If you don't want to sell below average, you have to assess additional qualitative features that make it more profitable. If sales numbers aren't enough, factors like profitability and unique dental practice features can diminish the inevitable impact of your overhead costs. But how can you boost them?
Ready to create a lean operating practice that enjoys a healthy profit margin and outstanding patient care? We've put together a quick overview of how to handle the business side of your dental office and 25 tips to boost your profitability.
Ready to create a lean operating practice that enjoys a healthy profit margin and outstanding patient care? We've put together a quick overview of how to handle the business side of your dental office and 25 tips to boost your profitability.
This document discusses accounts receivable (AR) and cash flow management in dental practices. It explains that there are three types of AR: gross fee-for-service, adjusted fee-for-service, and net fee-for-service. The distinction between these types is important for understanding actual revenue and cash collected. The document emphasizes that cash collection is vital to practice profitability and success. It recommends carefully monitoring AR reports, using accurate practice management software, and regularly evaluating merchant card processing to maximize cash flow. Increasing cash collections by just 3% in a $1 million practice could add $30,000 to the bottom line.
Learn more about turning your practice data into actionable insights that can improve every aspect of your operations, from production metrics to marketing campaign performance. Request your demo today!
Outsourced Customer Care for Healthcare InnovatorsSuranjanShome
How do you build your own world-class CX infrastructure? You don't.
How outsourced customer support enables healthcare and healthtech businesses to thrive.
Reduce costs, enhance customer experience and drive towards self-service utilization.
Podiatry practices have unique RCM Challenges. Identifying these challenges and solutions at the right time will help your practice stop revenue losses and increase overall financial performance.
A dental service organization (DSO) is a corporate solution to manage many aspects of your practice so you can focus your efforts on your patients. If you're unsure about what exactly a DSO does and if it fits your practice's demographic, read on to learn more about these companies and why dentists are joining these large dental groups.
A dental service organization (DSO) is a corporate solution to manage many aspects of your practice so you can focus your efforts on your patients. If you're unsure about what exactly a DSO does and if it fits your practice's demographic, read on to learn more about these companies and why dentists are joining these large dental groups.
Ready to create a lean operating practice that enjoys a healthy profit margin and outstanding patient care? We've put together a quick overview of how to handle the business side of your dental office and 25 tips to boost your profitability.
Ready to create a lean operating practice that enjoys a healthy profit margin and outstanding patient care? We've put together a quick overview of how to handle the business side of your dental office and 25 tips to boost your profitability.
This document discusses accounts receivable (AR) and cash flow management in dental practices. It explains that there are three types of AR: gross fee-for-service, adjusted fee-for-service, and net fee-for-service. The distinction between these types is important for understanding actual revenue and cash collected. The document emphasizes that cash collection is vital to practice profitability and success. It recommends carefully monitoring AR reports, using accurate practice management software, and regularly evaluating merchant card processing to maximize cash flow. Increasing cash collections by just 3% in a $1 million practice could add $30,000 to the bottom line.
Learn more about turning your practice data into actionable insights that can improve every aspect of your operations, from production metrics to marketing campaign performance. Request your demo today!
Outsourced Customer Care for Healthcare InnovatorsSuranjanShome
How do you build your own world-class CX infrastructure? You don't.
How outsourced customer support enables healthcare and healthtech businesses to thrive.
Reduce costs, enhance customer experience and drive towards self-service utilization.
Podiatry practices have unique RCM Challenges. Identifying these challenges and solutions at the right time will help your practice stop revenue losses and increase overall financial performance.
A dental service organization (DSO) is a corporate solution to manage many aspects of your practice so you can focus your efforts on your patients. If you're unsure about what exactly a DSO does and if it fits your practice's demographic, read on to learn more about these companies and why dentists are joining these large dental groups.
A dental service organization (DSO) is a corporate solution to manage many aspects of your practice so you can focus your efforts on your patients. If you're unsure about what exactly a DSO does and if it fits your practice's demographic, read on to learn more about these companies and why dentists are joining these large dental groups.
