If your dental practice’s growth has plateaued, with expenses creeping up each year while production remains static, it’s a clear sign that a strategic overhaul is needed. Echoing the words of Albert Einstein, persisting in the same practices and expecting different outcomes can be an exercise in futility.
Embracing change, though daunting, can yield substantial rewards, both for your peace of mind and your practice’s bottom line. Here are some key strategies for implementing change and leveling up your dental practice.
Optimizing Billing Practices
Consistency in billing across all providers in your practice is fundamental. It’s easy to fall into a pattern with procedure codes,, often to the patient’s financial benefit. It’s critical to ensure you’re billing accurately reflects the exceptional care and time invested in each patient.
Beyond that, freshening up on your billing practices can and often will show you what is stagnating and your next steps become clearer, easier.
Balancing Hygiene and Doctor Production
Aiming for a production balance of 40% hygiene and 60% doctor-related services is a benchmark for success. This may necessitate revising your hygiene department’s approach and administrative processes to enhance overall efficiency and financial health.
The more your patients believe you are there for them, the more they will come back, refer you to others and follow through on the care you suggest.
Monitoring Patient Engagement
A decline in active patient numbers is a red flag indicating negative growth. Regularly assess the influx of new patients against those who are leaving or becoming inactive. Innovating in how you communicate the importance of regular hygiene visits can prevent patients from seeking services elsewhere.
Aim for at least 80% of your patients to be engaged in your hygiene program. Engagement equals follow through…. And follow up. Each of us can take our foot off the gas if you will of maintaining a consistent oral hygiene program, however, when we know someone is watching, we tend to keep it going… Are you watching?
Formalizing Treatment Acceptance
Intuition alone is insufficient for measuring treatment acceptance. Aiming for a 75% acceptance rate upon first diagnosis not only optimizes patient health outcomes but also contributes positively to your practice’s financial performance.
Implementing educational discussions and flexible payment options at the point of diagnosis can significantly improve acceptance rates.
Leveraging Software Lists for Financial Growth
Untapped financial potential may lie within your practice management software. Ensuring your team effectively utilizes these tools to follow up on unfinished treatments and schedule future appointments can unlock significant revenue.
It’s vital that your team is proficient with your software, as their capability is often limited to the scope of their training.
A stagnant practice is a signal to reassess and refine your operational systems for sustained growth. With expert guidance, implementing these strategies can start to reflect positively on your bottom line from the outset.
Many clients express surprise at the speed with which these changes can impact their practice’s financial health.
If you are ready (or over ready) to get your practice flowing smoothly again, it’s time to reach out and schedule a call with us.