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.Continue Reading ›