The dental industry is growing every year, and not just in terms of innovations and technologies. According to a recent ADA study, there are roughly 200,000 dentists working in the U.S., with about 61 dentists per 100,000 people.
Despite a fairly crowded market, you can keep your revenue and your practice growing. While it is important to keep your overhead costs within reason, you are better off focusing on increasing your average dental practice profit to best grow your practice.
We recommend implementing the following guidelines to have the best effect on your dental practice profits:
1. Increase Your Caseload
If your case acceptance rate is hovering around 20% to 30% that means you are letting 7 to 8 new patients on average leave without the dental treatment they need. Even by increasing your acceptance rate to around 60%, you could stand to double your revenues from the same number of patients.
You can increase your case acceptance rate by making your case presentations more accessible to your patients. Dental treatment is something that your patients will decide on based more on emotion than education, so be sure to relate the importance of your recommended treatments in ways that connect with them.
2. Improve Your Ability to Do More DentistryIf you are anticipating more cases, you will need to ensure your practice is capable of handling the extra work. Start with your practice itself, maybe an extra treatment or hygiene room is needed, or maybe hiring more staff will help expedite your cases and improve your patient’s experience.
Examine the systems you use to improve efficiency as well, there are almost always ways to streamline processes and increase your speed on procedures without negatively impacting your patients. The more patients you can treat per hour, the more profit your practice will bring in.
3. Increase Your High-Profit Caseload
All your patients are unique, but the one thing that ties them all together is their desire to improve their smile and oral health. Treatments such as veneers, crowns, bridges, and dental implants are all increasing in popularity among patients and they offer a higher ROI for your practice. You should still be sure to do the proper research into whether the time and cost of each procedure is worth it in the long run – just because a treatment costs more does not always mean it is going to increase your average dental profits.
Just imagine strengthening your practice in those three areas by only 20%. It would mean doubling your average profits and allow you to grow your practice in record time. Try implementing these guidelines at your practice and see the results for yourself!
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