This may seem like a strange question. Everyone knows that dentists make their money when they are chairside. Right?
Wrong!
I believe that when a dentist is chair-side, it is not the time to be thinking about money, profit, overhead, etc. We should only be thinking about what is best for that patient. And sometimes the best thing for that patient is little or no treatment due to their financial situation or a host of other possible reasons.
Dentists make their money when they are NOT chair-side. That is when we should be thinking about ways to make ourselves more profitable. This is what dental management is all about. It is about strategy, planning, organizing and adjusting to improve profit.
There are many ways to become more profitable that can be worked on when you are not treating patients. Here are some examples:
Developing ways to attract more patients. If you have a huge patient flow, when you run across someone like the patient I just mentioned, it is no big deal to coast with him for now until he can afford more extensive treatment.
Maybe you should even be looking at a better location if you are not getting enough patients or if too many seem like they can’t afford treatment. You can be profitable doing minimal cost dentistry but that may not be your passion.
Another key is learning how to present treatment properly. Some of the people that say they have no money are just using that as a way to blow you off because you are pushing them too hard. Time spent on this skill is probably your best investment as a dentist.
You can earn more without producing more simply by collecting more of what you produce. Many offices I have helped have totally lost control of collections. The patients dictate what they pay and when. This is serious financial trouble. Especially since people that owe you money don’t like you. And they look for something wrong with what you did so they can justify in their minds why they don’t pay you. Make sure people are not walking out without payment. Besides it also costs a lot of money to have your staff figure out who owes what and chase them down for payment. So if you don’t collect up front, you are delaying your cash flow for your bills, creating patients who are looking for something wrong with their veneers (they can always find something), making them mad by hounding them after the fact for money, paying people to chase these reluctant people, and often never receiving payment at all. How many more reasons do you need to get on top of this? There is nothing you can do about this chair-side. This is a financial policy that must be decided upon and implemented when you are not chair-side.
You can earn more by raising your fees. This may not be across the board, and you may need to do some research on your competition first.
You may want to analyze your productivity per procedure. Perhaps you would earn more by NOT doing certain procedures. You need to be un-emotional in this analysis, as something you enjoy doing may be killing your bottom line.
You can work with a dental consultant, or you can do it yourself. Dental consultants can be very effective in helping you discover your personal blind spots, as well as providing ideas for improvement.
That’s enough for now. I will send more ideas next time.
In the meantime, if you feel a dental consultant would help, call me for a free half hour consult. I can tell pretty fast if I can be of help.
Dr. Dave
#30 1221 Canyon Meadows Dr.
SE Calgary, AB T2J 6G2
Phone: (403) 984-0114
40837 N 97 Street
Scottsdale, AZ 85262
Phone: (480) 840-7323