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4 Ways You Can Minimize Expenses in Your Dental Practice

4 Ways You Can Minimize Expenses in Your Dental Practice - Infographic

A busy dental practice can have a lot of running expenses that take their toll on your bottom line. Luckily, there are a few ways that you can reduce your overall expenses without having to sacrifice quality and efficiency in your work. Streamlining the expense process and making payments easier for your customers are a great place to start. Here are four simply ways that you can cut down on expenses in your practice.

1: No Credit Check Financing

Because dental fees tend to be high, running a credit check on new customers is often a necessity, especially if they aren’t covered through work. This takes both time and money to do and may result in some potential patients taking their business elsewhere. Going with a no credit check financing option like SimplePay cuts down on these fees while still guaranteeing that you receive the payment that you are owed. This is also a help to your patients, because they know they can get the care they need regardless of their current financial situation.

2: Evaluate Your Staff

A good staff is essential to any dental practice. While you should ensure that your staff is well-compensated for any work they do, you should also make sure you are getting your money’s worth. This means evaluating everybody on your staff and making sure that you don’t have any redundant tasks that get repeated needlessly by multiple employees. It also means ensuring that you provide raises and perks for good service to the practice, rather than just handing them out because another year has passed. Ideally, your staff should be well-compensated because they are excellent at their jobs.

3: Consolidate Your Suppliers

Dental practices require lots of tools and supplies, running the full milieu from extraction equipment to common office supplies. Because of the diverse needs that an office has, many people make the mistake of seeking out the lowest prices on individual items and ordering from many different suppliers. Going with a smaller number of suppliers can provide discounts on large orders and can help develop a rapport with your suppliers, cutting costs in the long run.

4: Look into New Labs

Lab results are a considerable but necessary cost. However, that doesn’t mean you should always stand pat with the lab you are currently using. You should constantly keep an open mind and an active search going for new labs that offer better deals for the same results you are currently getting. Very often, you can find that by occasionally switching to a less expensive lab, you can save a significant amount of money while still providing the best results possible for your patients.

A lot of cutting costs in a dental practice boils down to examining what you are currently doing and looking into alternatives. When it comes to providing credit for your customers, no credit check financing is a solid way to benefit both you and your clients, which is why it ranks at the top of this list.

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Make Sure You Don’t Undercharge: A Simple Formula To Set Your Dental Procedures Cost

Simple Formula To Set Your Dental Procedures Cost - Infographic

Determining the cost to charge patients for dental procedures can be a challenging process because there is so much variance from state to state and from office to office. Luckily, there are certain ways that you can calculate your actual dental costs and then set your prices in a manner that is fair to customers while still netting you a profit. The procedure to calculate these dental costs is below.

Determine the Per-Procedure Cost

The first step to figuring out your dental procedures cost is to calculate the total for how your office has to pay for each procedure. This is more than just a matter of figuring out items like dental tools and waste disposal. It needs to also include the expected time of each procedure and how many members of your staff need to be engaged in order for that procedure. You should come up with a per-person hourly rate and apply that when determining the cost of labor. This will give you a rough estimate as to how much your time and the time of each of your employees, up to and including receptionists and administrative staff, really amounts to.

Determine the Cost of Doing Business

Once you have your per-procedure cost set, you need to consider the cost of doing business on a daily basis. How much does leasing your office space cost? What is the cost of the electric bill? What about office and waiting room supplies? These can sometimes be considered hidden costs because they don’t pertain directly to a specific procedure, but they are essential for the office to function at all. While doing this, you should also look into ways to reduce your costs. For example, you can eliminate the charge on credit checks and financing by using SimplePay, which gives your patients an easy way to finance their treatment without requiring you to pay any of the costs to set up a line of credit.

Decide on Your Profit Margin

Businesses, even ones that provide essential medical treatment, operate in order to turn a profit. Your dental office needs to function in the same manner if you expect to remain in business for long. When you have worked out an hourly rate per procedure and figured out what each hour of operation costs you in your office, you have a baseline price for a given procedure. This is the amount that, if you were to charge it, would pay for the essentials of the procedure and nothing else. From there, you can determine how much of a profit you should add to that total. This number is largely set by the competition in your area, but should also take into account the frequency with which your office performs a procedure and the overall level of expertise you have to offer.

The formula to set up a good cost schedule for dental procedures comes down to your tools + staff + cost of doing business + desired level of profit. This can change based on your area of operation and the competition around you, but it serves as a good baseline to begin from.

