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If you don’t plan and track your geriatric care clinic's budget properly, you're setting yourself up for failure.
When we developed our strategy pack for geriatric care clinic managers, we saw many clinic managers struggling with finances and planning.
They were disorganized, had no grasp of cash flow, and were drowning in financial troubles despite having substantial revenue.
Don’t let this be you—stand out and succeed.
We’ve created a small, free tool to help you get started: our Budget Tracker and Planner. Let’s turn your clinic's finances around and set you on the path to success!
Get the budget tracker tailored for geriatric clinics
Most geriatric clinic owners don't know how to plan and track their budget. This spreadsheet will help you.
Example of a full budget for geriatric clinics
Here is an example of a (very) detailed budget for a geriatric care clinic, to give you some inspiration
1. Rent and Utilities
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Rent | Lease for clinic space | $7,000 | $84,000 |
| Electricity | Power consumption for medical equipment and lighting | $1,200 | $14,400 |
| Water | Water usage | $300 | $3,600 |
| Gas | Heating and hot water | $400 | $4,800 |
| Internet & Phone | Internet service and business phone | $200 | $2,400 |
| Waste Removal | Medical waste and general garbage services | $150 | $1,800 |
| Pest Control | Monthly pest control services | $75 | $900 |
| Insurance | Property and liability insurance | $600 | $7,200 |
2. Salaries & Wages
| Position | Number of Employees | Monthly Cost per Employee | Total Monthly Cost | Annual Cost |
|---|---|---|---|---|
| Head Nurse | 1 | $5,000 | $5,000 | $60,000 |
| Registered Nurses | 3 | $4,000 | $12,000 | $144,000 |
| Certified Nursing Assistants | 4 | $2,500 | $10,000 | $120,000 |
| Physician | 1 | $8,000 | $8,000 | $96,000 |
| Administrative Staff | 2 | $3,000 | $6,000 | $72,000 |
| Manager | 1 | $4,500 | $4,500 | $54,000 |
3. Medical Supplies & Equipment
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Medical Supplies | Bandages, syringes, gloves, etc. | $2,000 | $24,000 |
| Medications | Prescription and over-the-counter drugs | $5,000 | $60,000 |
| Sanitation Supplies | Disinfectants, hand sanitizers, etc. | $500 | $6,000 |
| Office Supplies | Stationery, printer ink, etc. | $300 | $3,600 |
| Medical Equipment | Stethoscopes, blood pressure monitors, etc. | $1,000 | $12,000 |
| Patient Comfort Items | Bedding, pillows, etc. | $400 | $4,800 |
4. Marketing & Advertising
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Online Advertising | Google Ads, Facebook Ads, etc. | $400 | $4,800 |
| Social Media Management | Managing social media accounts | $600 | $7,200 |
| Print Advertising | Flyers, posters, newspaper ads | $250 | $3,000 |
| Website Maintenance | Hosting, domain, updates | $150 | $1,800 |
| Email Marketing | Email campaigns and newsletters | $200 | $2,400 |
| Community Outreach | Health fairs, seminars, etc. | $300 | $3,600 |
5. Miscellaneous Expenses
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Equipment Maintenance | Regular maintenance of medical equipment | $600 | $7,200 |
| Uniforms | Staff uniforms and scrubs | $300 | $3,600 |
| Licenses & Permits | Health permits, medical licenses, etc. | $150 | $1,800 |
| Software Subscriptions | Medical record-keeping software | $200 | $2,400 |
| Contingency Fund | Emergency repairs and unexpected costs | $500 | $6,000 |
| Staff Training | Training programs and materials | $300 | $3,600 |
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We have studied the strategies of the best geriatric clinics in the world. Replicate them now!
What are the biggest expenses for a geriatric care clinic?
Be mindful of these critical expenses. Here are five major costs every geriatric care clinic owner needs to consider, along with some tips on how to manage them effectively.