The document outlines 8 benefits of outsourcing medical billing to a specialist billing service: 1) Economies of scale lower costs compared to a single practice; 2) Dedicated, highly trained specialists focus solely on increasing practice profitability; 3) Practices gain more control through transparency and ability to access reports; 4) Keeping up with changing industry rules is difficult for practices to do alone; 5) Billing services are prepared for changes like ICD-10 through aggregated knowledge from other practices; 6) Outsourcing can get practices paid faster through fewer errors and faster claim submission; 7) It allows practices to focus on patient care rather than billing tasks; 8) Less stress and more cash flow results from billing specialists
Benefits of Medical Billing Services for Small Businesses.pdfOmniMD
Learn about the many benefits of outsourcing your medical billing services to a trusted third party. It results in increased efficiency and savings on time
Learn about the many benefits of outsourcing your medical billing services to a trusted third party. It results in increased efficiency and savings on time
Drastic electronic overhauls are revolutionizing dental practices and improving the ways offices record and track patients. However, with all this new technology, many dentists still find tracking patient health a primary challenge in maintaining their billing process. Another factor is getting paid.
The term “revenue leakage” refers to a missed chance to collect income from your practise. Denied claims, piling accounts receivable claims, unbilled procedures, credentialing-related denials, underpayments, unbilled claims and unpaid patient balances can all cause revenue leakage. Medical billing and revenue leakages can result in considerable losses for any healthcare practise due to extended payment cycles. There are a few significant flaws in the entire medical billing process that should be closely observed in order to ensure a consistent revenue flow and financial stability for your clinic.
The term “revenue leakage” refers to a missed chance to collect income from your practise. Denied claims, piling accounts receivable claims, unbilled procedures, credentialing-related denials, underpayments, unbilled claims and unpaid patient balances can all cause revenue leakage. Medical billing and revenue leakages can result in considerable losses for any healthcare practise due to extended payment cycles. There are a few significant flaws in the entire medical billing process that should be closely observed in order to ensure a consistent revenue flow and financial stability for your clinic.
Believe it or not, dental billing software could be just the boost you are looking for! Aside from helping your collection rate go up, your account department will code more efficiently, including implementing a better grouping of common procedures. How is this possible? Read on to find more!
3 Common Myths On Medical Billing Outsourcing-1.pdfGraciaBrown1
Scores of medical professionals now prefer to outsource their medical billing. More and more people are considering this choice as the sector is expanding. Doesn’t that dumbstruck you? However, on the other hand, there are a few myths floating around outsourcing medical billing. To burst this smokescreen, you should first take the time to dispel these widespread misconceptions about outsourcing your medical billing before deciding whether it’s appropriate for your medical setting or not.
Drastic electronic overhauls are revolutionizing dental practices and improving the ways offices record and track patients. However, with all this new technology, many dentists still find tracking patient health a primary challenge in maintaining their billing process. Another factor is getting paid.
Client Onboarding The Ultimate Guide amp Free TemplateKashish Trivedi
When it comes to client onboarding, you’re responsible for making the best first impression possible. Without proper standardization, it can be too easy for things to slip through the cracks. Luckily, standardization can stop you from fumbling the bag. You do want to ace your client onboarding, right? Here at Process Street, we love to turn everything we do into a process. Client onboarding is one of those recurring things we needed to standardize into a repeatable workflow. It’s through this standardization that we’re able to provide consistent onboarding experiences to our clients. Through the thousands of clients we’ve onboarded throughout the years, we’ve been able to understand that great client onboarding is all about having a super strong system in place.
Are You Ready to Send Consolidated Statements?Jessica Parker
The protection or promotion of the interests of consumers may be the motivation for sending consolidated statements, but the end result will also benefit providers by helping to drive patient satisfaction, collections, and cost savings via less paper, printing, and postage.
There are many missed opportunities for revenue retention in today’s healthcare call centers. Would you like to increase your captured revenue. We highlight a $25M case study.
- The document discusses how healthcare organizations can better understand physician referral patterns by capturing and analyzing referral data across different systems and departments.
- It recommends using a standardized data collection strategy and database to pull aggregated information on physician relationships and referrals on a continuing basis.
- The Physician360 dashboard helps track the physician experience, identify where referrals are lost, and monitor key indicators to discover issues and improve patient retention. It provides a more holistic view of physician relationships beyond just referrals.
Why small practices should Hire Medical Billing Services.pptxMithaliParekh
A consistent cash flow is essential for any practice to run effectively. The revenue cycle is dependent on efficient coding and billing specialists that correctly classify each service provided to a patient, generate bills, and file claims to insurance companies. Hiring skilled employees for coding and billing procedures may be a good idea for large organizations such as hospitals, but it may not be a good idea for doctors and small practices because it increases the financial load and losses. Outsourced medical billing is always a preferable option for such practices as it lowers costs and increases cash flow because they are experts at handling all billing concerns and claim settlements.
