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Planning for Success in Your Dental Practice

Planning for Success in Your Dental Practice - Infographic

Beginning a new dental practice takes a lot of forethought and planning. In order to be successful, you need to have the right instruments, hire the right people, and plan out your dental practice financing options appropriately. Whether you are looking to begin a new practice from scratch or wish to revamp your existing one, considering the following valuable tips will help guarantee success.

The Importance of Precision Tools

One of the biggest investments you need to make for your dental practice is a set of excellent, high-quality precision tools. These tools need to be maintained properly and replaced when needed. This helps improve the level of care you can give to your patient, ensure that any pain they experience during a procedure is minimal, and provide a higher level of preventive care. While investing in high-quality equipment can be difficult and maintenance services can be costly, you can minimize these costs to a degree by providing good patient financing options from the very beginning. That way, a portion of your earnings can go directly into ensuring the same high level of patient care down the road.

Great Financing Options

Dental financing is an absolute must for any successful practice, but it’s also important to make sure that you select the right system that offers both you and your patients the right combination of convenience and protection. Many dentist payment plans provide ways to enhance patient financing but don’t provide enough financial protection to the practice itself. Some medical financing companies go the other way, creating dental payment plans that protect the practice but don’t give the patients what they need. An ideal solution is a system like SimplePay.com, which offers no credit check financing and a dental payment plan that immediately provides the practice with compensation.

Hiring a High-Performance Team

Even a dentist with payment plans that work for everybody needs the best office and assistance team possible in order for the practice to thrive. In order to have success right out the gate, you need to make sure that you hire the best team available to you. Ideally, you should look for individuals with experience in their specific duties and a demonstrated passion for their role in a dentist’s office. Not to be overlooked in all of this is the necessity of good communication skills. Without the ability to communicate with patients, your office will likely struggle. Fortunately, qualifications can be determined through resumes and references, while communication skills and attitude can be identified during the interview process.

From financing to hiring to communications and equipment, there are many steps to complete when planning for success in the dental field. The more you include the above tips in your business plan, the better off your will be when it comes time to find investors and make your dream a reality. Through foresight, research into the best financing options, and a reliance on a high-quality team of personnel, you can make your new practice the very best it can possibly be.

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3 Fast Ways to Get Money into Your Dental Practice

3 Ways to

A dental practice requires a major monetary investment, which means that cash flow needs to be consistent. This is especially true at the beginning of an office’s life, when setup costs and initial fees can create financial issues. But because of the cost of major procedures, patients usually rely on dental financing and dental payment plans that might prevent you from getting the quick influx of money you need. Luckily, there are ways to speed up your cash flow while also providing an opportunity to enhance patient financing.

1: Use Electronic Mailings Whenever Possible

Providing information via email or an electronic gateway cuts down on mailing and printing costs. It also reduces the turnaround time for payments and other correspondences with the office. While email is not a good way to mail personal or confidential information, you can use it to provide a link to an electronic gateway on a secure server. Most of these allow patients to log in, view their information, and make their dentist payment plans without having to leave the comfort of their own home. Because this all happens instantaneously, you can speed up the paperwork process and cut through the red tape that keeps you from getting paid.

2: Encourage Direct Deposit

Patient financing gets easier for both the patient and the practice when direct deposit becomes an option. This allows payments to come directly from the patient’s bank account and be deposited right into the office account. There is no waiting for checks to clear and, if the payment is a recurring one, no risk of a skipped bill. For the patient, direct deposit makes personal accounting easier and allows payment dates to be set up around when paychecks come in. This option also makes setting up a dental payment plan easier, since the patient can determine when a payment gets made and what account it comes out of, reducing the risk of a bounced check or other issue.

3: Find No Credit Check Financing Options

Limited dental practice financing makes it more likely that you will have to wait on payments. It also increases the expense on your end, as credit checks need to get run and other details need to be checked, taking up a lot of precious time. Systems like SimplePay.com bypass the problems present in other medical financing companies by providing a quick, easy way for patients to pay. On their end, they don’t have to risk the stress of a deep dive into their credit history. On your end, your practice gets the money it is owed immediately, without having to go through a lot of red tape.

Patients tend to seek out a dentist with payment plans, but you need to take an extra step to make sure those payment plans get to your bottom line quickly. Options like no credit check financing and direct deposit help make sure that you can provide great service to your patients while also getting the money that you need in order to keep your practice going.

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4 Marketing Strategies for Bringing in New Dental Patients

Infographic - 4 Marketing Strategies for Bringing in New Dental Patients

Despite the fact that dentists provide an essential service, finding new patients can sometimes be difficult. Some potential patients are put off by the prospect of having to make dentist payment plans, while others simply neglect their oral care longer than they should. Luckily, there are proven ways to get the word out about your practice. Here are four marketing strategies that help to bring in new dental patients.

