Developing a framework for success

By Karen Ergus

In the current pandemic times we’re living in, thinking outside of the box is an important way to keep your practice afloat, stay relevant and, most importantly, maintain a steady revenue flow.

What can you do to make your practice stand out?

Consider all the aspects of a successful revenue flow, collaborate with your team and don’t be afraid to try new things in order to develop a successful framework that will make you stand out from the competition.

Pillars of success

According to Dental Economics, there are four pillars that make up a successful dental practice; Revenue flow, High case acceptance rate, High dentistry capacity, High level of high profit procedures and consistent new patient flow.

Therefore, every new idea or strategy you implement should focus on at least one of these aspects.

The average case acceptance rate is around 20%, but a rate of 60% will bring you to the next level in terms of profit.

Focus on coming up with ways to better encourage your clients to proceed with dental procedures you recommend to them.

This may be as simple as improving the way you communicate with your clients or even offering incentives like special discounts or more flexible payment plans.

The second pillar, dentistry capacity, is all about efficiency. The more efficient your team is, the more procedures can be done in a day and more procedures equals’ higher revenue.

Use our new virtual assistant app DenTyme to track procedure times to determine where you and your staff can improve in this area.

Streamlining your services is a good idea during this period of pandemic lockdown.  However, be strategic in choosing which procedures you will continue to offer; focus on the high profit procedures.

Ask yourself, “Which procedures bring in the most revenue?” and “Which procedures do clients inquire about the most?” Those are the procedures you want to promote the most and continue offering.

Finally, having a steady new patient flow is very important.  As discussed in our post “Three things you can do today to attract new clients to your dental practice.”

The best ways to attract, and retain, new patients is by developing a strong online presence, fostering a positive client experience, and having an attractive referral program.

Brainstorming as a Team

Team brainstorming is a great way to gain insight from your staff and develop new, creative ideas.

Make sure that your team members have a strong understanding of the aforementioned pillars and encourage them to think of creative strategies that can be implemented to improve office operations.

Since meetings in person aren’t practical right now, host monthly video calls to get this done.

Not only will these foster new ideas, but also improve teamwork and communication among your staff which is critical to a successful dental practice.

For more insight on bettering your practice, check out DenTyme – our virtual chairside management application developed by dental professionals for dental professionals.

Sources:

https://www.dentaleconomics.com/practice/article/16393438/four-ways-to-increase-revenue

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