Inflation has driven up the cost of everything from staff to gloves. These increased costs are likely cutting into your bottom line. Here are five simple ways to increase profit at your dental practice to compensate for rising overhead.

Increase Your Fees by 5%

Many practices fear that increased fees will lead to fewer patients. However, your patients have seen prices on everything increase and will likely not be upset by a 5% increase for your valuable services.

Intra-Oral Cameras

Use intra-oral cameras on every patient. They will be more likely to accept treatment when they can literally see the problem. This also serves to increase their trust in you.

Contact Inactive Patients

Designate one team member to call patients who have not been in for 12 months and encourage them to return. Follow up with patients who have not accepted previously discussed treatment plans. The end of the year is a great time to remind these patients of unused dental benefits that are set to expire on 12/31.

Supply Budget & Incentive

Set a supply budget at 5-6% of the prior month’s gross collections. Designate one person to oversee ordering all supplies. Incentivize hitting budget with a bonus when it is achieved.

Set a New Patient Conversion Goal

Track the number of new patient calls vs. new patient exams. Set a goal to convert 85% of new patient calls. Hire a consultant to give the front desk the training they need to achieve this goal.

References

McGill, J. (Ed.). (2022, October). 20 Strategies for Increased Profitability. The McGill Advisory, 37(10), 1-3.