Problem 1Pro Forma Income Statement and Balance SheetBelow is the .docxChantellPantoja184
Problem 1Pro Forma Income Statement and Balance SheetBelow is the income statement and balance sheet for Blue Bill Corporation for 2013. Based on the historical statements and theadditional information provided, construct the firm's pro forma income statement and balance sheet for 2014.Blue Bill CorporationIncome StatementFor the year ended 2013Projected201220132014Revenue$60,000$63,000Cost of goods sold42,00044,100Gross margin18,00018,900SG&A expense6,0006,300Depreciation expense1,8002,000Earnings Before Interest and Taxes (EBIT)10,20010,600Interest expense1,5001,800Taxable income8,7008,800Income Tax Expense3,0453,080Net income5,6555,720Dividends750800To retained earnings$4,905$4,920Additional income statement information:Sales will increase by 5% in 2014 from 2013 levels.COGS and SG&A will be the average percent of sales for the last 2 years.Depreciation expense will increase to $2,200.Interest expense will be $1,900.The tax rate is 35%.Dividend payout will increase to $850.Blue Bill CorporationBalance SheetDecember 31, 2013Projected20132014Current assetsCash$8,000Accounts receivable3,150Inventory9,450Total current assets20,600Property, plant, and equipment (PP&E)28,500Accumulated depreciation16,400Net PP&E12,100Total assets$32,700Current liabilitesAccounts payable$3,780Bank loan (10%)3,200Other current liabilities1,250Total current liabilities8,230Long-term debt (12%)4,800Common stock1,250Retained earnings18,420Total liabilities and equity$32,700Additional balance sheet information:The minimum cash balance is 12% of sales.Working capital accounts (accounts receivable, accounts payable, and inventory) will be the same percent of sales in 2014 as they were in 2013.$8,350 of new PP&E will be purchased in 2014.Other current liabilities will be 3% of sales in 2014.There will be no changes in the common stock or long-term debt accounts.The plug figure (the last number entered that makes the balance sheet balance) is bank loan.
1
Rough Draft
Rough Draft
Rasmussen College
Metro Dental Care is a dental office that provides affordable, convenient, and high quality of care to patients. As a patient at Metro, I personally believe that Metro Dental Care is one of the best dental clinics around, and that’s why I have chosen this company. Metro Dental Care measures their results by recording patient satisfaction.
Managing financial reports, and the quality of service they provide to their customers. Furthermore, the dentists and staff at Metro Dental Care know how important your smile is. Their mission statement states “We pride ourselves in making your smile look great so you not only look good, but feel confident with your smile.”
Metro Dental Care offers convenience for their patients with more than 40 offices throughout the Minneapolis and St. Paul metro area offering flexible hours including early morning, evening and Saturday appointments. Whether you work or live Metro Dental Care has a location near you. Metro Dental .
how to market a doctors office 2015 guideBryan Cush
This comprehensive 30 Page guide offers medical industry insights, info-graphics and much more.
Areas covered include:
-Determining Your Profitable Procedures
-Educating and Aligning Your Staff with Your Practice Goals (including sample patient phone calls)
-How to Measure Your Online Success : Creating BenchMarks and Goals
-Medical Business Listing Population
-Understanding NPI Databases and Online Accounts
-Top 10 Online Citations for Doctors
-How to Determine Your Keywords to Focus On
Believe it or not, dental billing software could be just the boost you are looking for! Aside from helping your collection rate go up, your account department will code more efficiently, including implementing a better grouping of common procedures. How is this possible? Read on to find more!
Creating a profitable business is difficult.
That's why we've created this infographic, 21 Ways to a Make your Dental Practice More Profitable.
If you're having trouble making your dental practice as profitable as you'd like, then this infographic and corresponding blog post is a must read.
http://blog.titanwebagency.com/more-profitable-dental-practice
If you are in medical services then you know how difficult it is to thrive in the industry. You might be having so much staff with an in-house team of doctors and staff but when they are busy in practice, so it is obvious it of not have sufficient time and availability to do the tasks on time and follow all the regulations of the industry. This is the reason why outsourcing medical billing services is imperative. Wherever your team is lacking in the requirements for billing and other tasks, the rest of the necessities will be completed by the outsourcing team. With this efficient team, your organization can earn success.
Every big organization is now following the pattern of outsourcing medical billing services and do you know the reason for it? I mean what is the need to Outsource your Medical Billing Services.
