When it comes to financial management in a dental practice, many people mistake reducing overhead to be equivalent to increasing revenue. This belief is, however, far from the truth. While it’s essential to control the amount of money that goes into overhead, it’s not as crucial as finding the means to expand revenue generation.
A dental associate accountant in San Diego would make you understand that the fund’s constant generation is pertinent to your practice’s sustenance. Once revenue flow gets impeded or stops, there’s bound to be a severe problem.
So, how do you go about boosting revenue generation for your practice? Check out these four tips.
Expand Your Capacity to Do More
Expanding your dentistry capacity is one of the fool-proof ways of improving revenue flow to your practice; ask a dental associate accountant in San Diego. The more you do, the more you make. Many times, increasing your capacity may mean adding another more operating room, more specialist dentists, or another consultation room.
Expanding your capacity may also have to do with increasing efficiency and productivity. Doing that may require investing in modern technologies and automation, so you have more time to devote to patient care. Introduce equipment and gadgets that lessen patients’ time; it’ll make them always come back, which automatically translates to more cash for you.
Introduce New Marketing Strategies to Increase Number of New Patients
While you make efforts to keeps your current crop of patients, you shouldn’t feel too relaxed; work on getting new ones into the fold. Achieving this might require you to embark on more viable internal and external marketing. Inadequate marketing only decreases effectiveness and bears no positive impact on revenue generation. Digital marketing is an excellent platform to explore.
Work on Expanding Your Case Acceptance Rate
If seven to eight out of ten new patients end up leaving without embarking on recommended procedures, then something is seriously wrong. Even your dental associate accountant San Diego would agree that your acceptance rate is low. This statement implies that the number of patients you’re working on is meager than what you should be doing. A situation like this impacts negatively on your ROI.
If you want to see a change in your fortune, consider increasing your case acceptance rate. Put it at about 80% and see your finances will get a boost.
Make a Habit of Handling High-Profit Procedures
You may have a good patient base, but it would negatively impact your finances as the revenue flow will be inadequate when most of them only come for low-level dental procedures. If you want to remedy this, endeavor to get busy with mostly high-profit level jobs.
A business is only as viable as its revenue base. It’s normal to have high overhead due to the equipment you’d need to procure for the practice’s growth. An excellent revenue flow is necessary to cover up for running expenses and ensure that you don’t run into a finance problem. Exploring the four tips examined above will go a long way in boosting cash flow.