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5 Ways Your Dental Practice can Benefit from Back-to-School Season

Dental Practice can Benefit from Back-to-School Season - Infographic

As the back to school season beckons and millions of parents prepare their children for school, it is important that you prepare your office and marketing department to tap into the retail market boom that happens around this season. New supplies and checkups are all in the minds of parents, position your business to find its way to the top of that list. Here are some ways in which your dental practice can benefit from the back to school season

1. Scheduling

Many families will bring their children just a few days before the school starts, make sure your staff knows the exact opening days of schools since different school districts have different opening days. By proactively anticipating which day each of your patients will be going back to school, you will be able to enjoy several benefits such as optimizing office efficiency, facilitating scheduling, staffing and building your community reputation.

Having school dates as part of a patients Meta data will help your business personalize its marketing strategies to each individual and will build the community relationships with your clients. By incorporating community dates in your business, you will become part of the community in a natural way.

2. Back to School Offerings

As you endeavor to meet your patients’ needs, have a loyalty program that will get them to your office. You can use direct mailing campaign that targets demographics that have school going children. Start you campaign a few weeks before the school starts to give your patients sufficient time to get to your office. Specific promotions and loyalty programs will play well with the excitement and the hustle and bustle of the back to school season.

3. Fully Staffed

Now that you have the promotions, and all the dates figured out prepare your staff to handle the increase in child patients. Make sure your practice is well equipped with the correct resources and tools that are age appropriate. When your staff is empowered, your customers will have a better experience and overall satisfaction.

4. Diversify Your Payment Methods

To be competitive, ensure your business does not fall behind in the latest technologies that are revolutionizing the point of sale. This will help meet the expectations of your patients and put your business on the cutting edge. The current payment methods that you need to pay attention to are EMV chip card and NFC-based mobile payments. There are payment terminals that are designed to accept multiple payment methods so that you are future-proof. All these will prepare you when the back to school crowd hits your dental practice.

5. Understand Today’s Product Discovery Process

Many shoppers today do their homework online before heading to any business establishment. It is, therefore, important to have a glowing online presence that will capture the attention of potential clients.

As many parents prepare their children for back-to-school, so should you. Dentists play an important role during this season, and it is important that you control all the marketing variables so that you can help as many patients as possible.

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5 Tips to Fix Holes in Dental Hygiene Schedule

 

Tips to Fix Holes in Dental Hygiene Schedule - Infographic

One of the biggest challenge that compromises the profitability of many dentistry practices in the country is the downtime in hygiene schedule. Despite the recent increase in the use of modern communication methods such as automated email software and text messages, there are still an increasing number holes that mess up the hygienist schedule. This common problem in many dentist offices requires a common solution.

Dentistry is not only a science but also a relationship that is created between the dentist and the patient, human contact remains to be the most significant motivator for a dentist’s clients to keep their appointments. Despite emails being a popular means of communication, they are also the greatest cause of complacency within patients; they are easy to ignore since they lack that personal touch. Below are some points to reduce broken appointments in your schedules.

1. Use the Telephone

Make use of outgoing calls every day to remind your patients about their appointments. If you do not have sufficient resources to employ someone to do this task full-time, make an administrative change that allows your receptionist to have a few uninterrupted hours to make the calls.

2. Manage Your Patient’s Expectations

The way you inform the patient about their appointment will determine whether they will show up. Make sure you use wording that emphasizes the importance of the appointment. Scripting the calls will make them effective. If the patient understands their responsibility, they will be more inclined to attend the appointment.

3. Do not Refer to the Appointment as a “Cleaning”

When the appointment is referred to as “cleaning”, it gives the patient the perception that it can wait and therefore lacks importance. The way you word your language should make the patient views the appointment as an essential therapeutic appointment. The patient should fully understand the work of the Dental Hygienist as not being cleaners but health care professionals whose work affects the patient’s wellbeing.

4. Implement a Hygiene Downtime Policy

When there is a cancellation, there is not much a hygienist can do, and it is therefore not fair for them not to be paid. Having a downtime policy will ensure that they never lack something to do. If there are patients that do not have a scheduled appointment, the hygienist can use that time to call them. It is always nice when a patient hears from their hygienist; it shows that they care.

5. Create a Positive Expectation that the Patients will Show Up

When making calls to your patient, make sure you point out that it is a courtesy call, avoid telling them it is a confirmation call since they may feel that you do not trust them. It is a negative message that implies that they may have the intention of not showing up.

By having full control of your hygiene schedule, you will increase the value of the appointments. Your patients will be more motivated to attend and will appreciate the experience. By using these simple rules, you will notice dramatic results in a short period.

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