Have you ever wondered how you can maximize your practice’s return on services and recoup some of your capital? Our dental CPA provides strategies to help boost your office’s profitability.
How to Optimize your Dental Practice
Reviewing your production reports and ensuring procedures are in place can help save time and money. If a procedure is charged incorrectly, it can increase costs over the course of a year.
If possible, adding high-dollar procedures to your practice such as endodontics, teeth whitening, and other cosmetic services can greatly boost your bottom line. Training dental hygienists in various procedures, such as soft-tissue management and whitening, can also maximize a dental practice’s profitability.
Build a Great Dental Team
In order to recruit and hire the best possible candidates, it is worth paying above-average wages to experienced people in the field. This avoids high employee turnover, which can become costly. A friendly and knowledgeable dental team will also help with patient retention.
Facilities and Equipment
If possible, purchase all your dental and office equipment, rather than lease it. This avoids a number of issues including higher retail costs, interest payments, hidden fees, and lease-breaking penalties.
Strive to maximize your office space. If your current patient volume doesn’t allow you to use all your offices, consider subletting either your primary or secondary office space. Another option: Merging your office with another dentist. Done right, it can help you fully utilize your space and reduce overhead.
There are a variety of ways to boost profits and cut costs while owning a practice. To start, focus on your core services, team, and office space. We know opening a practice can be costly and leave many dentists in debt, especially after finishing school. Contact our team of dental accountants at ADCPA today for help with managing your budget and ways to maximize your return on investment.