Maximum efficiency, minimum effort
This is assuming meetings are the only way you can communicate. If so, you need to rethink the way you do business.
We’re based in Chicago but we have employees in Idaho, Canada, Spain, England, and other places too. We stay on the same page by using passive communication tools, like Campfire or Basecamp. These tools and things like email don’t require an instant reply. They don’t require everyone to drop what they’re doing and run to the conference room. They let people respond when it’s convenient for them.
That said, an occasional meeting or phone call can be helpful. The problem comes when you rely on them for everything. Then you’re just wasting the day.