Staff and Supply Costs Up, Profits Down

At almost two years past the initial onset of the pandemic, staff costs continue to soar. Practice owners are often backed into a corner with staff pay increase requests, or staff members are “bought out” by another office in the area. Hiring new employees continues to be a punch in the gut because of their starting asking rates. Add in the supply cost increases that continue to rise, and many practice owners are left either wondering how they are going to make ends meet or how they are going to live on less. Increased overhead expenses are one of those “new normal” examples that is simply frustrating and defeating. In this episode, Dr. Kuba and Bethany discuss ways in which the higher staff costs have caused Dr. Kuba to make decisions she wouldn’t have made two years ago. They also talk about practice decisions that may assist with the increased expenses. 

Show hosts Bethany Petty and Dr. Reena Kuba discuss the following topics: 

• Increased overhead expenses are here to stay. It’s time to re-evaluate the practice budget in an effort to find pockets of potential savings. 
• Expect pay increase requests from your team. If they haven’t come yet, they will. 
• If fully staffing the office is still a struggle, it may be time to consider dropping an insurance plan. 
• Be sure to connect with your team members to discover their professional goals.