Tips to Increase Revenue
Expand Your ServicesIs your dental office struggling to make revenue because of recent events? Read on to find out what you can do to turn things around.
Here are a few tips to help your dental office increase your revenue:
Increase Your Fees Annually
You must schedule a small fee increase every year to keep your dental practice successful. The increase in your fees must be more than the average 2-3% because that amount will be the same as other practices. The yearly fees must be raised around 4-5% to keep you ahead.
Do an inventory of your current fees because you may need to raise the prices for some services over others. Check how much the tools and medicine cost and increase your fees accordingly for the coming year.
Check what your services cost and what value they provide to determine the new price. Rebalancing your fees will net you more income immediately. Be sure not to overcharge as it may turn people away from your practice.
Expand Your Services
Expanding the list of services you offer will make it easier to reach your revenue goals. You won’t need as many new patients if your current patients get multiple treatments and procedures done by your practice. Not improving or expanding your services will not make your practice successful.
Offering new services such as simple oral surgery, cosmetics, Invisalign, Occlusal guards, sedations, etc. will help you keep your patients while enticing new ones. You will see more profits without needing to expand your client base by much.
Procedures such as porcelain veneers, endodontics, implants, bridges, and crowns are very profitable. Consider getting the necessary training for these procedures. If training for these procedures is not feasible, hire a dentist that can do the procedures.
Please note that offering a profitable service does not always ensure profitability. You must check the operating cost and time consumed to make an accurate assessment of the procedure’s value.
Increase Your Case Acceptance Rate
You must increase your case acceptance rate to increase your revenue. The usual case for most dental practices is that 7-10 new patients walk out of the dental practice every month without fixing their dental problems.
You must make an effective case to c