Declining profits at dental practice might mean changes are necessary to turn the business around. Many dental practices do not take full advantage of all possible revenue streams or use adequate marketing efforts to attract new clients. Continue reading to find out more about profit-generating strategies for your dental practice.
Increase Exposure and Educate Residents About Your Practice.
Marketing efforts are effective ways to increase exposure and educate residents about your dental practice. Professionals recommend using a combination of strategies to spread the word about the practices and its services. Advertisements on TV, radio, online, on social media, and even signs get the word out, and current or previous customers can recommend the practice to friends and family.
Flyers or postcards also provide information about the services and the practice. Exhausting all avenues to reach new patients is a necessary part of getting more customers into the practice and increasing profits. Talk to a marketing professional about getting patients for your dental practice.
Add More Dental Services
Expanding the practice’s dental services gives the dental professionals new revenue streams, and the dentist service more clients. Customers who need dental services want to go to one dental practice for everything. They don’t want to go to one dentist for general services and another for surgical extractions or have to go across town just to get teeth whitening treatments. Setting up new services and getting professionals that have adequate training and experience lets the practice offer comprehensive dental services in one place.
Create Cost-Effective Price Lists
All dental practices want to turn profits and succeed, but by the same token, their prices should be affordable for everyone. Many patients won’t have insurance and must pay out of pocket. Dental practices must have a price list to give locals access to dental services even if they don’t have insurance. Rate adjustments for clients with insurance can also maximize revenue without using inflated prices simply because insurance coverage is available. Fair and reasonable prices increase the client base and present the practices with more ways to turn a profit.
Sell Dental Products to Clients
Dental products are appealing to patients and make things more convenient for them. If a dentist recommends a toothpaste, mouthwash, or whitening product, it makes sense for the dental practice to sell these products to clients, and the practice gets a new revenue stream. Clients don’t have to leave in search of the products and find that they aren’t readily available at their preferred retailers. Adding retail sales to the practice creates a win-win situation for everyone.
Control Practice Costs
Profits dwindle if the practice owners do not get better control over operational and overhead costs. Smarter financial practices improve the practice and reduce costs. Instead of hiring additional staff to set up appointments, the practice could use appointment setting software online and a kiosk for checking patients in and out. Each of the strategies decreases costs and lets the practice keep more profits.
Dental practice owners implement new strategies when they aren’t bringing in higher profits each year or if they’ve suffered a lot of financial losses. Marketing efforts, adding services, and selling retail products increase revenue streams for the practice and make the business more successful and profitable. Turn to marketing professionals to maximize the client roster and attract more business to the dental practice.