As a dentist, your top priority is to provide the best possible care for your patients. However, if you own your practice, patient care is only one of your responsibilities.
It’s easy to feel pulled in different directions as you balance direct care, administrative tasks, and the growth of your practice.
Any business owner can become bogged down by administrative obligations, but these hassles are extra frustrating when your primary mission is to provide critical dental services to patients.
Has your practice reached a plateau? Would you like to reignite growth while continuing to focus the bulk of your efforts on patient care? A dental advisor can help.
A dental advisor is a business expert with specialized knowledge in the dental profession. From office management to financial planning to patient care philosophy, an advisor can assist you in whichever areas need attention.
In this dental advisory guide, we’ll discuss five pain points that commonly constrict the growth and prosperity of dental practices. We’ll also highlight the ways that advisors help busy dentists overcome these challenges.
1: Attracting New Patients
It’s not easy to convince new patients to give your practice a try, especially if you aren’t actively investing in a marketing campaign. Word-of-mouth is the ideal form of marketing, but it doesn’t always move as quickly as you need it to.
Sometimes, paid marketing is necessary. This may include advertisements, mail, or social media campaigns. A dental advisor can help you evaluate your market and craft an effective outreach strategy.
2: Retaining Existing Patients
Keeping your existing patients is just as important as attracting new ones. Patients who have already put their trust in your care should never be taken for granted. It’s easier to keep a patient than to win a new one, but repeat visitation is far from automatic.
High-quality care is your best tool for retaining patients, but it isn’t always enough. Patients can easily slip away if they’re reached by a competing practice’s marketing or if they choose to check out another practice that’s closer to home.
Purposeful, well-timed communication is key to patient retention. A dental advisor can help you develop a patient follow-up strategy that employs texting or email to effectively keep in touch with your patients.
3: Handling Administrative Overload
Duties like payroll, tax reporting, and benefits administration are essential for hiring and managing your staff. Unfortunately, these tasks combine to form a major time sink for dentists who would rather be focusing on patient care.
An advisor can help you design an effective administrative management approach. This may include connecting you to an accounting service provider that helps you streamline your bookkeeping and HR operations.
4: Deciding Whether or Not to Expand to Multiple Locations
The physical location of an office is sometimes the greatest impediment to a dental practice’s growth.
The best locations are:
- Highly visible
- Near major thoroughfares
- Accessed easily by as many potential patients as possible.
Changing or expanding locations can be transformative, but real estate transactions are complicated high-stakes events.
A dental advisor can use analytics to help you determine the best growth strategy for your practice. If a new location is in the cards, your advisor will help you evaluate new markets, review real estate listings, and execute your transaction.
5: Increasing Profits
Increasing your number of weekly appointments and raising prices are the most obvious ways to make your business more profitable. However, there are strategies for boosting revenue and profits without working longer hours, compromising patient care standards, or raising costs for patients.
Dentists increase profits through these approaches:
- Improving efficiency and productivity
- Offering additional services such as teeth whitening or Invisalign®️ treatment
- Reducing expenses
The solutions listed above are obvious but require planning and commitment. Dental advisors provide support in each of these areas. An advisor can help you review your expenses, income, and daily routine in order to develop an action plan for generating more value from your practice.
Get Dental Advising Services for Your Practice
If you’re ready to formulate a growth strategy for your dental practice, Duckett Ladd can help. We’re a team of advisors and CPAs 100% dedicated to the dental industry.
Whether your practice is struggling, growing, or just getting started, we help you define and achieve your goals. To learn more, contact our team today.