Operating a medical facility comes with a series of high costs, but there are multiple ways to cut down those regular operating costs. While many in the industry see these routine costs as unavoidable, there is always something that can be done more efficiently and with a better bang for your buck. Medical real estate developers, Simone Health, explains how to lower costs for your medical facility.
- Change Shipping Method: Finding inefficiencies and high cost areas within your hospital supply chain is one major way to cut costs. Inbound shipping costs could be eating a lot more of your medical facility’s budget than they need to be. Renegotiating your shipping terms and supplier prices have a lot of cost-cutting potential, provided they’re done with the right negotiation techniques. Determine exactly where in your supply chain inefficiencies are coming from and target those costs with new suppliers or by standardizing the supply chain.
- Recycle More: Whether your medical facility already has a recycling program or is just starting out, it can benefit your bottom line to analyze your current recycling system and make a point to recycle more. There are various types of recycling programs, so be sure to reach out to a few of them and find the most cost-effective host for your recycling initiatives. Not only will you be diverting waste from piling up landfills, but your medical facility could earn a pretty penny as well.
- Install Solar Panels: While there’s nothing new about the idea of solar energy, solar panels have long been an inhibiting upfront cost for the installation of solar energy into a large medical center. However, new advances in solar technology and more efficient production methods have lowered the cost of installation, making the upfront costs, most of which can be offset by grants and rebates, a lot more manageable. Now, solar panels not only save the environment, but also save your medical facility money in the long run.
- Alter the Water System: Another major area of cost-cutting potential is your medical facility’s water system. There are various places that may be costing your facility more money than it needs to be spending on water. Checking sprinklers, hot water pots, and water chilling systems is a key point to begin searching for potential areas of waste and inefficiency so your facility can make the right adjustments.
While many costs in healthcare can seem unavoidable, there’s actually a lot of ways to cut costs here and there without cutting corners on service or healthcare experience quality. Apply some on these tips above to your own medical facility to change your bottom line.
About Simone Health Development Companies
Simone Health Development Companies is a full-service real estate investment company specializing in the acquisition and development of office, retail, industrial and healthcare properties in the New York tristate area.
Headquartered in Bronx, the privately held company owns and manages more than 5 million square feet of property in the Bronx, Westchester County, Queens, Long Island, Connecticut and New Jersey. The company’s portfolio includes more than 100 properties and ranges from multi-building office parks to retail and industrial space. The largest and most successful development from Simone Health is the 42-acre Hutchinson Metro Center office complex located directly off the Hutchinson River Parkway in the Pelham Bay section of Bronx. The first two phases of the complex, which comprise nearly 750,000 square feet of Class A office and medical space, are fully leased. Two additional phases totaling 650,000 square feet (370,000-square-foot Metro Center Atrium and 280,000-square-foot Tower Two), are completed and fully leased.
Simone Healthcare Development Companies
1250 Waters Place, PH1
Bronx, NY 10461