Guide to make your dental practice more profitable in 2021

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If you are a dentist, you would need to reinvent your practice to make it more profitable in a post-Covid world. Dental practices have the challenge to regain their financial momentum in 2021 as soon as the signs of Covid are removed. 

Last year has been surprisingly challenging for dental practitioners as the entire focus and funds were directed towards the battle against Covid. The dental clinics registered a huge drop in the number of patients visiting them and that caused them significant financial loss. To regain their financial health, dental practices need to adopt some relevant strategies. 

A lot of practices have already started incorporating the required changes but there are some strategic steps they need to embrace to become what they were before a year ago! The article will be your guide explaining how you can make your dental practice more profitable in 2021 and beyond that.

Ways to make your Dental Practice more profitable in 2021

As a dental practitioner, you might experience that incorporating usual strategies to generate more profit such as training your front-end staff to communicate with the patients effectively, auditing bills and claims submissions regularly, maintaining healthy communication with insurance companies to get payments on time, etc. is not sufficient. 

Beyond implementing these general strategies, you would need to adapt or focus on some more strategic steps to boost your practice’s financial health. Let’s take a look at some of the ways that can transform your profitability in the ongoing year and the years after that. 

  • Learn to capitalize on calls – It’s quite understandable that it’s the first and the obvious step. However, a lot of practices are not aware of the importance of the initial calls to a patient and how they can capitalize on these calls! The first few calls will allow you to build trust with your patients and you would be surprised to see how it boosts your practice’s growth and profits. 
  • Recruit best possible employees – Let’s admit the fact that it’s a whole new beginning after Covid. If you do not have enough employees to run your practice or you are just starting new, make sure you hire the best possible employees as per your requirements. It’s critical for you to know the list of the employees that are absolutely necessary to run a practice. Prepare a list as it will allow you to hire better. 

Skilled & qualified employees will ensure better productivity that will eventually lead to improved revenue. You are most likely to come across many qualified dental professionals who are positively looking for an opportunity to work again as the Covid crisis goes down. Do not be hesitant of paying a little extra, if required or demanded, because every dollar spent on skilled employees will result in a better ROI. 

  • Provide more flexible financing options – Patients always like to have flexible financing options as it allows them to pay conveniently. Providing flexible financing options such as accepting general as well as specialized credit cards, and third-party options allows patients to choose one as per their convenience. It will not just improve treatment acceptance rates but revenue generation as well. 

Offering multiple payment modes such as debit cards, net banking, and payment apps makes it even more convenient for the patients. You are likely to receive in-time payments. 

  • Discounts/Offers – A lot of patients expect discounts or offers when paying upfront. You can introduce a certain percentage of discount or cashback if a patient is making an upfront cash payment. You can also consider offering discounts to senior citizens. 
  • Implement new technologies – This is probably the era of technical advancements. If you are thinking of pursuing a profitable dental practice without including relevant technologies, you may need to revisit your strategies to run a profitable practice. Make sure that you have advanced relevant dental tools and software. Using the latest medical tools, your staff will be able to manage billing, patients’ medical records & histories, claims submission, and other necessary tasks for improved revenue cycle management. 
  • Outsource dental billing services – This is one of the most effective and hassle-free ways to make dental practice more profitable. It’s no secret that dental billing is the key aspect of revenue cycle management. Outsourcing dental billing services means billing experts will take care of all your billing and claims submission & reimbursement queries.   

CAPLINE DENTAL SERVICES offers a wide range of dental billing services that are aimed to reduce all your dental billing worries and improve your practice’s financial performance.