Losing Money in Your Dental Practise? Have You Checked These Options

Improving profitability within your dental practice might seem like an extra challenge to overcome. However, it’s not insurmountable, and even the smallest changes can help you stretch your money and make those dollars work harder for you without sacrificing the quality of care you deliver or the service you provide.

Let’s take a look at a few ways you might be losing money within your dental practice so you can collect those savings and reduce waste from the budget.

Bulk Purchases

Dental equipment can be pricey; everyone knows that, and stocking up can leave a massive dent in your budget. However, when you need to purchase equipment or supplies, you need to focus on buying as much as you can when you can, so you benefit from lower prices offered on bulk purchases. So whether you are buying a one-shade universal composite to reduce having to buy various different types for color-matching clients, or you need to invest in larger amounts of PPE for staff, look at the prices of those items you use on a regular basis or need to replace frequently and buys larger quantities for the unlock discounts.

Check In House Financing

If you prefer in-house financing, then you need to check that you aren’t losing money this way. In-house financing can be a convenient option for patients, but it also takes on risk as you wait longer for patients to pay you, and you need to absorb the upfront costs of treatment. Offering discounts on financing options or allowing them access to other savings can mean you are taking on additional risks and potentially losing money. Remove the options for discounts on your in-house financing options, or change them to accommodate payments settled within a shorter time frame. For example, you can offer a settlement discount of 10% for immediate payments or 5% for those accounts split into two or three payments, for example, or settled in full by a certain date. This means people are still incentivized to pay out even if they can pay in full there and then.

Check Merchant Fees

Merchant fees are the fees you pay for credit card transactions. There is shockingly little regulation when it comes to merchant services and fees, and you’re at the whim of the company you choose. You can end up being charged way more than others, especially if you don’t have a good credit score or they label dentistry as a risky business, i.e., one with high chargebacks.

Look through your agreements, check that you are not auto-renewing your contract, and look for merchants who specialize in dentists and offer you lower rates on your payments taken by credit cards to help you reduce the fees you pay.

Outsource

Outsourcing certain aspects of your dental practice can be a prudent financial decision. By delegating tasks like cleaning, maintenance, scheduling, cybersecurity, and marketing, you can potentially save on payroll expenses. This financial responsibility can help you maintain high standards in your practice while also freeing up your time for more critical tasks.