As a practice owner your mind is often on the bottom line. Tasked with being both a dental practitioner and a businessman is no mean feat but you must always be aware of how your practice is doing. With that said what are some things that practice owners can do to save money?
Without a doubt there are some fixed costs that practices simply can't get away from. GDC, CQC, insurance and indemnity, membership subscriptions to professional organisations etc. will always need to be paid.
Other costs, like rent and utilities are slightly less fixed in that you can often lower these costs with a little negotiation but again, always need to be take into account.
And then there is your dental software. A computer for each practice room and an extra one for reception, a server and then subscription costs for the dental software and support, as well as innumerable extras. These can cost a significant amount of money. This is where cloud based solutions could be best as they can save you a lot of money. No need to invest in servers with associated costs!
Do your fees accurately reflect the time that you, your associates and hygienists spend in the practice room? Analyse time spent on each of the procedures available in your practice and add the lab fee to the relevant hourly rate. Do the fees you charge accurately reflect the time spent? You are often surprised at how many items may be losing money.
And how do you track this? Thankfully, with Dentally reporting you can track your fees, how much time is being spent in the chair and other fees like UDA's etc. These analytics can give you a real time view of your practice in action.
After you have looked at fees you should look at income generation. What are some tricks you can look at to help this?
Is your team fully on board? Do your front desk team and website achieve their full potential? Are leads being chased up?