Consultants Corner: Key Strategies for Optimizing Compensation and Benefits with Sharon Sagarra

In this episode of the MGMA Insights Podcast, host Daniel Williams speaks with Sharon Sagarra, MBA, FACMPE, owner of Sagarra Medical Consulting, and an MGMA Consultant. Sharon shares her extensive experience in healthcare management and provides actionable strategies for medical practice leaders to optimize compensation and benefits plans for their employees. Her insights are particularly relevant for those attending the upcoming MGMA Staffing Conference, where she will present on this very topic. Practical Takeaways for Medical Practices 1. Develop a Comprehensive Budget Maintaining a detailed budget is essential for managing financial challenges such as rising minimum wages and decreasing insurance reimbursements. "Make sure you're doing a budget. I was surprised the last two practices I was at did not have a budget," Sagarra emphasizes. A comprehensive budget helps practices monitor expenses, identify cost-saving opportunities, and allocate resources efficiently​2. Streamline Operations and Utilize Group Purchasing Streamlining operations and leveraging group purchasing organizations can significantly reduce costs. Sagarra advises, "Look at supplies that could be streamlined with maybe one or two vendors or group purchasing organizations." This strategy helps negotiate better rates and simplifies inventory management, reducing both costs and administrative burdens​.3. Automate to Improve Efficiency Implementing automation can help reduce payroll and overtime expenses while enhancing staff efficiency. Sagarra notes, "Automation of tasks can make things easier for your staff, reducing costs in payroll and overtime." Automating billing, appointment scheduling, and other administrative tasks frees up staff time for more impactful activities​.Resources Mentioned MGMA Staffing Conference Information Sagarra Medical Consulting Sharon Sagarra on MGMASharon Sagarra on LinkedIn Allied Medical Waste is the premier medical waste and document shredding company for medical groups all over the United States. On average, Allied helps medical groups save up to 50% on their monthly costs. Allied is known for their great service and impeccable response times. Reach out today for a free quote! Allied has a special offer for all MGMA members: the first 2 months FREE of charge!Connect with us at [email protected] or call (801) 328-8581.