A dental practice has many goals, such as passing on oral hygiene advice, giving people a bigger smile, and bringing in a profit. Profit is a big one, in particular, as the more money the dentist brings in, the better it can become. So, how do you go about doing it? If you’re ready to expand your dental practice by making it more profitable, follow these seven steps.
1: Buy Quality Equipment
Buying quality equipment might set your finances back a little at first, but in the long run, it’ll help you provide a better service. Plus, the better the equipment, the longer it lasts. When evaluating your equipment, look at what’s needed in a dental practice and then consider upgrading to a better supplier.
2: Train Your Staff
Your staff will provide a better service the more trained they are, so provide plenty of training opportunities. Not only will this increase their talents, but it will also give your staff more direction, which will, in turn, inspire them to stay on board at your dentist. A team of hard-working, loyal staff is far more profitable than a high turnover rate!
3: Invest in Marketing
You might think that marketing is expensive, but the amount of profit it can bring when done right far outweighs its cost. Investing in marketing strategies such as SEO, blog content, online advertising, and social media management will help bring more patients to your door, thus increasing your profits.
4: Choose the Right Prices
You don’t want to scare new customers away with sky-high prices, but you also don’t want to ask for too little for the services you are providing. When you have an excellent dentist full of highly trained, talented staff, you must not sell yourself short. In fact, many patients are more than happy to pay more for quality service when it comes to their oral health.
5: Improve Time Management
In a dentist, time wasted is money wasted. If you waste five minutes per appointment due to a lack of time management, you could be missing out on two to three extra appointments per day, which has an enormous impact on your overall profit. To avoid this, consider using time management tools to help the day run smoother.
6: Focus on Patient Loyalty
New patients are great, but old patients are the ones who keep coming back for hygiene appointments, check-ups, and more. To ensure they don’t go elsewhere, you need to focus on patient loyalty by giving them lots of reasons to stay. To do this means more than always providing excellent service (although that is crucial); you should also offer benefits to those who are members and ask for your patient’s email to keep in touch.
7: Use Space Effectively
A dentist loses profit if it doesn’t use its space adequately. You might be wasting an entire room for unnecessary storage when it could be used for appointments or a waiting area! To help boost profits, take a look at the way you use space and consider a rejig to maximise every square inch.