1: Postcards and Flyers

Sending postcards, flyers, or door hangers to select houses in your service area is a method known as repetition marketing. The cost is relatively low, and if you keep doing it for several months at a time, you will get a good return on your investment. The strategy behind this marketing style is to highlight your practice and what you have to offer, including ways that your office can enhance patient financing. By putting your key selling points out there, you are more likely to get new customers when one of them needs a dentist.

2: Facebook Advertising

The majority of potential patients out there use Facebook on a regular basis, and the social media network’s targeted advertising is quite cost-effective, especially for smaller service areas. Having a bright, attractive graphic or photo is essential for Facebook advertising, and highlighting key points about your office, including dental practice financing for those who need it, helps to draw attention. This method is also most likely to reach people who are actively looking for a new dentist or who are doing searches for things like dental payment plans, which gives you more bang for your buck.

3: A Highly Informative Website

To get your website listed at the top of page and search rankings, you need to make sure that the content is clear, consistent, and informative. Providing information about your office is essential, but you should also make sure to provide links and information to aspects of your practice that patients might not normally consider. For example, if you provide dental financing through medical financing companies like SimplePay.com, make sure to provide an explanation of how that benefits your patients and links where they can find more information.

4: Local SEO

Search engine optimization, or SEO, is an essential marketing practice. For most dental offices, SEO is most useful if you focus your efforts locally. This means that people in your immediate area will see your office information when they do a Google search for dentists in your area. Depending on your site content, you will also turn up more often when people in your service area do a search for terms like “dentist with payment plans” or “patient financing.” To optimize your local SEO, make sure to mention your location in the text of your website, as this will improve your search rankings.

Whether your patients are looking for an office that can provide them with great service or simple want somebody who will work with them to create a dental payment plan, using the marketing techniques listed above can improve your overall reach and make sure that you bring in plenty of new patients.

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5 Things to Know Before You Buy a Dental Practice

Infographic - 5 Things to Know Before You Buy a Dental Practice

Are you thinking about buying a dental practice? If you’ve done your research, you know this is a big investment. Buying a dental practice for yourself can be very expensive, and you’ll want to make sure you have a solid business plan in place before you make the final purchase. From managing cash flow to handling dental financing options, here are five things you should know before you invest in your own dental practice.

1: A Reliable Cash Flow is Essential

The up-front costs of buying a dental practice go beyond just paying for the space and its associated bills. You also need to purchase and maintain equipment, hire a staff, and execute a marketing strategy that will help draw patients to your business. Because the early days of a practice can be unpredictable, handling your cash flow is a challenge. This can be mitigated a little bit with patient financing programs like SimplePay.com. Allowing financing options makes the practice attractive to new patients and lets you get some cash into the business even if your patient can’t pay all at once.

2: Dental Payment Plans Help Early On

Allowing your patients to make a dental payment plan is an attractive way to bring in newcomers, but it is also almost essential to staying afloat early on. If you offer ways to enhance patient financing such as giving a no-credit check financing option, you will make a large dental bill more palatable to your lower-income patients. Moreover, you will have a way to get reliable payment for procedures, which greatly aids in the budgeting process.

3: History is Paramount

Before you buy the practice, you should know why the seller is exiting the business. In some cases, this is merely a matter of an older dentist retiring. In other cases, however, there might be significant hurdles that the previous owner couldn’t overcome. If there is a shortage of new patients, a low-income populace, or a pre-existing problem with various medical financing companies, you should know this up front and have a plan in place to overcome these issues.

4: Location, Location, Location

Investigate the region you will be moving into before you make any final decisions. This gives you a head start on planning your marketing campaign and can also reveal some of the potential problems mentioned above. Knowing the strengths and weaknesses of the patient population lets you identify which procedures are most attractive to locals and what dentist payment plans might work well for the majority of the area.

5: Know Your Staff – Current and Future

You should have some staff in place before you even open your practice. This should include a skilled accountant, a marketing professional, and somebody who is well-versed in dental practice financing. You should also know what features you need in front office personnel and assistants, and how they fit in with the location. Visit other offices if necessary to find out what features work effectively in your area. Hiring the right people can bring you a guaranteed customer base and make the early days much easier.

Ideally, you want people in your new business area to recognize you as a skilled dentist with payment plans for those in need and a friendly, competent staff. By doing your work before the sale is final, you can make this major investment pay off for you.

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SimplePay is a no-credit check, 0% interest financing program that approves all your patients. Get your patient’s treatment financed in 15 minutes and start growing your revenues immediately.