Dental cash flow is king for dental practices, but finding strategic ways to implement more of it into your business can be tough. According to Blatchford Solutions, looking past the books to get rid of extra costs helps when it comes to increasing dental cash flow for your practice.
Dental coaches Dr. Bill Blatchford and Dr. Christina Blatchford agree that raising your fees is the easiest way to up your dental cash flow. If you haven’t adjusted your fees appropriately in the last 18 months, it’s time to do so across the board. In addition, do your due diligence and find out what other dentists are charging. This is especially important if you want to stay competitive in your area.
Professional tooth whitening is the most popular cosmetic dental procedure on the planet. Blatchford Solutions has discovered that dental cash flow will increase by 10 percent or more when you ask your patients if they would like whiter teeth. Dental coaches also agree that patients who have tooth whitening are more apt to ask for other cosmetic dental procedures.
Get your team member to make a list or do it yourself. That list should consist of every person that owes your dental practice money. Whatever the reason, call them and get them to pay the invoice. Ask for a credit card number when they are on the phone and don’t be afraid to send a Statement of Delinquency Form or a #207.
While fluoride and sealants are not a huge source for dental cash flow, they will help. Fluoride and sealants provide better service to your patients and is a suitable treatment for most people. Adults who do not have restored teeth will benefit from dental sealants, as will children.
Blatchford Solutions recommends that you save money on processing by just paying a monthly flat fee that includes no overage percentages. This instantly saves your dental practice money. Ask Blatchford Solutions whom they recommend for credit card processing.
Even if your lease is not up for renewal, you can still renegotiate your contract with your property owner. You can redo it completely or add a few more years to the contract as dental practices are dream tenants and probably not going anywhere. You have leverage to your advantage, which could increase your dental cash flow while saving money in the long run.
If you are not talking to your accountant on a regular basis, you are losing money. If you are working with a general accountant, ask Blatchford Solutions about a CPA that understands dentistry. He or she can analyze cash flow while making suggestions on how to increase that dental cash flow. There may also be tax deductions that you didn’t even know about. Talking to your CPA can literally put thousands of dollars back into your bank account.
One of the worst things you can do for your dental practice and patients is to tell them you want to keep an eye on it. Firstly, dental problems do not reverse themselves. Secondly, a person with chronic periodontitis will not magically get better. Don’t shy away from telling patients what they need and why they need it now. Taking care of the issue now also saves money, as it will only get worse down the road.
Being complacent will kill your cash flow. Consequently, you probably have dozens of expenses that are on autopilot. Review your insurance policies and negotiate with your agents. You may be over insured. Known as lazy expenses, auto payments should be reviewed every six months as well. Check all of your expenses regularly. Because chances are there are ways you can increase your cash flow.
Call for a no obligation dental coaching consultation with a team member from Blatchford Solutions today.