Your practice is a business. Plain and simple. Your patients probably don’t think about it like that, and some of the lower-level members of your staff might not either. But if you’re an owner or have any kind of stake in the practice, you know how important a steady and growing revenue stream is to your business’ success. How do you expand that revenue stream? We’ve put together a few tips to help get you started.
Increase your acceptance rate. Chances are, more than half of your potential patients are walking out the door each month without getting the treatment they need for one reason or another. Even getting one or two more to accept treatment will boost your revenue significantly.
How do you do it? One strategy is to make treatment plan presentation a team effort. If the hygienist and the nurse and the doctor are all recommending a course of action, you’ll have a better chance of inspiring the patient to accept. Don’t go too deep into the medicine of it if you don’t need to; most patients choose treatment (or not) based on emotion, not science.
Increase your capacity and efficiency. If you can do more procedures per hour, your revenue will increase. It’s really simple. Whether that means investing in better equipment, another treatment room, or another hygienist, figure out what your max infrastructure can be and then get those rooms booked.
Another way to increase your volume is to increase efficiency. Everyone from the schedulers to the hygienists and doctors can find ways to streamline their processes. One specific way is to invest in better management software. We have a couple of blog posts that can help you pick a better one if your current solution is part of the problem. [link two blog posts]
Increase your high-profit procedures. Invest in equipment that will allow you to do higher-cost procedures and then advertise and incentivize patients to get those treatments. Same-day restorative work, like in-office crowns using a CEREC machine, are an easy pitch. Find ways to increase the “cool factor” for these procedures and then get the message out there any way you can.
Increase your patient volume. This is probably the most important tip on this list, but can seem daunting. If you don’t have a dedicated marketing person, train your schedulers to ask for referrals. Or, better yet, set up a referral incentive program to get your current patients to send their friends and family. It’s not as scary as you think. Buy some ad space on billboards, the radio, and online. Hire a young professional to revamp your social media presence! Whatever you do, position yourself as unique and incentivize patients to choose you over your competitors.
None of these tips is a mystery. They’re all pretty basic, but can make a huge impact on your revenue if implemented properly. Let us know how it goes—and best of luck!