At times it can be overwhelming to be both clinician and business owner. As you focus on patient care, you must also keep your bottom line in mind or your days caring for patients could be short.
Traditional thinking has always focused on increased production and collection. And, while production goals are a good measure and collection numbers are important, it is wise to keep a keen eye on your expenditures as well. After all, it will not matter how much you produce and collect if it’s all spent on overhead. Saving money as a dental practice owner is possible with a few well executed strategies.
In dental school, there is a singular focus on quality dental care. But, that does not adequately prepare dentists and specialists for business ownership. Whether you are an associate, partner or sole proprietor, you are a small business owner, offering the service of dentistry. At Stanley Institute, our mission is to help dentists provide better patient care by boosting their overall business acumen.
As a business owner, there are myriad ways to save money without sacrificing technology, materials and patient care. It is imperative to find a great accountant that specializes in helping dentists. When you find an accountant that is savvy in the business of dentistry, they can help maximize tax laws so you can focus on what matters most—your patients. The right dental accountant should be saving your practice much more than the sum of their fees.
Bottom line: No matter how small your practice, find a good CPA and let them handle your accounting needs.
When calls come into your office you have an opportunity. If your front desk is properly trained, they will turn prospects into patients by being well versed in handling objections and working toward getting the caller off the phone and in your chair. Of course there is no magic formula for this and one training session will not provide all the answers. We suggest using a call tracking system that not only tells you which type of marketing is reaching your ideal patient, but it records the calls so you can review and mentor your team in best practices for handling any type of call.
Bottom line: Your livelihood hinges on successfully answered calls. It’s worth the investment to track and review calls, as well as, provide ongoing phone skills training to your team.
Within the last year, we started using inventory-tracking software to maintain accurate supply records at our dental practice. The difference has been tremendous. Many dental supplies have expiration dates leaving them unusable once expired. This translates to unnecessary waste and senseless lost revenue. With an automated system, everyone contributes to maintaining inventory levels. The duty does not fall to one team member to order all supplies, clinicians are not left without needed items and the practice is not paying for unnecessary surplus.
Software is not expensive, is easy-to-use and can save thousands.
Dr. Bobbi Stanley has been operating a dental practice with her husband Dr. Robert Stanley, the Smile Engineer™, for more than 25 years. She is passionate about working hard, saving money as a dental practice owner and providing extraordinary care for her patients. She helps colleagues run their dental business more efficiently and maximize profits to achieve a better work life balance. For a calendar of Dr. Stanley’s business courses for dentists, visit our electives page.