Medical Money Matters with Jill Arena - Episode 46: Cost vs. Value – Understanding the Difference in Making Business Decisions Within a Medical Practice

Episode 46: Cost vs. Value – Understanding the Difference in Making Business Decisions Within a Medical Practice

10/10/23 • 10 min

This episode digs into a topic that's close to my heart and incredibly relevant for the financial well-being of your medical practice—understanding Cost vs. Value in Business Decisions. Understanding this concept can be a game-changer in your decision-making process, and it can open you up to huge financial opportunities.

The Cost Trap

When it comes to making business decisions, the allure of cost-savings is magnetic. I get it; we all want to save money. However, an obsession with cost can be dangerous. You might end up making poor business choices just because you're focused solely on minimizing expenses, and you might miss an opportunity to make a better long-term decision.

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Podcast coaching and development by: Jennifer Furlong, CEO, Communication Twenty-Four Seven https://www.communicationtwentyfourseven.com/

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The Cost Trap

Previous Episode

Episode 45: Where and How to Find Cost Savings in Your Practice - Reducing Expenses 201

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Are your practice expenses out of control? Do you wonder where all the money went at the end of each month? Join me for this episode where I talk with Matthew McCreith, a Cost Reduction Consultant with Schooley Mitchell. We delve into places where practices can find cost savings, and what to expect if you engage the services of a cost reduction consultant. Matthew gives our listeners several examples of places to look to improve financial performance, and some great insight from his many years of experience in managing finances for medical practices.
Find Matthew's webpage here: https://www.schooleymitchell.com/office/mmccreith/
and his LinkedIn profile here: https://www.linkedin.com/in/matthewmccreith/
or email him at: [email protected]
Please Follow or Subscribe to get new episodes delivered to you as soon as they drop!
Visit Jill’s company, Health e Practices’ website: https://healtheps.com/
Subscribe to our newsletter, Health e Connections: http://21978609.hs-sites.com/newletter-subscriber
Want more content? Find sample job descriptions, financial tools, templates and much more: www.MedicalMoneyMattersPodcast.com

Next Episode

Episode 47: Understanding Your Scope - Why You Don't Care About $500

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Today, we’re diving into a topic that often gets swept under the rug but holds immense significance—Understanding Your Scope and why, believe it or not, you shouldn't sweat it about that $500.

So when I say "scope," I’m talking about the role you play within your medical practice. Are you a physician? A manager? A medical director? Each position should have a range of responsibilities, authority levels and spending levels. Knowing your scope is crucial for optimizing everyone's performance and financial well-being. Think about it like this—each role in a medical practice exists for a reason, and understanding those roles allows us to be more effective, efficient, and—yes—even joyful.

So why shouldn't you care about $500? It's not because $500 is insignificant, but because your role and your scope often determines the level of financial matters that should realistically concern you. When you're in a leadership or governance role, worrying about day-to-day expenses like office supplies or minor budget variances can distract you from strategic planning or patient care, which could have far greater financial implications.
Please Follow or Subscribe to get new episodes delivered to you as soon as they drop!
Visit Jill’s company, Health e Practices’ website: https://healtheps.com/
Subscribe to our newsletter, Health e Connections: http://21978609.hs-sites.com/newletter-subscriber
Want more content? Find sample job descriptions, financial tools, templates and much more: www.MedicalMoneyMattersPodcast.com