Credit: Benyamin Bohlouli via Unsplash
Dental clinics have been facing tough times just like the rest of us. According to the Levin Group Annual Practice Survey, dental clinics are struggling with inflation, staff shortages, rising overhead, and shrinking profitability.
Two years ago, 65% of dental clinics identified rising overhead costs as their biggest challenge, while many also struggled with staff retention. Better retention strategies like signing bonuses, better pay, and reducing office hours can help keep staff, but they hurt your bottom line.
These tips can help you grow your business and keep up with the rising cost of running a dental clinic.
Table of Contents
1. Streamline Appointment Booking
Removing friction from booking appointments is one of the first things you should consider as a dental practice. A lot of people do not look forward to going to the dentist, and any resistance to booking an appointment will turn into an excuse to procrastinate.
With roughly 80% of dental practice revenues coming from existing clients, clinics need to capitalize on repeat business. Get an intuitive online booking system so that customers can book routine procedures like teeth whitening and exams in a snap.
2. Expand Your Skillset
With the cost of hiring and retaining good staff on the rise, one solution might be to expand your own skillset. Expanding the kinds of procedures you can comfortably perform or the types of technology you can use is an investment in your business. It also capitalizes on your best asset as the owner: your time and skills.
3. Sell Dental Scrap to a Refiner
One quick and easy way to start generating more money is to get cash for dental scrap. Older dental implants were often made from gold and silver, two precious metals that can easily be recovered and recycled from dental scrap by a refiner.
The process is incredibly simple. Talk to a dental refiner about getting a kit. Get permission from clients who are coming in to replace old dental work like implants and crowns. Once the kit is full, send it to the refiner and get paid.
4. Build Better Relationships
Building better relationships with your clients can help you improve your client retention rates and make them feel better about booking with you.
Start the relationship off on the right foot with a welcome email, and make sure you follow up with messages that show you’re paying attention. This includes appointment reminders, information about any promotions you’re running, and more personalized messages like birthday emails and information about dental care that’s relevant to them.
5. Focus on More Profitable Procedures
Your time, space, and the appointments that you can fit into your schedule are valuable resources, and they can also be scarce. One way that you can grow your dental clinic is by putting more focus and emphasis on procedures that are typically more profitable.
The most expensive dental procedures are not necessarily the most profitable, as they can require specialized talents. As a general rule, teeth whitening and root canals tend to be some of the most profitable procedures, as well as dental implants, crowns, surgical procedures, and aligners.
Growing your dental clinic can help you meet the rising costs and challenges that come with owning your own practice. Try these tips to improve your bottom line and diversify your revenues.
