How to Create a Dental Practice that Brings in Revenue

How to Create a Dental Practice that Brings in Revenue

You might think that a dental practice needs to be open for years to accumulate regular patients and start earning money. Although this is generally true, it doesn’t mean that a startup dental practice cannot bring in revenue in the first years of providing dental care.

There is more than one step in turning your dental practice into an instant success but the first one is genuinely caring for your patients’ health. If the passion is there, here is how to create a dental practice that will bring in revenue on a regular basis.

Scouting for the best nurses and doctors

Sports teams aren’t the only ones scouting potential signing. The same practice is applied by medical institutions that want to attract and retain the best doctors and nurses out there. They can be either medical students fresh out of college or professionals with decades of experience. Age doesn’t really play a role in medicine if the doctor or a nurse is skilful, knowledgeable, and most of all, caring.

Even when you manage to snap up the best staff, your job is not over. The staff needs to be cared for and well provided in terms of their basic salary and bonuses. Regulate from the very start how much they will earn for overtime and whether they’ll need to be on call. Detailed and transparent company policy is the best way to attract doctors and nurses.

Don’t be like every other dentist

If you pick up a phonebook or search online for dental practices, you’d be surprised just how many of them are in your areas. For this reason, you need to set your dental practice apart from others. If you decide to write a business plan, then this uniqueness would be called a value proposition. 

Building your brand, to put in those words doesn’t have to be expensive. A colouring book for the children, availability 24/7, and a basket full of sugarless candy are enough to win over most patients. Even a homely atmosphere in the office is something that people can appreciate and come back to you because of it.

The office needs to look nice

Apart from excellent service, patients are going to take into account the way your office looks. Sure, you can save money on remodelling, especially if you’re renting a property, but in the long run, this decision will cost you money.

It is far wiser to search for appealing dental fitouts that would work in your office. Not only do you get to have your say in the overall décor but a chance to purchase solid equipment that is literally the tool of your trade. Young doctors and nurses who are still in training are going to be delighted by the opportunity that they’ll learn dentistry on modern apparatus.

Constantly expand the range of services you offer

IF a dental office is to generate revenue right from the very start, its services need to be versatile. Some procedures, like complicated surgeries, might be out of your reach for now, but place everything else you are capable of on the pricelist.

Not only will you attract new patients but you’ll be able to offer existing ones an all-in-one service they could not someplace else. For example, if a patient comes to you with a request for braces, you need to be able to offer them a bridge or an implant if you notice they need one.

Flexible financing is important for patients

Having mentioned your value proposition, it is worth noting that people are careful about the way they spend their money. You can offer the service in town that is affordable at the same time but what good will it do if your clients cannot afford to pay upfront.

A patient is more likely to accept the suggested treatment if they know they can pay in various ways. Everything from accepting credit cards to instalments will ease their pain, pun intended.

The more patients you attract this way, the higher the chances that they’ll recommend you to a friend or a member of their family. Mind you, don’t rely solely on word-of-mouth recommendations. Give out calling cards and add the “leave a review” options on your website for future referrals.

Keep track of the balance sheet

In terms of finances, the biggest snare dental practices face is overspending. Good staff, a dental fit-out, and new equipment all cost a pretty penny so you might go in the red as soon as you open. Therefore, it is important to keep close track of your balance sheet so you don’t invest more than you can finance.

Hiring an accountant is a wise move in the beginning. As time passes by, you’ll gradually become versed in the financial aspect of the business so you can cancel the services of an accounting agency. Essentially, try to keep the earning on the same level as expenses.

If you’re a dentist passionate about his or her work, then congratulations, you’ve completed the first step necessary for running a profitable dentist practice. You can find the rest of the steps listed above and be sure not to skip any of them. Everything from an appealing fit-out to hiring the best staff can make the difference in establishing your dental practice.