Whether you’re looking to sell your dental practice or just purchased one, increasing your production should be top of mind. Here are five ways to increase production of your dental practice both before or after a transition.
Scope of services
One of the most efficient and profitable ways to grow your general practice is to bring on a specialist or multiple specialists, as long as the patient need and office space is available. Alternatively, an in-house dentist can also start offering more services, such as extractions, orthodontics, and endodontics.
As with any business model, proper marketing can translate into a better bottom line. When it comes to marketing your new or existing dental practice, the focus should be on new patient referral programs, among other efforts.
With a new practice, what worked for the previous owner might not for you, especially if bringing on your own staff. Consider hygiene and operative schedules, as well as a different payroll strategy for staff, including benefits, dates, and pay rate.
The days and hours your office is open is one of the many factors that contribute to the valuation of your dental practice outlined in a prospectus. Expanding hours to lower overhead should only be done after first ensuring the demand is there.
After a dental practice transition, shopping other insurance companies will make sure you’re offering the best coverage for your current patient base, while also opening the door to new patients.
Read more about the dental transition process on our Insights blog, then contact the experts at Professional Transition Strategies to learn more ways to increase production of your new or existing dental practice.