Every practice feels the pressure from reduced insurance payments, and the rise of corporate dental practices, but there are untapped opportunities in your office right now that you can turn into revenue and growth. Check out these great profit hacks, that you can put in place today, this week and this month.
- Mine the untapped resource of inactive patients currently within your practice management system. Set an office mandate of scheduling at least 5 patients per week, offer an incentive program for the front office to get these patients in and pay the incentive when the patient shows up for service. –Dr. Steve Rasner, well known speaker on practice management and implant dentistry. http://realizingthedream.com/
- No one leaves the room, make sure that once you sit down to do a procedure no one needs to leave the room for supplies or equipment. –Dr. Howard Farran http://www.dentaltown.com/dentistryuncensored
- Cultivate Google reviews, teach your team how to cultivate Google reviews, at the morning huddle (you DO have a morning huddle right?) look to see which patients have Gmail accounts, decide who will ask, (note-this should not be the dentist), and have a cheat sheet ready to hand the patient with step by step instructions on how to submit a review. – Dr. Gary Takacs, producer of the Thriving Dentist podcast. http://www.takacslearningcenter.com/thriving-dentist-show/
- Establish a “Cheers Bar” atmosphere, where everyone knows your name, the front office should have a homey feel. –Dr. Steve Rasner
- Embrace whitening, not just an offering but a part of as a part of your practice culture. Patients that whiten their teeth are focusing on their teeth and it becomes a gateway service. – Dr. Gary Takacs
- Know your numbers! Ask your bookkeeper or accountant to walk you through your profit and loss statement and balance sheet until you understand your current financial situation. –Connie Jacox, Certified Profit First Professional https://www.blbksolutions.com/
- Improve your skill set take the time to become licensed to do oral sedation, to attract the “phobic patient,” the word or mouth marketing is huge. –Dr. Steve Rasner
- Pick a service you are excited about. Find something you are excited about and get more training. Add more of this service to your practice whether it’s implants, adult ortho, or cosmetic dentistry. –Dr. Gary Takacs
- Read a book. There are great business books out there, so take the time to read a few. Uncomplicate Business: All it takes is people, time and money by Howard Farran, Profit First: Transform your business from a cash-eating monster to a money-making machine by Mike Michalowicz, Start with Why: How great leaders inspire everyone to take action by Simon Sinek
As you can see there are some simple things you can do right now to improve financial health of your dental practice. Which one will you do today?
Connie Jacox is the Founder CEO of BLBK Solutions LLC a Certified Profit First firm that specializes in the dental industry. She can be reached at firstname.lastname@example.org