Owning a dental practice has its rewards, but it also can be expensive. How can you keep the costs of running your business down without skimping on quality of care? Here are some tips to keep dental office costs down:
Take a look at your staff. Those working in your office truly can make or break your practice. They, for better or worse, are a direct reflection on you. If you want a successful practice, you need to invest in those who work for you. This will result in increased revenue. A well-run practice is a busy and profitable one. Don't forget to consider consider your staffing levels. Look at whether you have more people working than the practice needs to run properly.
Reduce your rent. If you're struggling with overhead, you might want to shop around and price out a smaller office space. Also, if you find out your commercial building is renting spaces for less than you're paying, you should negotiate with your landlord to lower your rent so it's consistent with the market.
Evaluate the lab you use. If your current lab makes a lot of mistakes that require things to be redone, which is costly, or if the service is slow, you might want to consider contracting with a new one. Your relationship between your practice and the lab is as important as that with your staff. You need one that is performing efficiently and reliably, and acts as a true partner. Disorganization from the lab also reflects on you.
Consider how you purchase supplies. Are you buying your dental supplies from a lot of different vendors? With all that inventory coming in from too many places, it could be easy to duplicate supplies and have much more than you need, which adds up. It's a better idea to stick with one vendor you know and trust, who gives you good deals and delivers quickly. You'll have a better handle on supplies coming into your practice and not exceed what's necessary.
Time is Money. Free up your office staff's time processing paperwork so they can focus on bringing new patients in the door by tapping into credentialing software like the Council for Affordable Quality HealthCare (CAQH) and other such tools. These services, often free for dental providers, make your credentialing process more efficient by eliminating the paperwork you encounter during the credentialing.
In a tough economy, keeping dental practice overhead down is a big challenge. But, there are reasonable ways you can cut some corners to keep the cost down and turn a profit!
