Healthcare IT Blog

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Top 7 Budget Optimization Strategies for Healthcare IT 

The last year has been financially difficult for many individuals, companies, and medical providers. COVID-19 meant a drastic reduction in patient volume and revenue, with an increase in practice costs at the same time. 

According to an American Medical Association (AMA) survey of patient care physicians conducted in July and August of 2020, 81% of physicians surveyed reported revenue had still not gone back to pre-pandemic levels. The highest drop in revenue reported was 75%, with the average drop in revenue coming in at 32%. 

With vaccination rates going up and new cases COVID-19 cases trending downward, many practices are breathing a sigh of relief, and looking at making budget cuts to help make up for lost revenue. We’re here to tell you that your healthcare IT budget is probably the last place to look to cut.  

That’s because your IT systems are a major part of what keep your practice running smoothly. You can’t afford to have your electronic medical records (EMR) system go down, and you certainly can’t afford to fall victim to a ransomware attack or data breach.

However, there are many ways to optimize your healthcare IT budget, so that you get the most bang for your buck. Your healthcare IT managed services provider (MSP) should be able to help you with most of these. Here are our top 7 suggestions:

1. Renegotiate Your Internet Costs 

Renegotiate your circuit costs. Prices that internet service providers (ISPs) charge can change rapidly as they build out their infrastructure in a geography and bring on new customers. Practices can leverage this rapid change to move into better pricing for internet services.

2. Check Your Software Licenses

Audit your software license cost to make sure your users have the right licenses. Not everyone needs a full license of Microsoft Office 365 Professional. Some users can live with an email-only version of Office 365, if they don’t need access to the Office suite (Word, Excel, PowerPoint).

3. Move Your Servers 

Move your servers into public or private cloud services. Private cloud allows you to pay for just the capability you need, and no more. Moving your servers, such as files & print servers, EMR database servers, and remote access servers can lower the total cost of ownership and improve performance and reliability. 

4. Don’t Cut Corners

Resist cutting corners. It may seem like a good idea to buy those 5 new PCs at that amazing price from your local wholesale store, but they may not be made from the same components as the “business grade” components that you can expect to perform day in and day out. 
Also, many times, discount PCs don’t come with the business-grade licenses that you’ll need to connect them to your network, which may result in a higher license cost and professional services hours to reconfigure them. The same can be said for cheap networking gear. 

5. Hardware Costs (PCs, Laptops, etc.)

If a large capital expenditure just isn’t in the budget, consider equipment leasing or Hardware-as-a-Service for high-cost IT equipment. In this scenario, your MSP provides the PCs, laptops, and other hardware you need, and repair and maintenance of the equipment is the responsibility of your IT provider

6. Bundle Up

Get credit for bundling your services. You may be able to save money by combining multiple IT services under a single provider, such as IT support + Private Cloud, or Voice over internet Protocol (VoIP) + support services. The more services you bundle under a provider, the lower the cost of support, which should translate into costs savings for you. Also, having fewer companies to call when things go wrong should improve time to resolution of any problem. 

7. Join a Professional Organization

 Join your local Medical Group Management Association (MGMA). Most states have an MGMA chapter and the vendors that sponsor your local chapter may offer discounts for services to members. Your local MGMA chapter is also a great source of ideas from other practices.

Work with a Trusted Healthcare IT Partner

At PEAKE Technology Partners, healthcare IT is all we do. We have a large in-house team to support you, and we provide 99.9% Uptime Reliability. In addition, we have a 97% Customer Retention Rate. We can easily help you optimize your healthcare IT budget, both now, and in the future.

If you’re looking to outsource your IT services, or you’re not happy with your current MSP, please reach out to schedule a consultation. We work with medical groups in the Mid-Atlantic region, as well as North Carolina. We provide on-site and virtual support, 24/7.

Call us at (866) 357-3253 or use the contact form to schedule a conversation.

by Alex Cotsalas

July 29, 2021

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