Your dental practice most likely has numerous running expenses each month, all of which will have an effect on your bottom line profit. There are a few methods you can implement that will help reduce these expenses – without having to sacrifice the quality or efficiency level of your work. Below are 4 easy ways in which you can reduce recurring expenses in your dental practice today.
- Implement the Use of No-Check Credit Financing
In most cases, fees for dental services are quite high, and this often makes it necessary to perform credit checks on new patients – especially if they don’t have any form of dental insurance. This is not only time-consuming; it can also be costly, or even cause some patients to have their dental work done elsewhere. Using a no-check credit financing system like SimplePay will not only reduce the credit check fees substantially; it will also guarantee that you receive payment for the dental treatment you have performed. This is also a big help to your patients because it enables them to get the dental care they need, regardless of their financial situation.
- Evaluate your Employees
Good employees are an essential component of your dental practice. Although it’s necessary to ensure that all of your employees are being fairly compensated, it’s just as important for you to ensure that you are getting your money’s worth from them. This will involve evaluating all of your employees to see that no redundant tasks are being repeated unnecessarily. Employee evaluation should also involve ensuring that raises and perks are awarded to committed employees. Ideally, employees should be well paid because they are performing well at their tasks.
- Consolidate Suppliers
Most dental practices need a lot of supplies, tools and accessories, which often results in buyers trying to find the cheapest prices possible with multiple suppliers. However, in many cases, opting to use a smaller number of suppliers and placing larger orders with them could net you far bigger discounts over the long term. This will help reduce bottom line spending substantially.
- Shop Around Between Dental Labs
Although lab results are a necessary cost, it doesn’t mean that you always have to make use of the same laboratory to obtain your results or products. Actively searching for different labs could result in you finding better deals elsewhere – or it can enable you to negotiate pricing with the one you are currently using. Over the long term, switching to a more affordable lab can help you save thousands of dollars – while still being able to provide high quality results to your patients.
A great deal of reducing dental practice costs will involve examining what you are currently doing, and seeking out more affordable alternatives. For instance, if you need medical office cleaning services, you may consider outsourcing these services instead of hiring a full-time cleaning staff. In addition, when it comes to giving your patients credit, using no credit check financing will be highly beneficial to you and them – which is why it was noted as being the most important option of all. You may also use Insurance Benefits Breakdown services for your patients that use their medical insurance to avail your treatment and services.