The rises in Employer’s National Insurance Contributions and the National Minimum Wage introduced in April this year placed an extra cost burden on practices. To compensate for this, if you haven’t already, then now is a good time to look for ways to grow your revenue. Here Dental Business Coach, Ashley Latter, offers some suggestions as to how to go about this.
Ensure your Patient Experience is top notch
The main difference between NHS and private dentistry is the patient experience. While private practices may offer a wider range of treatments and use different materials when it comes to general dentistry, the standards are roughly the same. It’s the patient experience where you can really enhance their perception of added value.
When you’re thinking about how to provide a brilliant patient experience, it’s important to remember that it begins even before they set foot in the practice. This first touchpoint sets the tone for the relationship you hope to have with them. That’s why it’s important that whether their first encounter with the practice is online or via the telephone, the patient feels they are getting a brilliant service. From the speed with which you answer calls to the warmth of the greeting, make sure this first encounter leaves patients with the best possible impression.
Your aim is to make your patients feel valued and special, so ensure all your staff are trained to provide an excellent level of service to your patients at all times. Front-of-house staff should create a welcoming environment, while clinical team members should prioritise comfort and convenience. All this will pay dividends as research shows that 86% of consumers are willing to pay more for excellent customer service.
Invest in Technology
Digital dental technology has developed at a rapid rate over the last few years. Intraoral scanners, x-rays and AI note taking software help improve efficiency and accuracy in the surgery. Scanners now allow you to show your patients exactly what’s happening in their mouth, while digital photographic apps can show them exactly how different their smiles could look after cosmetic or restorative treatments. This opens up the opportunity to have conversations with them about what they might like and not just about what they need.
Talking to them about the art of the possible could create opportunities for you to increase your revenue while at the same time helping to bolster the self-confidence of your patients. As the saying goes: ‘if you don’t ask, you won’t get.’
Increase your fees
Many practice owners are hesitant to increase their fees. They fear losing patients to another practice where prices are lower or that higher charges will adversely affect treatment plan acceptance. They may also be concerned that patients won’t tolerate a price hike because they’re struggling with the cost of living. However, the increase in staff costs since April leave many of them with little or no choice if they want to run a sustainable business. Patients are aware of what’s been happening to businesses, so a price increase shouldn’t come as too much of a surprise to them.
Offer new services and treatments
You might like to consider adding to the services and treatments you currently offer. These could include things such as implants, facial aesthetics, and orthodontics. For example, if you’re part of a mixed NHS practice with several chairs, you might like to calculate how many teeth you could be extracting annually. This would give you an idea of how often you could be offering implant treatments as an alternative to dentures. You could also speak to your patients who have NHS dentures to assess if they’re happy with them and establish whether they may be interested in discussing private dentures or even implants.
Set up a Patient Referral Scheme
Word of mouth is the most efficient way of marketing your practice and attracting new patients. So, ask your patients to refer your practice to their friends and family. You could have some cards printed that you could hand to patients to pass onto people in their circle who they feel might want to join the practice.
Dentists often feel awkward asking for referrals, as they’re concerned that they’ll be perceived as being pushy. However, if your patients are happy with the service you give them, they’ll be happy to recommend you to others. It’s not being pushy, it just makes good business sense.
Learn to love KPIs
As the saying goes, knowledge is power. Start to pay attention to management information. Start to measure and monitor key metrics such as the number of new enquiries you’re receiving and their conversion rates. Make sure you have a handle on your overhead costs per surgery, per day (OCPSPD). Without monitoring these numbers, you will be flying blind and won’t have an accurate picture of how well your practice is performing. Understanding these numbers can help you make adjustments if they’re needed.
These are just a few suggestions to help you weather the storms of the increased costs of running a dental practice.
