Case Study: Cost Reduction for a Physician Practice

Imagine, if you will, a medical practice with:

·       130 physicians

·       650 employees

·       65 practice locations

Each with its own processes for purchasing and spending. Is it possible to cut costs across the board, and get the various locations operating affordably and efficiently? We did just that for one mid-size physician owned practice group.

The medical practice contacted us because they wanted to cut their non-labor related expenses. Each office in the practice handled purchasing differently, which led to unnecessary spending. A single purchasing philosophy was needed to lower costs and streamline the process.

Without disrupting the day-to-day business of the office, Silverback was able to analyze over $3 million of expenses. We also took time to learn about the practice’s current culture and past processes. After this, we were able to make recommendations that would greatly reduce operating expenses for the practice. The practice accepted all of our recommendations.

How has this changed things for the practice? Silverback was able to cut expenses for the practice by over $400,000, including a notable 77% reduction in telecom expenses. All of these reductions came at no cost to the practice. Many times, the practice did not even need to seek out new vendors to realize savings. Best of all, Silverback did all the work to make it happen, so the offices could focus on treating patients.

Do you want to know more about what went into this cost-reduction project? You can view a full case study here.

Does your business have unrealized savings you could be taking advantage of? The answer to this question is almost always “yes,” and Silverback can help you find them. Contact us today to get started, or check out even more case studies to learn about our process.

Let us do the work to lower your expenses, so you can enjoy the benefits.

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