- Medical supplies and equipmentThese can consume a significant portion of your budget. You're dealing with essential items that need to be of high quality and often have a limited shelf life. Prices can vary based on demand, supplier issues, and technological advancements. To keep these costs in check, focus on bulk purchasing, negotiate better prices with suppliers, and minimize waste. It's easy to overspend by buying too much or opting for high-end equipment that doesn’t add enough value.
- The staff at your clinicYour staff is your backbone, but paying for their wages, benefits, and ongoing training can be expensive. This cost is always high because you need a certain number of qualified professionals to provide excellent care and keep operations running smoothly. You can optimize labor costs by scheduling efficiently, cross-training staff, and monitoring productivity. However, be careful not to underpay or overwork your staff, as this can lead to high turnover and poor patient care.
- Rent and utilities of your clinicPrime locations come with high rent, but they can attract more patients. Utilities like electricity, gas, and water are essential but add up quickly. To optimize these costs, negotiate favorable lease terms and invest in energy-efficient appliances and lighting. Overspending often happens when you choose a location that's too large or too luxurious for your needs.
- MarketingYou need to get the word out about your clinic, but advertising can be pricey, whether it's online ads, social media campaigns, or traditional media. Optimize this expense by focusing on cost-effective methods like the ones we provide in our guide. Overspending can happen if you invest in flashy campaigns without a clear return on investment.
- Facility maintenance and upgradesThis includes everything from medical equipment to patient room furnishings. These are expensive because quality equipment and regular maintenance are crucial for smooth operations and patient satisfaction. Optimize by investing in durable, energy-efficient equipment and maintaining it regularly to avoid costly breakdowns. You can overspend by going for the latest high-tech gadgets you don’t really need.
How to spend less with your geriatric care clinic?
Here are practical tips to help you, as a geriatric care clinic owner, optimize your budget and manage expenses more effectively.
| Expense | Tips to Optimize |
|---|---|
| Medical Supplies | Partner with local suppliers for bulk purchasing and negotiate discounts for essential medical supplies. |
| Staffing Costs | Implement a scheduling software to optimize staff hours and reduce overtime, ensuring adequate coverage without overstaffing. |
| Utilities | Install energy-efficient lighting and HVAC systems to reduce utility bills. |
| Marketing | Run social media campaigns for your clinic and collaborate with local health influencers for free exposure. |
| Cleaning Supplies | Train staff on efficient use of cleaning supplies to reduce waste and ensure a hygienic environment. |
| Equipment Maintenance | Set up a maintenance log for regular checks and servicing of medical equipment to avoid costly repairs. |
| Rent/Mortgage | Negotiate lease terms during renewal or consider relocating to a more cost-effective space. |
| Insurance | Regularly review insurance policies to ensure they meet current needs and compare rates annually for the best deal. |
| Patient Care Supplies | Use cost-effective, eco-friendly supplies and encourage patients to bring their own personal items when possible. |
| Medical Records | Invest in a reliable electronic health record (EHR) system to streamline patient data management and reduce paper costs. |
| Staff Training | Conduct regular in-house training sessions and utilize free online resources to keep staff updated on best practices. |
| Waste Management | Implement a medical waste tracking system to minimize waste and ensure proper disposal of hazardous materials. |
| Technology | Invest in multi-functional medical devices and utilize clinic management software for appointments and patient records. |
| Linen and Laundry | Partner with a cost-effective linen service and consider reusable gowns and bed linens. |
| Patient Information | Use digital information boards or tablets for patient education to reduce printing costs. |
| Licensing and Permits | Stay up-to-date with local regulations to avoid fines and costly renewals. |
| Transportation | Plan patient transport routes to maximize efficiency and reduce fuel costs. |
| Office Supplies | Purchase supplies in bulk and go paperless where possible with digital record systems. |
| Inventory Management | Use inventory management software to track stock levels and reduce spoilage of medical supplies. |
| Pest Control | Schedule monthly pest control services and maintain cleanliness standards to prevent infestations. |
| Recreational Activities | Use streaming services for entertainment and host local volunteers for recreational activities during off-peak times. |
| Uniforms | Choose durable, easy-to-clean uniforms and offer staff a stipend for maintenance instead of using an external service. |
Copy the tactics of the best geriatric clinics in the world!
