AAOS: 4 Tips for Orthopedic Practices Using Corporate Credit CardsWritten by Laura Miller | June 30, 2011
AAOS Now published an article written by Adam D. Soyer, DO, about using corporate credit cards to control expenses in an orthopedic practice.
1. Access to capital for purchases. Practices may have trouble finding credit for operational and major capital expenditures because lending criteria is strict, but practices could qualify for a large credit line depending on the type of card they have. During the introductory period after signing up for a card, practices can take advantage of promotional deals associated with the annual percentage rates for interest, and paying off the credit line during that period can result in significant savings, according to the report.
2. Record expenditure reports. It's easy for practice leaders to organize expenditures and generate custom reports with corporate credit cards, which facilitates the accounting records. These reports allow leaders to see where money is being spent and even who is spending it, according to the report. Knowing this can help control expenditures.
3. Rewards programs. Many cards come with purchase rewards programs that allow the practice to generate points when purchases or transfers are made. The points can be used for expenses, such as travel, and could include vendor discounts. Taking advantage of these programs can help the practice with business expenses.
4. Research card types and companies. Corporate credit cards can include several universal or specialty cards, which may be helpful if physicians or administrators travel often. Prepaid cards can also be an option because the practice can control how much is spent per card. Research the different types of cards and card companies to find the best fit for your practice, and you could experience a long-term expense reduction, according to the report.
Read the article about corporate credit cards for orthopedic practices.
Related Articles on Orthopedic Practices:
5 Things to Know for Launching an Orthopedic Practice
4 Cost-Saving Technologies for Orthopedic Practices
5 Tips for Making Patients Happier at Orthopedic Practices
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