While the economy is up in the air – still – and the long-term effects of the recent natural disasters are undetermined, there are things in this world that dental practice leaders most certainly have control over. One of them is the success of their dental practices. Below is a cheat-sheet of issues that we commonly see among dental practices and how to ensure a practice doesn’t fall victim to these issues.
1. Don’t blame the economy…
While all of us are affected by the economic downturn, do not let such trends be an excuse for not performing. Dental practice owners should take charge of their practices and educate patients on the importance of immediately addressing small dental issues, which, if left untreated, can turn into health threatening expensive issues…best implant dentist london
2. Address staff consistency and continuity
Are all staff members on the same page? If low morale is bringing down the office atmosphere, correct it. Considering that a dental office is often a place that causes anxiety for some patients, it’s important that steps are taken to ensure a positive, “drama-free,” and calm environment. Patients are more likely to be at ease during their visit and willing to pay balances when they have a positive experience from the waiting room to dental chair….dental implants cost london
3. Create and utilize an annual budget
While most dental practice principals have heard the term “budget” they have never attempted to prepare one. A budget can be started by simply looking at prior years financial data and utilizing affordable cosmetic dentistry london key benchmarks to set goals for the current year. Don’t just prepare one and put it on the back shelf. Today, with automated software programs such as QuickBooks, a budget can be prepared very easily, and used as a tool to understand a practice’s financial data…
4. Review fee schedules
When was the last time fee schedules were updated? If a dental practice owner or billing staff can’t remember, it’s probably a good time to re-evaluate fees. Even small changes to routine procedures can make significant strides to a bottom line. Strong financial policies with clearly understood accepted treatment plans can only benefit a practice.
5. Review internal controls over cash and receivable adjustments
Even highly successful practices can get complacent, especially if cash flow is good. But don’t overlook receivables. Are collections reasonable, or are an alarming number of patients paying 60 or 90 days late? Work with an accountant to create a policy for collections that is adhered to in boom times and slow periods…read more