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Expenses that are just useless for a geriatric care clinic
Yes, some expenses for your geriatric care clinic are just unnecessary. They don't contribute to improving patient care or enhancing the overall experience.
| Clinic Expense | Reason It's Unnecessary |
|---|---|
| Luxurious Waiting Room Decor | Overly lavish decorations don't necessarily improve patient satisfaction and can be a drain on the budget. |
| Premium Medical Supplies | Unless required for specific treatments, most patients are satisfied with standard medical supplies. |
| Extensive Service Offerings | Offering too many services can increase operational costs and lead to inefficiencies. |
| High-End Medical Equipment | Top-of-the-line equipment is not always necessary and can be cost-prohibitive. |
| Traditional Paper Advertising | Paper ads often have a lower return on investment. Consider digital marketing strategies instead. |
| Multiple Uniform Styles | Having various uniform styles increases costs without adding significant value to the patient experience. |
| Excessive Staffing | Overstaffing leads to higher labor costs without necessarily improving care quality. |
| Premium Subscription Services | Expensive subscriptions for magazines or entertainment often go unnoticed by patients. |
| Exclusive Medical Supplies | Using rare supplies can inflate costs and complicate supply chains. |
| Costly Furniture | High-end furniture is not always appreciated by patients and can be a significant expense. |
| Custom Printed Materials | Personalized materials are a minor detail that most patients overlook, and they can be expensive. |
| Unnecessary Software | Paying for software with features you don’t use is a waste of resources. |
| Premium Water Brands | Most patients are content with filtered tap water, making expensive bottled water unnecessary. |
| Extra Transport Vehicles | Maintaining a larger fleet than needed increases operational costs. |
| Excessive Membership Fees | Paying for multiple industry memberships often yields little benefit. |
| Overly Frequent Renovations | Constantly updating decor and layout can be costly and disrupt operations. |
| Expensive Decorations | Elaborate decorations are often ignored by patients and add to the cost. |
| High-End Medical Instruments | Luxury instruments are prone to damage and expensive to replace, often going unnoticed by patients. |
| Excessive Staff Meetings | Too many meetings can reduce productivity and increase labor costs. |
| Expensive Brochure Designs | Frequently redesigning brochures is costly and often unnecessary. |
| Unused Promotional Materials | Ordering more promotional items than needed leads to waste and unnecessary expense. |
| Paid Directory Listings | Many free listing options are available, making paid listings often redundant. |
| High-End Catering Equipment | Specialized catering equipment is often unnecessary and adds to costs without a proportional benefit. |
Stop working with a tight budget for your geriatric care clinic!
Managing a budget for a geriatric care clinic when funds are tight can feel overwhelming. It's like being in a constant state of worry where any unexpected expense can throw everything off balance.
This ongoing pressure makes it nearly impossible to invest in new programs or improve existing services, leaving you always trying to catch up. It's a life filled with stress and sleepless nights.
Yes, you can continue down this path, cutting corners and barely making ends meet. But there's another part of the equation you might be overlooking. Instead of just trying to reduce costs, you can focus on increasing your revenue. More income means more flexibility and more resources to enhance patient care.
And no, you don't necessarily have to spend money to grow. There are plenty of zero-cost initiatives and strategies that can help you increase your revenue by 10%, 20%, or more. We've detailed all of these strategies in our guides, after studying dozens of geriatric care clinics just like yours. Get them now!
Make your geriatric care clinic more profitable
We have studied the strategies of the best geriatric clinics in the world. All their tactics are explained in our pack!
