How Healthy Is Your Dental Practice?
As your dental practice becomes busier, you may find that it can’t run efficiently without you. This is not the sign of a healthy dental practice. If the revenue generated by your practice is tied to you, will you ever receive a vacation? Will the practice be sustainable as you age and begin to think about retirement? These are some questions you need to ask yourself when gauging the health of your dental practice.
Health Of Your Dental Practice
There are a few questions to ask yourself when trying to assess the health of your practice. What is your practice doing right? Where can you improve? And are there any additional ways to increase your practice potential?
Below are a few ways you can answer these questions:
- Efficiency Of Your Practice – Think about how your office operates. Are your back office team, front office team, and billing department all on the same page? Additionally, look at the amount of time patients need to wait for appointments to be scheduled and how many new patients your practice is bringing in. The answers to these questions will tell you if you need to automate certain things (like call reminders or online appointment scheduling) or whether you need to hire new staff members.
- The Growth Rate Of Your Dental Practice – In order to keep up with inflation, your dental practice should be growing with every year. If you remain stagnant, you will not be successful. In order to stay profitable, you should be aware of your cash flow. For example, it’s important to know what percentage of your profit goes towards supplies, staff wages, lab costs, etc. and learn how to control these expenses.
- Team Member Performance – In order to sustain a healthy and successful dental practice, you need a talented team who can all work together. Each member of the team needs to be able to work efficiently and well with the other members of the staff. Make sure you’re consistently providing your staff with feedback and education.
It can sometimes be difficult for dentists to view their practices as a business that needs organization and marketing. However, when you take a step back to view the big picture, you can have a better understanding of the health of your dental practice.
To learn more about the health of your practice, or for any of your bookkeeping needs, please contact Dental Bookkeeping. We want to help you succeed!