5 Money Saving Tips for Your Dental Practice
Owning and running your own dental practice is no easy feat. There are so many expenses involved, employees to keep happy, patients to please, and partners to keep in your good graces. Plus, since a dental practice is so vastly different from retail and other businesses, it isn’t always easy to find the help you need.
Though we can’t help with all of those factors, we may be able to help you figure out a few ways to save some money while still running a successful and lucrative dental practice. So, let’s get to it.
Invest in your staff
You may think you already invest enough in your staff since you pay their salaries, provide them with benefits, and do a lot for them. But when staff members are feeling cared for and important, they are less likely to leave, which means you are setting yourself up for less turnover with staff members.
If you have less turnover in your staff, you don’t have to take the time and spend the money to hire new people, get them trained, and then book them with new patients. Plus, when your employees are happy, they don’t seem to have a problem doing some free marketing for you.
So, don’t be afraid to go a little above and beyond for your staff members. You can provide them with a weekly healthy lunch, a bonus here or there, or a thoughtful gift to let them know they are appreciated. You be the judge when it comes to what to get, since you know them best.
Examine how your team purchases supplies
Sometimes it is easier to just go with the flow and keep things as they are, especially when it comes to ordering supplies. However, that can mean that you are spending unnecessary money when you don’t need to be.
So, what can you do to ensure you aren’t wasting money? Take the time to reevaluate what you are spending and see if you can refigure numbers to be lower or more beneficial for you. See what you are currently spending on dental syringe tips, and see if you can find a better deal somewhere else. Take a look at how many cotton rounds you have in stock and see if you can clean out your supply a little more before ordering.
By just giving these processes a little additional attention, you can make it so you are ready to make changes and adjustments when something better comes along.
Cut down on unnecessary chairtime
Yes, it is a good idea to get to know your patients and to talk with them at their cleanings and appointments, but you want to be sure that you are using that chair time wisely. If your patients spend excessive amounts of time in the chair, that means you can’t see as many people per day. So, keep your chairtime to the minimum, while still getting to know who is sitting there. This not only benefits your practice, but it also shows you are considerate of your patient’s time.
Join a group of local dentists
Though we know there is competition involved in the local dental markets, it may work to your advantage to join forces with other dental practice owners to get discounted rates and prices on bulk order. This can also help to create a camaraderie amongst the dental community in town and will make it so if you are ever in a pinch, another local dentist has your back. In cases like that, everyone wins.
Create a system
Everything works better when a structured system is in place. Though some thrive in a chaotic environment, chaos is usually not so welcome in dental practices. When you have a structured system in place, you are ensuring that there are little to no mistakes being made, you are not being wasteful, and you are saving as much as you can, as frequently as you can.
Follow one or more of these tips to save money without compromising the integrity and quality of your dental practice. It might not be easy to cut costs, but it is certainly possible.