A lot of hard work went into building a successful dental practice that is trustworthy and attracts a strong foundation of patients. Making the most of new opportunities to grow the bottom line or positioning the practice for a successful change of ownership could be something that currently occupies a large bulk of your time.
As you think about the next steps and evolution of your dental practice, here are some tips that can boost profitability and the overall value of the dental practice business.
Be attentive of the numbers
A regular review of the dental your practice monthly, quarterly and annual overhead figures ensure you can spot and track negative and favorable trends – and take timely action to correct or stay on course.
The better in step you are with your financials, the more informed decisions you can make when a lot is on the line. Specialized software and expert insights will let you make the most out of data-driven decision making.
Show staff you care for them, too
In the day-to-day efforts of running a successful dental practice, finding time for a pause to recognize the staff’s hard work can be elusive. Your staff is part of the soul of your practice, and are deserving of regular attention. Treat them as they are: your most valuable assets.
You can advance staff morale by holding more positive one-on-one and group interactions, performance recognition and awards and by communicating your appreciation in other forms. These are all good ways to build on healthy work culture. Staff is an extension of your values and principles that you want your patients to feel at every step of their experience.
Boosting staff morale exponentially increases your team’s ability and enthusiasm to deliver a positive customer service experience that everyone will be talking about.
Conduct outreach on the basics
Patients should find the process of scheduling, keeping and moving appointments easy. Hassle-free appointment scheduling will depend on the dental office’s ability to effectively reach out to patients.
A simple call, text, email reminder, or combination, will make life easier. Remember that patients have different habits and preferences, so make sure that your outreach is user friendly.
Other patient outreach on social media, in email inboxes and on your website, are also indispensable to the overall patient experience. So, make sure your outreach and marketing wheels are constantly turning and addressing the needs of your audience. Patients will be happier if they are reached out to before, during and after their dental office visits.
Be in touch with pricing
Getting overhead where it needs to be, requires an awareness of competitive pricing. Of course, the least expensive equipment and software are not always built for long-term profitability. The prudent strategy is to analyze the benefits and see how certain investments will play out over time.
For instance, non-critical equipment can fall into a budgetary bucket that allows for some pricing flexibility. Whereas dental offices should never compromise on the costs for tools that help facilitate high-quality dental diagnostics and care.
We offer extensive dental practice consulting services and would be honored to answer any further questions you might have.