Increasing profitability in a dental practice isn’t just about boosting patient volume – it’s about optimizing the processes and systems already in place. In a recent episode of The Dental A Team podcast, Kiera Dent sat down with Kristy Treasure, one of the exceptional consultants at Dental A Team, to discuss actionable strategies for increasing profitability without overhauling operations.
The Power of Numbers
Kristy emphasizes the importance of setting tangible goals. Rather than focusing on vague financial targets, she recommends breaking down annual goals into monthly, weekly, and even daily targets. For example, if a practice aims to generate $1 million annually, breaking it down to a $4,000 daily production goal makes it more achievable and actionable.
Kristy suggests identifying small but impactful opportunities, such as converting limited exams into comprehensive exams or identifying additional treatment needs during routine visits. "Squeezing the juice" from existing patients and optimizing daily production can quickly elevate a practice's profitability.
Reimagining Financial Arrangements
One of Kristy's standout strategies involves transforming how practices handle financial arrangements. Rather than simply presenting treatment plans and sending patients on their way, she recommends establishing clear financial arrangements upfront. This includes identifying payment options, setting up pre-collections, and encouraging partial payments before treatment begins.
"We’re not just setting up payment plans – we’re creating structured financial pathways that make treatment more accessible for patients while ensuring the practice gets paid," Kristy notes.
Gamify the Experience
To engage the team and keep them motivated, Kristy advocates for a gamified approach to hitting production goals. Whether it’s setting small, achievable daily targets or creating friendly competitions around production metrics, turning the process into a game can reinvigorate staff and foster a culture of accountability and excitement.
"Business is a game. When we make it fun, the entire team gets involved, and everyone’s eyes are on the scoreboard," says Kristy.
Uncovering Hidden Revenue
Kristy emphasizes that many practices are sitting on untapped revenue. This includes unscheduled treatment plans, unpaid balances in accounts receivable, and overlooked treatment opportunities. Instead of focusing solely on acquiring new patients, Kristy suggests practices "squeeze the juice" from existing patients by ensuring that every visit is optimized for treatment planning and case acceptance.
"You don’t need more new patients. You need to maximize the ones you already have," Kristy advises.
Take Action
If your practice is ready to increase profitability, start by setting realistic financial goals, implementing pre-collections, and transforming financial arrangements. And if you need guidance, Dental A Team’s consultants are ready to help you identify hidden revenue opportunities and streamline your systems for maximum impact.
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