Practice Savers!

We just completed a Practice Savers program for a 4-MD, 1-PA primary care practice in Connecticut.  We identified how this practice can save nearly $13,000 a year on their supplies and consumables.  

This practice had not seen their costs change by more than a few percentage points over the past 5 years.  Which means they have overpaid by between $60,000 to $70,000 during that time-frame.

Every practice should identify core cost drivers and get competitive bids for them annually.  Most simply don't have the time.  We understand that. This is one of those tasks it simply makes sense to outsource.

20 cents doesn’t sound like a lot. But it absolutely is.

Let’s say you use Reagent X or Y about 100 times a week. A box of 20 costs you $36, or $1.80/ea. What if your cost were $1.60/ea? You’d save over $1,000 per year.

Now what if you could reduce your costs by a similar amount on 10 consumables? How about 20? It starts to add up.

Saving in your practice is rarely about hitting Home Runs. Instead, it’s a game of singles and doubles (and sometimes bunts). $.20 here, $.10 there and profits increase.

Take a stroll around any physician conference's exhibit hall these days and, interspersed among the expansive pharma set-ups, you'll see eHealth company booths.  At every corner, on every aisle, ranging from 1-man table tops to "pharma light" 20x20 booths. EMR, practice management software, patient check-in services ... you name it, they're there.

We at Practice Savers think of these as the "soft cost savers" with a "hard cost investment". You pay $X up front or monthly and (theoretically) gain savings, over time, through gains in time and efficiency.   

Practice Savers is focused on an area of savings that is not seen ... EVER ... in convention exhibit halls:  Hard Cost Savings.  Your practice spends money every month on supplies, consumables and services. After salaries/benefits and insurance, this spending accounts for a large percentage of the debit side of your accounting ledger.

We have learned (and demonstrated) that the majority of practices are not buying the majority of items at the the lowest available prices. There are reasons for this, which we will cover in an upcoming blog post, but the bottom line is physician practices are losing money by not optimally negotiating for better pricing or not effectively seeking alternative sources for their supplies and services.

That's where Practice Savers comes in. We do the work for you, charge you nothing until you see the savings, and then let you reap significant financial benefits for years from our 1-time service.  We hope you'll have a conversation with us.

Most consumables and supplies purchased by physician practices are purchased through distributors.

Distributor mark-ups run between 20% to 50%.

The manufacturer, who sells to the distributor, typically makes 40% to 80%.

So when you buy consumables or supplies directly from the manufacturer, there is a TON of margin in the price.  And you can ALWAYS save 5%, 10% and even 25% off the "best" price quoted to you.

#Humblebrag here, but we're really good at getting our clients those price reductions.  Give us a shout to learn about our services.

Help Practice Savers perfect our services by participating in our beta.  Two practices who fill out our contact form before 11:59pm Friday, August 2nd will be selected to receive our services completely FREE.   

Welcome to the refurbished, reconfigured and relaunched Practice Savers blog and our new website.

We are excited to bring to the physician practice community our new, novel service designed solely to reduce the costs of supplies, consumables and services for doctors and their practices.

Learn how we work and the benefits for your practice via our FAQ. Or email us at [email protected] at any time.

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