More than half of dentists agree their practices have been less profitable in the last few years – but don’t lose hope! If your business is suffering due to the increased costs and lower patient traffic, put those thinking caps on and come up with a plan to get that profitability back up to par.
Consider improving staff effectiveness. Increasing wages has been a recent strategy for attracting and retaining staff, but make sure you are taking care in the hiring and onboarding process. Make those wage bumps worth it. Put the effort in to make sure you are hiring the best person for the job and that they completely understand what’s expected from them. Don’t forget to invest in your current team so they stay with you, and you don’t need to spend extra time or money on replacing them to begin with.
Teledentistry became popular during lockdowns, but have you considered continuing to use the platform post-pandemic? Having an appointment or consultation virtually saves an exam room, infection processes and PPE, which means it’s saving you money.
When was the last time you reviewed your supplier contacts? Maybe it’s time to set up a meeting to renegotiate or to find a new one. Are you outsourcing your lab work? Have you joined a buying group? These are a few options to consider.
Finally, there is an array of technology available to you that helps streamline processes and become more efficient. Making the initial investment in technology can be daunting but it will save you time and money.
As seen in the print issue of Oral Health July 2022
*In October and November 2021, Bramm Research, a third-party independent research house, conducted an online survey of active, practicing non-hospital affiliated dentists and dental specialists on behalf of Oral Health. Using Oral Health’s subscription list, a total of 264 completed surveys were tabulated. With a total sample of 264, the margin of error is plus or minus 6.0 percentage points at the 95 percent confidence level. If, for example, 50% of the sample indicated that agreed with a statement, then we can be reasonably sure (19 times out of 20) of an accuracy within +/- 6.0%. This means that a total census would reveal an answer of not less than 44.0% and not more than 56.0%.
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