Having your dental clinic means that you need to take charge of running your business. If you want to take your dental practice to the next level, you need to find ways to increase your revenue. Aside from reducing your overhead costs and other expenses, what can you do to make your dental practice more profitable?
If you are planning to expand your practice to other places, you will need additional capital to pay for the lease and purchase brand-new equipment. Increasing your profit will also allow you to settle all of your outstanding debts, including paying off your student loans. Earning more will give you the privilege to cut back on your hours and focus more on your family. These are just some of the things that you will get to enjoy once you have decided to increase your profit. So, if you want to know more, here are some tips to help you attain financial freedom while doing something that you are passionate about.
Be aggressive in taking on new patients
Some dentists are happy seeing five to ten patients a day. This mindset is okay as long as you have another source of income like teaching or a corporate job. But if you are dependent on your dental practice for all your income, now is the time to step up your game. Set a target of how many additional cases you can take each day. If you can double your numbers, expect a 100% increase in revenue in no time.
Improve your resources
The more patients you take on, the more money you make. But the problem is you cannot do it alone. The best strategy is to invest in additional dental chairs and hire more dentists. Take time to look into your current process and see if you and your team are being efficient. You can probably make adjustments on your pre and post-operative procedures, allowing you to accommodate additional cases.
Ask for more referrals
Having a good relationship with your clients can work to your advantage. During consultations, take the opportunity to ask your clients for possible referrals. If one patient can refer an additional two new patients in one month, you have high chances of earning twice your current income. To return the favor, you can give discounts or free additional procedure like prophylaxis, fillings, brace adjustments, and extractions.
Specialize in certain procedures
Basic procedures are fine, but in reality, it is not going to bring you a lot of money. You should look into upgrading your services by going into cosmetic dentistry like implants, veneers, Invisalign, and more. You can also earn good money by offering braces. You can take additional courses and training to specialize in these areas.
Lastly, find ways to improve your marketing strategy. Try different methods like dental SEO for people to notice your business. There are some strategies that you can do for your business. Have your clinic listed online, start blogging, develop a website, and stay active on social media.