by MedicalDirector, Prof Samy can also cut down costs associated with printing, the use of a fax machine and manual, time-consuming paper-based processes.
“Because Helix has seamless integration and automates so much of our workflow, it cuts down a lot of our admin and staffing costs, which means we only need one support staff for four doctors,” Prof Samy says.
To find out more, download our free ebook: ‘Calculating the cost of starting your medical practice’