When doing the work, there are many crucial decisions that one needs to make and one of the most important is choosing the right outsourcing partner that can maintain consistency, give long-term viability, control the finance expansion practice, and more. Choosing to outsource medical billing service has some compelling reasons:
Whether you're just establishing your first dental practice or want to ensure your current recordkeeping process is appropriate, this article can provide insight into the basics of this daily task and offer some tips to make this process more efficient.
Ensuring your practice has a solid grasp of this coding will minimize denials and delays in payment for the procedures you provide. This article provides a quick overview of important teledentistry coding and billing as well as some best practices for avoiding delayed and denied reimbursement requests.
More Related Content
Similar to 9 Strategies To Boost The Value Of Your Dental Practice.pdf
The document outlines 8 benefits of outsourcing medical billing to a specialist billing service: 1) Economies of scale lower costs compared to a single practice; 2) Dedicated, highly trained specialists focus solely on increasing practice profitability; 3) Practices gain more control through transparency and ability to access reports; 4) Keeping up with changing industry rules is difficult for practices to do alone; 5) Billing services are prepared for changes like ICD-10 through aggregated knowledge from other practices; 6) Outsourcing can get practices paid faster through fewer errors and faster claim submission; 7) It allows practices to focus on patient care rather than billing tasks; 8) Less stress and more cash flow results from billing specialists
Benefits of Medical Billing Services for Small Businesses.pdfOmniMD
Learn about the many benefits of outsourcing your medical billing services to a trusted third party. It results in increased efficiency and savings on time
Learn about the many benefits of outsourcing your medical billing services to a trusted third party. It results in increased efficiency and savings on time
Drastic electronic overhauls are revolutionizing dental practices and improving the ways offices record and track patients. However, with all this new technology, many dentists still find tracking patient health a primary challenge in maintaining their billing process. Another factor is getting paid.
The term “revenue leakage” refers to a missed chance to collect income from your practise. Denied claims, piling accounts receivable claims, unbilled procedures, credentialing-related denials, underpayments, unbilled claims and unpaid patient balances can all cause revenue leakage. Medical billing and revenue leakages can result in considerable losses for any healthcare practise due to extended payment cycles. There are a few significant flaws in the entire medical billing process that should be closely observed in order to ensure a consistent revenue flow and financial stability for your clinic.
The term “revenue leakage” refers to a missed chance to collect income from your practise. Denied claims, piling accounts receivable claims, unbilled procedures, credentialing-related denials, underpayments, unbilled claims and unpaid patient balances can all cause revenue leakage. Medical billing and revenue leakages can result in considerable losses for any healthcare practise due to extended payment cycles. There are a few significant flaws in the entire medical billing process that should be closely observed in order to ensure a consistent revenue flow and financial stability for your clinic.
Believe it or not, dental billing software could be just the boost you are looking for! Aside from helping your collection rate go up, your account department will code more efficiently, including implementing a better grouping of common procedures. How is this possible? Read on to find more!
3 Common Myths On Medical Billing Outsourcing-1.pdfGraciaBrown1
Scores of medical professionals now prefer to outsource their medical billing. More and more people are considering this choice as the sector is expanding. Doesn’t that dumbstruck you? However, on the other hand, there are a few myths floating around outsourcing medical billing. To burst this smokescreen, you should first take the time to dispel these widespread misconceptions about outsourcing your medical billing before deciding whether it’s appropriate for your medical setting or not.
Drastic electronic overhauls are revolutionizing dental practices and improving the ways offices record and track patients. However, with all this new technology, many dentists still find tracking patient health a primary challenge in maintaining their billing process. Another factor is getting paid.
Client Onboarding The Ultimate Guide amp Free TemplateKashish Trivedi
When it comes to client onboarding, you’re responsible for making the best first impression possible. Without proper standardization, it can be too easy for things to slip through the cracks. Luckily, standardization can stop you from fumbling the bag. You do want to ace your client onboarding, right? Here at Process Street, we love to turn everything we do into a process. Client onboarding is one of those recurring things we needed to standardize into a repeatable workflow. It’s through this standardization that we’re able to provide consistent onboarding experiences to our clients. Through the thousands of clients we’ve onboarded throughout the years, we’ve been able to understand that great client onboarding is all about having a super strong system in place.
Are You Ready to Send Consolidated Statements?Jessica Parker
The protection or promotion of the interests of consumers may be the motivation for sending consolidated statements, but the end result will also benefit providers by helping to drive patient satisfaction, collections, and cost savings via less paper, printing, and postage.
There are many missed opportunities for revenue retention in today’s healthcare call centers. Would you like to increase your captured revenue. We highlight a $25M case study.
