7 Best Ways to Generate More Revenue for Your Dental Practice
More than 200,000 dentists presently operate in the United States. According to the American Dental Association, this figure will grow in the coming years.
More dentists mean more options for patients to choose from. It is why you must aim to stand out in the competitive world.
Strengthening your dental practices is the need of the hour. The more patients you get, the more revenue you generate.
Providing a more flexible payment option will help your practice increase collections and give your patients peace of mind.
Read this post to learn about seven ways to increase revenue for your practice and how dental payment plans can help.
7 Best Ways to Boost Revenue for Your Dental Practice
1. Invest in the Right Dental Technology
A report shows that the value of the global dental services market size was USD 433.2 billion in 2022. It will likely increase at a compound annual growth rate (CAGR) of 4.5% from 2023-2030.
Some of the factors that contribute to these increasing numbers are-
- Growing awareness of dentistry among patients
- High demand for cosmetic and laser dentistry
- Technological developments in dentistry
Dental practices must aim for technology usage to optimize revenue cycle management (RCM) for long-term success.
Following traditional workflows and manual processes in the tech-driven world creates significant gaps and meets fewer expectations. Practices stuck in that cycle have trouble earning due to the time-consuming nature and overdue accounts.
Replacing manual and redundant procedures with technology can create a huge difference. Choose the right technology that helps improve your workflow, including appointments, payments, collections, and patient experiences.
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2. Boost Your Online Presence
Today’s patients search online to look up dental practices.
It is essential to boost your digital footprint since 71% of people rely on online reviews while choosing a healthcare provider.
The ideal situation for dental practices is to add around 25 patients every month to outweigh the annual loss of 10% patient base.
But leveraging digital marketing can help you appear in front of more patients near you. Google & Facebook ads, social media postings, and website optimization are some aspects of digital marketing you should focus on.
3. Automate Important Dental Workflows
Embracing automation helps dental practices avoid wasting time on redundant tasks, such as sending invoices, tracking payments, and more.
Automation proves to be a gold mine for both dentists and patients.
- Automated Payments: Automating the payment process includes invoicing and sending reminders to patients about upcoming payments. For instance, you can integrate a payment plan software like Credee that works like your personal team.
- Automated Patient Engagement: Most dental offices lack the resources to communicate with patients. Only 49% of dental practices use automated reminders, while 46% depend on email reminders or callings. Automated communication tools provide targeted engagements.
4. Offer Flexible Payment Plans
Dental treatments and procedures are expensive. The cost of tooth extraction is around $75 to $220 per tooth. Patients end up paying anywhere from $800 to $4,000 if treatment goes far. Several Americans cannot afford to pay for dental care.
Offering flexible payment plans can simplify the payment process and make dental care accessible to more people. The more accommodating you become for your patients, the more you earn.
There are several benefits of offering flexible payment plans for dental practices. Here are the top 3:
- Increased Conversion Rates: It becomes easier for patients to pay when they have flexible payment options. As a result, they receive the care they need while you earn revenue.
- Enhanced Passive Income: Multiple payment options encourage clearing pending payments. These options reduce the risk of bad debt or accounts going overdue.
- More Walkins: Flexible payment plans reduce the financial burden on patients, improving their experience with your practice. They talk about you within their network, which gets you more patients and revenue.
Make Your Dental Practice More Profitable by Offering Flexible Payment Plans.
Offering flexible payment options can increase dental practice revenue by making treatments more affordable for clients with insufficient insurance plans.Learn More
5. Improve Overall Efficiency
Ensure your dental organization is efficient in providing the best treatment, services, and payment flexibility. Here’s how practicing efficiency boosts-
- For dentists: A lack of efficiency causes burnout. As a dentist, you feel fulfilled, skilled, and happier at work.
- For patients: The more time dentists give to patients, the better their experience gets.
- For your business: Practicing efficiency benefits your business, staff, patients, and everyone involved.
6. Ensure You Have an In-House X-ray System
Growing oral health problems and people's desire for better dental care increases the frequency of X-rays.
The CDC report shows that 65.6% of those 65 and above, 64% of 18-to-64-year-olds, and 84.9% of 2-to 17-year-olds visit a dentist at least once.
Daily dental routines include crowns, fillings, maxillofacial procedures, and root canals. They enhance the demand for dental X-rays if dentists detect any issue during regular treatment.
7. Provide Instant Approvals
61% of patients switch healthcare providers for a better payment experience.
That’s true because everyone looks for convenience. It includes getting quick approvals, which traditional financial institutions often neglect.
Whereas, offering Credee payment plans with high approval rate let your patients get the care they need and leave happy. Credee’s 97% of approval rate helps you gain patients’ trust and loyalty and earn profits.
Embracing strategies and technology can boost your earning potential, and offering payment flexibility to your patients is a significant part of that. With payment management software like Credee, your dental practice can streamline payments and overcome cash flow challenges.
Write to us to integrate Credee into your existing system and grow your dental practice and revenue.