The goal of every dentist is to treat as many people as possible. Sometimes, you may only have access to a limited pool of people and have to find ways to make your practice more profitable. This could be done in a variety of ways; for example, you could work on exposure and scope, or you could decide to organise your practice to be more efficient. Here are 4 ways dentists can increase their revenue.
Increase Your Scope of Service
One of the simplest ways to attract more clients would be to expand your scope of service. If you’re only offering regular treatments, you’re leaving money on the table by not providing things like orthodontics. It wouldn’t require that much of an adjustment either. You have institutions like the London Dental Institute that offer orthodontic courses. If you want to learn about these, they have more details here. They allow you to get your qualifications online with 2 weeks of optional face to face training. You could get your qualifications in as little as 12 weeks and the whole course costs £7,995, which can be paid in instalments.
The profit margin on braces is huge too – we’re talking as high as 90%. Also, it has been estimated that over 75% of people in the country need braces, so that would be a fast way to get more people through the door and make more per visit as well.
Use Facebook Ads for Leads
If you aren’t using Facebook ads, then you should consider doing so. And, if you’re using them but you’re not getting results, then you’re probably using them wrong. Facebook allows you to laser target ads to specific demographics and areas. But more importantly, it allows you to get leads by offering freebies. One of the most popular for dentists is free cleanings. This will allow you to get people in and upsell them if you notice something wrong. People who get cleanings tend to take the health of their teeth very seriously, so they might be more receptive.
Partner Up
If you’re alone and struggling to either get enough clients or keep up with the demand, we suggest that you consider partnering with one or a few other dentists. This would allow you to have more free space to buy things like equipment, for instance. Having more dentists doesn’t necessarily mean that you’ll need more equipment, but it does mean that you can split the costs. You could also afford to move to a bigger and better facility, or into a better market.
Consider Acquisitions
Another thing that you could do is look at some of your competitors and consider acquiring their practice. You should give special attention to those with aging owners. You could then merge their clinic with your own. This method brings low incremental overheads and is one of the most cost-efficient ways to get an influx of full fee patients. As you can see, there are tons of ways that you can increase your practice’s revenue. Go for tried-and-true techniques and take them one step at a time so you can reinvest the fruits of your labour