How Can You Improve Your Dental Practice Revenue?June 30, 2022 6:20 pm
Increased revenue is the preferred outcome for every business. The dental industry is no different, with a growing roster of cosmetic dentistry specializations to grow potential income. As a professional bookkeeper in London, Ontario, I’ll provide a few insights to help you increase your revenue.
1. Look at your profit margins – a bookkeeper can help:
Increasing your profits may be as simple as changing your location or buying instead of leasing. A knowledgeable bookkeeper can show changes in your year-to-year expenses to make wise choices. Contact Soares Bookkeeping for efficient, when-you-need-it help.
2. SEO is critical to being found:
Hire an agency or an individual who knows SEO strategies and can make or update your website to help people find you to increase your client base. Online marketing may be part of your strategy.
3. Check your patients’ balances – a bookkeeper can help:
Missed patient appointments must be followed up, and so must their unpaid balances. A professional bookkeeper does that as part of her job; preliminary reminders of statements are sent to help with payment balances. Follow-up reminders are submitted at intervals.
4. Put a high value on customer service:
Patients that feel well taken care of will never have a reason to leave. Plus, they’ll tell other people about their great experiences with your dental office.
5. Make sure everything is digital:
Use software for your billing, client procedures, and accounting. This makes monthly bookkeeping a breeze and helps you stay on top of current expenses. Read What a Bookkeeper Can Do For Your Business.
Dental management software tracks your time, billing, and product inventory.
6. Use a bookkeeper instead of asking your office manager to take over the bookkeeping:
A bookkeeper is trained to provide financial insight and can track revenues that will help you see where you can hone your expenses and specific needs. A bookkeeper takes over many services: payroll, accounts payable and receivables, tax preparation, saving you time and money.
7. Encourage your staff to help reach goals:
The goals may include attracting five new patients a month, cutting expenses by 5% every month, or remembering to suggest profitable cosmetic surgery procedures to patients as long as they follow a patient’s perceived wants.
8. Use incentives to nudge your team to excel:
You might offer cash incentives, unique employee benefits, and paid time off above regular vacation time, all to be written off by your bookkeeper.
9. Ensure your receptionist is selling or marketing your practice on the phone:
Potential clients should be treated as potential sales. Employing a script can help put forth the right tone for your office. You should have voicemail and a system for follow-up calls. An automated answering system can direct patients in case of an emergency.
Automated emails are perfect for reminders or follow-up interactions after a patient visit.
10. Prioritize good interactions with clients:
This is crucial and makes the office atmosphere pleasant for everyone; receptionists, hygienists, and dental assistants can go a long way to making patients feel understood and more comfortable.
11. Find and promote a specialty:
You may need to dedicate time and research to bettering your specialty, but it will be profitable over time. Develop a unique selling proposition that makes others want to try to find you. Other lesser services in your office may diminish, but you’ll become the expert in your field of specialization.
12. Look at outstanding insurance claims:
Do not allow insurance accounts to extend beyond their limit of filing, usually 90 days. By sticking to an auditing schedule, you keep up to date with possible stale filings, uncompleted (failed to send) e-transmissions, or claims that remain pending due to incomplete documents. Check those insurance carriers that may require orthodontic statements before the release of quarterly payments.
To be a doctor, build your business, and optimise your revenue is a lot of work. You can arrange for a bookkeeper regularly or irregularly, as you may need one. Our services include:
Soares Bookkeeping is passionate about keeping your numbers organized and balanced so your business can grow.
Tags: Revenue insights