Strategies for Boosting Your Dental Practice’s Income
It’s crucial that you figure out how to operate your dental clinic as efficiently as possible because there are thousands of dentists who practice in the country.
This will help you keep patients and remain competitive in oversaturated marketplaces. It will also increase your practice’s selling value—even if you run outside a significant economic hub.
Here are some strategies for improving efficiency to boost dental practice revenue.
Increasing the Capacity of Your Clinic
Treating as many patients as you can is the simplest strategy to boost output and enhance practice revenue.
You might try relying more on your dental assistant to carry out standard procedures like x-rays and cleanings to increase the capacity of your dental practice. You can increase the number of treatment rooms and hire an additional hygienist or dentist.
And you can speed up patient contacts by cutting wait times, updating technology, and making sure everyone on the staff is properly trained.
Additionally, you want to think about contracting out your bookkeeping and other administrative tasks so you can devote more time to the revenue-generating procedures that can raise your dental practice’s income.
More Lucrative Procedures Should Be Offered
Compared to regular care treatments, some dental procedures are typically more profitable. For instance, it might make sense to concentrate more on crowns and bridges, porcelain veneers, and implants.
Though some treatments are more expensive, keep in mind that this doesn’t always translate into a bigger profit margin. Before suggesting expensive or time-consuming processes, you should thoroughly consider the financials.
Increase Your Rates
One strategy to boost the revenue of dental practices is to plan an annual 2-3 percent fee increase. You might also gradually increase the costs for a few operations.
You might discover that although some of your costs are appropriate, others require an immediate 5–15 percent raise. Small charge increases, yearly or irregularly, can add up over time, and adjusting your fee schedule guarantees you’ll start making more money immediately.
Encourage Patient Loyalty
Keeping an existing dental patient is less expensive than finding a new one. Additionally, using these simple customer service techniques to enhance patient connections will boost your income.
Not only is it free to get feedback from your patients on how to manage your dental office better, but it also significantly impacts revenue development.
Provide Funding Choices
For non-standard operations, not all patients have dental insurance, and even those who do may have to pay some out-of-pocket costs.
By making your services more affordable for patients with inadequate insurance policies, providing other financing options, such as internal or external payment plans, can boost dentistry practice revenue.
Additionally, you must try to cooperate with more vendors supporting direct insurance company billing. You’ll make it simpler for patients with cash flow issues to utilize your services by allowing them to avoid paying for dental care ahead.
Boost Your Financial Transparency
Do you realize how much money your dental practice makes or how profitable it is? Only when your bookkeeping is correct and current can you provide answers to questions like these.
Due to a lack of financial expertise or time, dentists frequently neglect their books. However, completing your bookkeeping at least once a month is imperative to maintain ongoing access to your financial information, comprehend your cash flow, and make effective business selections.
All of the tactics described here may help you become more profitable. However, timely bookkeeping is the only way to determine whether changes made to boost dental practice revenue are actually successful.
Turn to Ash Dental CPA if you need a CPA for dentists. We’re a trusted dental accounting firm in Massachusetts and can help buy, sell, and value dental practices. Call today now to learn more.