Consultants Corner: Key Strategies for Optimizing Compensation and Benefits with Sharon Sagarra
Download MP3In this episode of the MGMA Insights Podcast, host Daniel Williams speaks with Sharon Sagarra, MBA, FACMPE, owner of Sagarra Medical Consulting, and an MGMA Consultant. Sharon shares her extensive experience in healthcare management and provides actionable strategies for medical practice leaders to optimize compensation and benefits plans for their employees. Her insights are particularly relevant for those attending the upcoming MGMA Staffing Conference, where she will present on this very topic.
Practical Takeaways for Medical Practices
Practical Takeaways for Medical Practices
1. Develop a Comprehensive Budget
Maintaining a detailed budget is essential for managing financial challenges such as rising minimum wages and decreasing insurance reimbursements. "Make sure you're doing a budget. I was surprised the last two practices I was at did not have a budget," Sagarra emphasizes. A comprehensive budget helps practices monitor expenses, identify cost-saving opportunities, and allocate resources efficiently
2. Streamline Operations and Utilize Group Purchasing
Streamlining operations and leveraging group purchasing organizations can significantly reduce costs. Sagarra advises, "Look at supplies that could be streamlined with maybe one or two vendors or group purchasing organizations." This strategy helps negotiate better rates and simplifies inventory management, reducing both costs and administrative burdens.
3. Automate to Improve Efficiency
Implementing automation can help reduce payroll and overtime expenses while enhancing staff efficiency. Sagarra notes, "Automation of tasks can make things easier for your staff, reducing costs in payroll and overtime." Automating billing, appointment scheduling, and other administrative tasks frees up staff time for more impactful activities.
Resources Mentioned
- MGMA Staffing Conference Information
- Sagarra Medical Consulting
- Sharon Sagarra on MGMA
- Sharon Sagarra on LinkedIn
Midmark
Founded in 1915, Midmark Corporation is the only company transforming healthcare experiences through innovative design within the medical, dental and animal health environments.
Founded in 1915, Midmark Corporation is the only company transforming healthcare experiences through innovative design within the medical, dental and animal health environments.
With a deep understanding of the healthcare environment, Midmark helps physicians and care teams deliver exceptional patient care through seamless room design, better equipment, smarter workflows and integrated technologies.
Midmark can help you improve clinical outcomes and eliminate the barriers preventing seamless, well-coordinated patient care. Visit our website to learn more about Midmark, or join us for the MGMA webinar on October 24, or on demand at MGMA.com.
RingCentral:
We’d like to thank RingCentral for their sponsorship. You can visit their website at ringcentral.com to learn how they’re helping healthcare organizations create the ideal patient experience with AI powered communications; helping to reduce risk, drive efficiency, and improve patient satisfaction.
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