The United States of America has over 200,000 dentists that operate their practice. This number is stated to keep growing. It’d be safe to assume that all these dentists are always looking to save up on their expenses and cost and increase the bottom line so they can take home more money for their families.

All dentists know how to provide excellent care to their patients. However, not all dentists know how to run a business well. You must have heard the term lean and agile in the context of running your business, but are you aware of what they mean? In this guide, let’s take a look at how you can improve your dental practice profits by trimming out the fat and making your business a lean, mean money making machine.

Effective Ways To Boost Dental Practice Profit

1. Increasing Your Capacity

The best way to boost your dental practice profits is by increasing your capacity to treat patients per hour. The more people you help, the higher your revenue. It’s simple.

How can you increase your capacity? By freeing up your time. Let me elaborate. If you spend an hour every day doing dental practice accounting and bookkeeping, then this is an hour in which you’re not treating your customers. You can offload the task of dental bookkeeping to a dental CPA in Maryland like Sigma to free up your time and resources.

Other ways to increase your capacity include –

  1. Hiring training staff to take care of low level issues and prep
  2. Streamlining your processes, so only the most pressing issues come to you
  3. Getting rid of administrative duties by outsourcing them

2. Specializing In High Profit Procedures

You might have heard this phrase – Money is in the niche! And we can’t agree more. You can specialize in high profit procedures like implants, endodontics, porcelain veneers, and setting crowns and bridges et al. to improve your bottom line. This isn’t to say that you should turn away your loyal patient base, but you can start marketing yourself as a niche or procedure specialist so all your new client base knows what to expect.

3. Strategic Partnerships Are A Key To Growth

Your family time is as important as your work time, if not more. So while you’re spending quality time away from your practice, you are losing out on revenue. You can consider partnering up with an up and coming dentist who’s looking for the resources to start their practice to run your clinic while you’re busy with other things in life. This has a multifold effect. You get more patients and loyalty, and you are able to give back to the local community by providing access to those who need it.

4. Reduce Dependencies On Dental Insurance

Insurance companies are always on the lookout to reduce the profits of a dental practice in shady and sneaky ways. Often, they fix the prices a clinic is able to charge for treatments which could seriously impact your bottom line.

If you have the resources and capabilities, consider developing your own financing program for your patients where they don’t have to rely only on insurance and can also opt for a part payment in the form of monthly installments.

Cut out the middleman and gain all the benefits and then some by utilizing the correct techniques and tools.

5. Focus On Customer Delight

Happy customers tend to have a ripple effect. Satisfied patients turn into brand advocates who, in turn, help you grow your customer base. The more positive reviews and testimonials you receive, the better your practice’s reputation. On the other hand, negative reviews can result in a loss of patients and decreased revenue.

It’s proven that maintaining your current patient base and growing your revenues through them is a lot easier than acquiring new patients. Some studies reveal that the cost of new customer acquisition is about 6 to 7 times higher than what you spend on retaining a customer.

The easiest way to retain your customers is to delight them with the help of stellar services, right from the receptionist to the primary healthcare provider- everyone must focus on customer delight.

6. Outsource Dental Accounting To Experts

As a dentist, you specialize in helping your patients get rid of tooth and gum related problems, but would you be able to help someone with a backache they may be having? Probably not. Similarly, a CPA who serves multiple industries may definitely be able to help you, but since they don’t specialize in dental accounting, they may not be the best choice for you.

A dental CPA in Maryland like Sigma has years of industry experience and has helped multiple dentists scale their business effectively with the help of Tax Planning Services for Dentists, dental accounting services, dental bookkeeping, retirement planning for dentists, and much more.

Talk to us today to understand how we can help you grow and scale your dental practice with the help of effective dental accounting solutions. Our friendly team of In Maryland is always happy to help.