Focusing on a business model you established for your dental practice 20 years ago is not a plan for profitable success. General inflation, your current patient base, and your competition are just a few reasons why it’s essential to focus on the “now” of your dental practice. Here’s how to keep profits up at your dental practice.
Cutting costs
Simply looking for ways to cut costs in your dental practice is like putting a bandage on a broken bone. If you cut your marketing budget, you run the risk of losing new business. If you stick with your old equipment, there’s a chance you’ll lose patients to your competition. No matter what shortcuts you try to take, the slack will end up getting picked up by you or other staff members, running the risk of burnout in your dental practice.
Think transitions
Every dental practice will eventually experience a transition of ownership, whether because of retirement or looking to unload managerial responsibilities by selling to a dental service organization (DSO) or taking on a partner. You should always enter any business agreement with the end in mind so you aren’t short-changing your chances of a profitable transition, then come up with a plan for how to get there. No decision should be made at the expense of your business and its future.
Train your staff
There’s always room for improvement, even if you think your staff is operating at the top of its game. Investing in training may seem counterintuitive, but even something as simple as how staff is communicating with patients, whether setting up automatic appointment reminders or even phone call etiquette, will free up bandwidth for other tasks that need attention. More efficiency and investment from staff equals more profits in the long run.
Grow your services
Determining how to grow your dental practice can be as easy as looking at your competition. What services are in demand in your area? Again, investing in new opportunities can open the door to new business. Just know your limits and devise a solid plan for diversifying your resources before taking on every specialist in the phone book.
Bottom line
Think of your business plan in terms of investments rather than expenses. Any costs that aren’t moving you toward your goal of growing your business should be reconsidered. Only put your efforts toward your best opportunities, considering financing, time and effort along the way. Contact the experts at Professional Transition Strategies for more ways to set your dental practice up for success.