Increasing one’s bottom line is the goal of many businesses or practices. Fortunately, there are several changes that you can make to your company’s advertising methods, administration, and practices to improve its profit margin. To learn more about how to make your dental practice more profitable, continue reading.
Increase the number of services you provide
People love convenience. As such, they’re likely to give their business to a dental practice that can satisfy all their needs—rather than going to multiple offices for individual treatments. The more ways you can serve your patients, the more revenue you’ll bring in. To help you decide what services to add, ask your patients what would benefit them most.
Reduce expenses
The less money you spend, the more money you can add to your bottom line. You should never sacrifice your work’s quality in order to save money, but you should try to control your expenses. There are many ways to reduce operating costs by sensibly managing supplies and lab expenses without hurting your business. For example, consider switching from a local lab to a national lab or leasing equipment rather than purchasing it.
Create a relaxed environment
Happy customers are the key to increased profits. Unfortunately, going to the dentist is anxiety-inducing for many people, which means the odds of them having a positive experience are already against you. To decrease their nerves, ensure that they are greeted with smiling faces and are talked to in calm, relaxing voices. You may even consider practicing different scenarios with receptionists and hygienists so that they can improve their patient interactions. If patients feel comfortable in a place that typically causes them anxiety, they’ll be much more likely to return, tell friends, and leave positive online reviews.
Craft an online marketing plan
Gone are the days where word-of-mouth recommendations were enough to support a practice’s success. Today, an effective online marketing strategy is essential for increasing your customer base. Therefore, you should familiarize yourself with online marketing strategies such as search engine optimization (SEO) and web design.
Upgrade your scheduling system
Many patients agree to get a regular checkup and cleaning every six months, only to forget about their appointment when the time comes. To decrease your appointment cancellation rate, consider upgrading your scheduling system. Implementing email or text reminders a few days before their scheduled appointment will prevent you from losing money due to last-minute cancelations.
Henry Schein Professional Practice Transitions is the leader in dental practice sales and transitions. In addition to creating a smooth transition for sellers, we connect buyers with dental practices for sale in Florida, California, Connecticut, Georgia, New York, New Jersey, and several other U.S. locations. For more information regarding our services, contact us today.
