Joel Schlessinger M.D.

Joel Schlessinger MD, along with his wife, Nancy, discusses a few smart ways to save in his article, “Cost-Saving Tips for the Savvy Dermatologist,” published in the March 2013 issue of Practical Dermatology. He was very pleased to publish something with her.

Despite the rising costs of running a practice, Joel Schlessinger MD says there are a few important steps you can take to save money.

Establishing guidelines for staff salaries can help you avoid spending too much. Staff payroll, pension, bonuses and training can add up. Joel Schlessinger MD suggests starting with a fair salary and advancing pay based on merit.

“We pay a fair but not exorbitant salary to begin and evaluate new employee performance carefully before advancing salaries,” he says. “It is common for us to find that suspected areas of competency are lacking or have been exaggerated by new hires, and this can dramatically affect the salary profile for any employee.”

Competitive pension plans are also important to keep current employees happy.

“We offer pension and profit sharing for employees, which vests after five years,” Joel Schlessinger MD says. “This, in our estimation, is a great help to retain top talent. Our plans may not be right for everybody, but they represent a way to keep employees from going elsewhere and save us costs in not having to train new employees.”

Joel Schlessinger MD says negotiating building maintenance contracts can also cut costs.

Various building expenses can be costly. Joel Schlessinger MD recommends negotiating any contracts before signing your building lease, as well as making sure it’s the right space for you.

“Most dermatologists tend to settle in one place, so it is important to make sure there is room for growth,” he says. “Additionally, it’s quite important to make sure that the location you have chosen has visibility and is easily accessible as this will certainly influence the ultimate success of the practice.”

Phone contracts and Internet services are another place you can cut costs.

“Many carriers offer television service to the office, which can be bundled in along with phone and cable Internet service to decrease costs,” Joel Schlessinger MD says.

How do you save on your practice expenses? Let us know in the comments. Stay tuned for more ways to save from Joel Schlessinger MD in the coming months.