3 Surefire Ways to Boost Profits for Your Dental Practice
A dental accountant can do a great deal to help push their practice in the right direction financially. From overseeing the books with a critical eye to identifying ways in which to cut costs around the office, strong accounting principles can often make or break a practice’s chance of experiencing growth. Aside from finding ways to save money, however, dental accountants can be extremely helpful in assisting the practice in boosting profits, which doesn’t have to be nearly as difficult or daunting as it may sound.
Ready to make more money? We thought so. Here are three surefire ways to kick profits into overdrive this fall.
1. Set Quarterly Goals
One of the golden rules of business—regardless of industry—is that growth is impossible to monitor and confirm without the presence of metrics and analysis. You can’t toast to your success if you’re unable to identify them, after all. This is where setting quarterly goals comes in. Quarterly, or even monthly goals will allow you to identify clear benchmarks, which in turn will give you the guidance you need to reach them. Whether it be bringing in a set number of new patients, increasing fees or otherwise, get it on the calendar so that you can celebrate when the time comes.
2. Balance Your Service Fees
Dental practice service fees tend to be static, sometimes for years on end before any sort of change is instituted. That being said, inflation and shifts in market dynamics demand response in the form of balanced service fees, and if you’re skipping this crucial step, your practice is likely losing thousands of dollars as a result. Every two years, balance your service fees to a fair percentage that reflects developments in the market. After all, you’re in the business to make money—dental work is not a charity.
3. Work With Your Clinical Team
When it comes to boosting profits, you can get a great deal of mileage out of a performing a “morning huddle” each day with your clinical team. It’s easy for small details to fall through the cracks when things get busy; the morning huddle helps to bring these elements back into view so that they can be properly addressed. Perhaps it’s a list of follow-ups that need to be performed, an analysis on how bookings have been going lately or anything in between. The key thing to remember is that you and your clinical team need to work with each other to best reach profit goals.
Saving money for your practice is an excellent way to future-proof the business, but boosting profits is just as important if not more so. Focus on setting and reaching goals, and any concerns you have about growth will melt away in time.