When you want to operate a successful, helpful, and profitable office, you may wonder if achieving this goal means having to compromise your cash flow each month. In fact, you can enjoy a lucrative practice without blowing your budget by using these three tips to cut costs without sacrificing the quality or quantity of your dentistry services.
Build a Streamlined, Multi-Functional Team
Your staff plays a key role in how successful your practice is and how successful it can be in the future. Even so, you do not want to waste money by hiring people who are not vital to your patient care or range of services.
Instead of hiring people to carry out one specialized function, you can cut costs by hiring staff members who are cross trained to perform multiple tasks in your practice. For example, instead of hiring a secretary and a receptionist, hire someone who is trained for both roles.
Likewise, do not hire a patient care tech and a hygienist separately. Hire someone who is trained and certify to fulfill both openings in your practice. Hiring one person to fill at least two roles can save you money on personnel expenses. You end up with more money in your cash flow.
Similarly, you want to build a team that can step into each other’s roles with some level of skill if one team member is absent. For example, if your secretary/receptionist has to take the day off or calls in sick, you want to know that another team member, perhaps someone from your billing office, can step in for a day or two without sacrificing the level of service you offer your clients. A streamlined, multi-functional team is an asset to your practice and can save you money.
Reevaluate Your Supply Purchase Practices
Another way to save money in your practice calls for you to think about how and from whom you buy your supplies. Are you buying from multiple vendors when you could buy from a few and still get the variety of supplies you need?
If you partner with a vendor who offers most of what you need, you have no need to spend money elsewhere. Buy multiple items from a single vendor instead of separate items from multiple suppliers. Investing in one-stop shopping can save you money.
Sell or Scrap Unused Materials
You should also spare your cash flow when possible by reselling unused or outdated supplies. Evaluate your dental scrap, if you have old dental gold, bridges, crowns, and other materials, you should scrap them and use the cash to buy supplies or pay other expenses.
Selling bridges, crowns, and dental gold can be done entirely online. The process is fast, secure, and discreet. You can sell your dental materials for cash or for gold coins that you can then use for your practice’s benefit.
Trim Your Lab Expenses
Finally, you should think about how you can save money on your practice’s lab expenses. If you can, you should use in-house lab services. In-house labs save you money on third-party lab contracts and related expenses.
If you cannot, you should contract with a lab that performs the services you need without upselling you or tacking on extra expenses onto your bill. Make sure the lab supplies and services you pay for are exactly what you need to care for your patients.
Dentists can make lucrative incomes from the practices that they build. You can maximize your profits without putting the quality and quantity of care you offer your patients at risk by using these tips to cut unnecessary expenses. These suggestions let you spare your cash flow and keep more money in your bank account.
- The Staff of Entrepreneur Media
- Entrepreneur Press
- Edition no. 6th ed. (01/13/2015)
- Starting a Business All In One for Dummies
- Consumer Dummies
- For Dummies
- Susan Kilmer
- CreateSpace Independent Publishing Platform
- Edition no. 1 (12/08/2015)
Last update on 2017-10-18 / Affiliate links / Images from Amazon Product Advertising API