Ideas to Decrease Your Expenses During COVID-19

      Ideas to Decrease Your Expenses During COVID-19

      Having to close our doors and make drastic changes to our business with no warning is overwhelming! Right now, we are making some of the hardest decisions we have ever had to make and it sure isn’t easy! We are overwhelmed, confused, and may not know where to even begin! So what do we do next?

      Here are a few strategies to help offset the cost and expenses so we can weather this storm:

      • Determine the best approach to reducing staff overhead – reducing hours/wages, work remotely from home, work sharing programs, or having them collect unemployment
      • Review your credit card statements to look at all recurring payments – contact the companies to see about pausing these services until you re-open.  (TIP: Keep track of this in an excel spreadsheet so you can contact them when you are ready to resume to avoid unknowingly cancelling an account)
      • Contact your landlord to see if you can lower your lease payment or defer payment until you return to work.
      • Contact your credit card companies. Some may waive fees and interest if you make minimum payments, others may give you a few months to pay off your balance, or they may have other terms with specific rules that you must follow to achieve. 
      • Contact your supply companies and ask them to give you more time to pay any balances including equipment leases
      • Contact your utilities company – some are offering to defer payments for 1 to 3 months without stopping services
      • Pause any non-essential subscription services that your practice uses and suspend them since the office will be closed: cable tv, magazines, water delivery, laundry services, janitorial/cleaning companies, automatic supply deliveries (amazon) etc. 
      • Pause your advertising for a couple of months (TIP: - This doesn’t mean go radio silent on social media! This is a free platform to continue building relationships and supporting your community to prepare when you open your doors 🚪)
      • Reach out to your bank to inquire about small business loans or increasing your line of credit to help give you more breathing room to ride this out

      These are tough times we are dealing with. We are not the only person or business that is being impacted. Remember, be flexible with your patients and their outstanding receivables. We want to keep them as loyal patients who will one day be referring their friends and family to us because of the excellent support and treatment we provided during one of the hardest periods of their life. Be considerate to their needs, while looking out for the best interests of your practice. Be proactive with insurance companies so you can receive the reimbursements for services rendered and build up capital in your practice. 

      We hope this information was useful. We are all getting through this together.  If you have questions or concerns please reach out to us via our contact form or email info@streamdentalhr.com.  We are here to support you!