How To Increase Dental Practice Income

In Dentistry by Ian IzaguirreLeave a Comment

The economy has affected many dentist’s income, with some stagnating and others dipping drastically. Growing number of families have begun to put the dentist’s visit on the back burner much to the delight of their dental-phobia-driven kids. Despite the gloomy economy, you can bring in more patients by marketing.

A Dentist’s Secret to Bringing in More Pennies

The Bureau of Labor Statistics (BLS) reveals that the average salary of dentists is $146,920, that translates to an hourly pay of $70.64. The high earners came from fields like maxillofacial, oral surgery, orthodontics and such. Fewer number patients are coming to visit dental practitioners due to loss of dental coverage from layoffs or retirement. The repercussions are reflecting on their dental maintenance and the dentist’s income alike.

Tips to increase your Dental income

Re-frame the fee structure at tour facility. Dentists usually frame the fee based on benchmarks set by others in the industry. This is no doubt a good way to start out, but as you evolve, restructure it based on your area of expertise. Increase the charges along with increases in rent, medical lab equipments, location and such.

Despite the gloomy economy, you can bring in more patients by marketing your facility adequately. Your staff is your best marketing tool, as their interactions with patients can decide on whether or not your patients would want to make that second visit.

Have your scheduling practices in place. When a patient comes in for treatment, have them schedule the next appointment, so you have a packed schedule. If you are catering to new patients, schedule them for when the schedule is eased out, as treating them takes longer.

Chalk out a clear credit policy, and explain the same to your billing department. This should cover issues such as whether or not your patients pay upfront or in installments, if they make a monthly payments, what happens in case of a late payment and others.

Pair up with an oral surgeon or an orthodontist, so they visit your practice once in every few days or weeks. This can increase your revenue, as patients will be glad to obtain these treatments at a facility that is easily accessible and that they are familiar with rather than commuting to other locations for the same.

Keep track of fields that you can broaden your expertise in to increase your profits. Sedation dentistry is an example of a trend that recently introduced the dental market to a variety of opportunities. Although it has become more common now, watch out for other trends that may bring in additional revenues.

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