Behind every successful dental practice is an owner with superb management skills. The dental industry is a competitive space where experience and skill aren’t enough to grow your business. If you want to take your dental practice to the next level, you need to know how to manage your business in a scalable and sustainable manner. That’s where dental practice management comes in.
This article will discuss the top tips that successful dental practice owners use to manage their business and attract new clients in the process.
1. Understand your unique selling point (USP) and take advantage of it
First off, we need to discuss what makes your dental practice stand out from the competition. Ask yourself the question, “what services do I offer that other practices don’t?” Essentially, find out what makes your practice unique in the eyes of your patients. For example, if your practice specializes in pediatric dentistry or prosthodontics, you want to ensure that your clients are well aware of your specialties through marketing and advertising.
Highlighting your practice’s unique selling point is what makes you different from the rest. Why is it important? It allows you to position yourself in front of your competitors and compete in a saturated market. Your unique selling point will be your beacon in developing a winning strategy.
Patients gravitate more towards practices that offer the best value proposition possible in this day and age. If you can find a way to leverage your unique qualities and deliver a positive patient experience, you will draw new customers along the way.
Understanding your unique selling point is also important as it guides your team in making goal-oriented decisions. Take the time to know your practice’s strengths, and take advantage of them as much as possible.
2. Establish a winning culture
When running a successful dental practice, you have to emphasize work culture. When you create an office environment that’s brewing with positive energy, that energy manifests itself in the work output of your staff members. Henry Ford once said, “If everyone is moving forward together, then success takes care of itself.”
You want to make sure that the team members you bring in share the same goals and visions as you. When people with similar values work together, things get done quickly and efficiently. Now is the time for you to take on a leadership role and develop a work culture that puts each staff in the best place to succeed.
Of course, establishing a winning culture doesn’t happen overnight. That’s why regular team meetings are crucial to ensure that everyone in the office is on the same page. A positive dental culture can go a long way towards boosting employee productivity and providing a complete patient experience.
3. Make use of dental practice management systems
As you know, running a dental practice requires patience and flexibility on your end. Owners used to juggle working as a dentist and doing some administrative work. Thankfully, those days are long gone thanks to the development of dental practice management systems.
The idea behind these software solutions is pretty simple; make it easier for practice owners to manage their daily tasks. Dental practice management systems have all the tools you need to scale your practice and focus on more productive activities. Some of the things to look for in a dental practice management system are:
- Ability to automate daily repetitive tasks
- Provide in-depth analytics to help you make data-driven decisions
- HIPAA compliant to ensure patient information is stored safely and securely
- Allows for remote access so teams can access important info anytime, anywhere
- Seamless integration with other dental software
Not all dental practice management systems are created equal, so make sure to do your research and obtain feedback on software solutions that you plan on using.
Regardless of which software you choose, a dental practice management system will help streamline your daily operations and make it easier for your team to fulfill their responsibilities.
4. Offer a broad range of financing options
Money is one limiting factor that hinders patients from seeking proper dental treatment. Around 80% of Americans delay their dental needs due to a lack of finances. That’s a bad sign for dental practices that require new patients to sustain the growth of their business. The good news is that there’s a complete workaround to expensive dental treatments, which is to offer flexible financing options to make dental care more accessible to patients.
For example, you can offer discounts to patients who are consistent with their payments. Another example would be to offer in-house membership plans with varying inclusions depending on the pricing they avail. It’s a good idea to sit down with your financial advisor and talk about the multiple financing options that best fit your practice and your patients.
When exploring financing options, you’ll need to use automated billing software to send invoices, keep track of payments, and process payments efficiently.
5. Enhance the patient experience
We’ve talked about how important it is to find your practice’s unique selling point. But that doesn’t mean you should focus solely on your strengths. A good dental practice knows how to address its weaknesses and improve the patient experience. There are a couple of ways to approach this, and the most common one is to provide value and convenience.
The global pandemic has taught us that businesses that offer a strong value proposition are the ones that attract the most customers. With that in mind, you want to enhance the patient experience by offering convenient options like online consultations, diagnosis, and appointment scheduling.
It also helps you enhance the communication side of things by taking advantage of AI chatbots. Nowadays, chatbots are more than capable of handling customer service tasks thanks to machine learning. By addressing patient inquiries quickly, you can build trust online and get them to avail your services.
6. Outsource your dental marketing efforts
Patient acquisition is key to practice growth, and to attract new patients, you need to put your business out there for everyone to discover. Practice owners only have so much time on their hands than spending it on marketing can be counter-productive at best. Even assistants have their duties to fulfill, so it’s worth outsourcing your marketing efforts to a digital marketing agency.
Digital marketing agencies know how to put their clients in the best position to succeed. They can optimize your website’s SEO to rank higher in search engines, improve local visibility to generate foot traffic, and implement strategic PPC ad campaigns. By letting the experts handle the marketing side of things, you can improve patient experience and deliver quality dental care.
7. Manage inventory costs
Running a dental practice is an inventory-intensive business. That’s why you need to manage inventory costs to ensure the profitability of your practice. To effectively control your expenses, you can take advantage of an inventory management system that lets you keep track of returns, expiration dates, available supplies, and equipment.
It’s easy to go off budget when you don’t monitor your inventory. The last thing you want is to overstock your supplies or encounter expired products when operating a busy practice. You can significantly reduce your overhead costs, increase your profits, and minimize your stress levels with inventory management software.
8. Address negative reviews
Obtaining reviews is one way of building a solid reputation for your dental practice. But often, dental practice owners focus too much on the positive feedback and fail to address the negative reviews that patients leave.
Ideally, you want to respond to negative reviews and do your best to resolve them. For starters, responding to negative reviews can help you win your patients back. You have the opportunity to wipe out their last impression of your practice and prove to them that you value their experience.
Addressing negative reviews also helps with building trust with your patients. When you address negative feedback, your practice is genuine about giving patients the best dental care possible. Around 86% of consumers consult reviews before doing business with a particular company, and if they see you ignore negative reviews, they are less likely to avail of your services.
Part of good dental practice management is improving your reputation online. You can establish trust with your patients by managing your reviews and controlling conversations surrounding your practice.
Managing a dental practice takes a lot of work, but with the right approach, you can make lasting changes that will help drive the growth of your business. If you wish to streamline your day-to-day operations and improve your patient acquisition, make sure to follow these dental practice management tips.
As a practice owner, you need to ensure the profitability of your business. With proper bookkeeping, you can assess the financial health of your practice and keep track of your expenses. Feel free to fill out the form below for expert bookkeeping services, and our team will reach out to you shortly.