How We Did It: Financially Profitable & Growing
Top practices fire on all cylinders, and top practice owners maintain a handle on finances at all times – not because they’re greedy, because they’re smart business owners. They’ve learned that the more money they have to work with, the more good they can do for their patients, their people and their communities – including growing the business so they can do even more good.
“You can be as good as you can be, but you can’t succeed to the level you want to alone. You have to bring other people with you.” — Dr. Susan Mazzei, West Suburban Oral Health Care, Naperville, IL
A high priority is getting paid all they are rightfully owed by insurance companies since, for most practices, that means 40-50% of the practice revenue and the single largest source of monthly income. Whether handled in-house or outsourced, information is power, and top practices fully leverage their practice management software and/or outside billing expertise to help them manage cash flow, and maximize revenue and net profit.
- The right outside experts can provide insights on emerging industry trends, such as insurance companies beginning to deny claims that were previously accepted.
- This allows for honest conversations with patients about their benefits, which builds trust and credibility.
When all these elements come together, patients have higher trust in the treatment recommendations being made and the care they will receive because they truly feel the security and transparency from the practice. By ensuring that insurance verifications are complete and outstanding claims are followed up on and paid, it makes for an excellent patient experience that keeps patients coming back and referring others. The obvious benefit of this is more revenue for the practice, of course, but also the gratification that comes with being allowed to provide the best care possible.
How to learn more:
Learn more about how top practices across the country have given back and impacted their community in a big way, download the full eBook “6 Elements of a Successful Dental Practice” today.