The dentist and orthodontic industries are rapidly growing as owners discover new ways to expand their practice. Practice groups have started to form coalitions, squeezing out the small practice offices. With rising costs in facilities, equipment, and services it is easy to get lost in the crowd. A few strategies to increase the cash flow into your practice include expanding your services, selling dental scraps, and starting a membership plan.
Expand Your Services
The first action item you can do to increase the cash flow into your practice is to expand your services. Teeth whitening treatments are popular, but few offices offer them. According to Dental HQ, you should consider offering fluoride treatments for adults too. Dentists typically only perform fluoride treatments on pediatric patients because insurance covers it. Insurance often does not cover fluoride for adults, but it can have a significant impact on the health of their teeth. When offering fluoride treatments to adults for a set fee, you benefit your patients and bring in additional revenue.
Sell Dental Scraps
In addition to expanding your services, you may consider being creative with the supplies you use. Selling extra dental scraps will bring in additional income. According to Crown Buyers, dental implants are made up of lots of valuable metals like gold and silver. You can repurpose extra dental parts or old implants by selling them to crown buyers for additional profit. Old machines that are out of date can also be sold to other dental practices for money that will help contribute to new updated technology for your own office. Be creative with utilizing all of your materials and make money off of the rare and precious metals that often get wasted.
Start A Membership Plan
Starting a membership plan is another excellent way to increase the cash flow to your dentist’s office. According to Fatt Merchant, patients want membership plans because they provide benefits for them in addition to you. Patients with or without insurance can save money based on the plans you offer. This is also an immediate cash flow boost for you because memberships are typically paid up front, and it gives you stability in planning for future patient inflow.
While dental businesses are struggling to set themselves apart, you can provide a unique experience for your patients by expanding your services. Utilize all the supplies you purchase by selling dental scraps. Finally, offer a membership plan that will benefit you and your patients.
Read this next: 3 Sources of Business Income That Help Your Business Grow