What do you think is necessary to grow your dental practice? You might think the secret is increasing the number of new patients, but this is just one part of the formula—and not the most important part, either. Your dental industry experts at Bryant Consultants want to explain how adding new patients is just one component of reaching your practice goals.
The four components of your profitability strategy
- Total office visits by your patients
- Production per visit
- The percentage of patient accounts where you successfully collect payment
- These three amounts, multiplied together, make up the total income for your practice. Subtract your overhead (the cost of your facility, technology, debts, staff, and other upkeep), and the remaining amount determines your profit margin.
Like any business owner, you want to see your practice’s profit margin be as high as possible. Meanwhile, as a medical provider, you want to make sure you’re giving your patients the best possible care.
Re-appointments: have you seen your dentist lately?
How many of your current patients leave your office without a follow-up appointment on your schedule? For every patient who does, the chance of successfully rescheduling them for another appointment is significantly less. Make it a priority for your entire team to start tracking your re-appointment rate, including setting a target goal for the percentage you want to hit. In our experience, many practices see their re-appointment rates increase just by paying more attention to it.
Focus Your Efforts
One way to increase profits is by reaching out to any inactive patients on your rolls. In many cases, patients who don’t have any scheduled appointments at your practice already have been diagnosed with a treatment they need to address an issue with their oral health. Bring these people back into your office by employing a clever targeting strategy—such as patients who all need to have the same type of procedure, like needing a crown; or patients with an unscheduled treatment with a certain approximate cost. By focusing on these specific groups, you’ll see more immediate results in growing your practice and improving your bottom line.
Case acceptance is key
The most successful dentists have the highest case acceptance rates. By getting your patients to agree to the recommended course of treatment, ideally before they ever leave your office at their current appointment, you’re setting yourself up to thrive. Case acceptance rates drop significantly if you don’t get your patient scheduled before they leave. Like the issue of re-appointments, this requires a team approach. Analyze the numbers from your staff. Is there a dentist or dental assistant with an especially high case acceptance rate? Talk to them and see if they have any strategies that could be imparted to the entire team.
Fix those broken appointments
Nothing disrupts your workflow quite like broken appointments—referring to patients who don’t show up for their appointments or cancel repeatedly. You may be better served to focus on the patients who value your time and your services. Increase their visits and try to fill your schedule with patients of that type. If rescheduling becomes more difficult for your patient population, those habitual offenders will either change their habits or seek out another dentist who allows these behaviors.
Helping Your Practice Reach its Goals
We’re always here to help you and your practice reach their goals. Incorporating these strategies can be the secret to reaching the profit levels you dreamed of but never thought were possible. Currently, Bryant Consultants is offering a complimentary one-hour consultation for any dentist with questions or concerns about their future plans. Isn’t it time to start seeing the return you deserve for all the hard work you’ve put in building your practice? Then schedule your consultation today by calling (877) 768-4799. Also, be sure to follow us on social media through our channels on Facebook and Instagram.