- The document discusses how healthcare organizations can better understand physician referral patterns by capturing and analyzing referral data across different systems and departments.
- It recommends using a standardized data collection strategy and database to pull aggregated information on physician relationships and referrals on a continuing basis.
- The Physician360 dashboard helps track the physician experience, identify where referrals are lost, and monitor key indicators to discover issues and improve patient retention. It provides a more holistic view of physician relationships beyond just referrals.
Why small practices should Hire Medical Billing Services.pptxMithaliParekh
A consistent cash flow is essential for any practice to run effectively. The revenue cycle is dependent on efficient coding and billing specialists that correctly classify each service provided to a patient, generate bills, and file claims to insurance companies. Hiring skilled employees for coding and billing procedures may be a good idea for large organizations such as hospitals, but it may not be a good idea for doctors and small practices because it increases the financial load and losses. Outsourced medical billing is always a preferable option for such practices as it lowers costs and increases cash flow because they are experts at handling all billing concerns and claim settlements.
Problem 1Pro Forma Income Statement and Balance SheetBelow is the .docxChantellPantoja184
Problem 1Pro Forma Income Statement and Balance SheetBelow is the income statement and balance sheet for Blue Bill Corporation for 2013. Based on the historical statements and theadditional information provided, construct the firm's pro forma income statement and balance sheet for 2014.Blue Bill CorporationIncome StatementFor the year ended 2013Projected201220132014Revenue$60,000$63,000Cost of goods sold42,00044,100Gross margin18,00018,900SG&A expense6,0006,300Depreciation expense1,8002,000Earnings Before Interest and Taxes (EBIT)10,20010,600Interest expense1,5001,800Taxable income8,7008,800Income Tax Expense3,0453,080Net income5,6555,720Dividends750800To retained earnings$4,905$4,920Additional income statement information:Sales will increase by 5% in 2014 from 2013 levels.COGS and SG&A will be the average percent of sales for the last 2 years.Depreciation expense will increase to $2,200.Interest expense will be $1,900.The tax rate is 35%.Dividend payout will increase to $850.Blue Bill CorporationBalance SheetDecember 31, 2013Projected20132014Current assetsCash$8,000Accounts receivable3,150Inventory9,450Total current assets20,600Property, plant, and equipment (PP&E)28,500Accumulated depreciation16,400Net PP&E12,100Total assets$32,700Current liabilitesAccounts payable$3,780Bank loan (10%)3,200Other current liabilities1,250Total current liabilities8,230Long-term debt (12%)4,800Common stock1,250Retained earnings18,420Total liabilities and equity$32,700Additional balance sheet information:The minimum cash balance is 12% of sales.Working capital accounts (accounts receivable, accounts payable, and inventory) will be the same percent of sales in 2014 as they were in 2013.$8,350 of new PP&E will be purchased in 2014.Other current liabilities will be 3% of sales in 2014.There will be no changes in the common stock or long-term debt accounts.The plug figure (the last number entered that makes the balance sheet balance) is bank loan.
1
Rough Draft
Rough Draft
Rasmussen College
Metro Dental Care is a dental office that provides affordable, convenient, and high quality of care to patients. As a patient at Metro, I personally believe that Metro Dental Care is one of the best dental clinics around, and that’s why I have chosen this company. Metro Dental Care measures their results by recording patient satisfaction.
Managing financial reports, and the quality of service they provide to their customers. Furthermore, the dentists and staff at Metro Dental Care know how important your smile is. Their mission statement states “We pride ourselves in making your smile look great so you not only look good, but feel confident with your smile.”
Metro Dental Care offers convenience for their patients with more than 40 offices throughout the Minneapolis and St. Paul metro area offering flexible hours including early morning, evening and Saturday appointments. Whether you work or live Metro Dental Care has a location near you. Metro Dental .
how to market a doctors office 2015 guideBryan Cush
This comprehensive 30 Page guide offers medical industry insights, info-graphics and much more.
Areas covered include:
-Determining Your Profitable Procedures
-Educating and Aligning Your Staff with Your Practice Goals (including sample patient phone calls)
-How to Measure Your Online Success : Creating BenchMarks and Goals
-Medical Business Listing Population
-Understanding NPI Databases and Online Accounts
-Top 10 Online Citations for Doctors
-How to Determine Your Keywords to Focus On
Believe it or not, dental billing software could be just the boost you are looking for! Aside from helping your collection rate go up, your account department will code more efficiently, including implementing a better grouping of common procedures. How is this possible? Read on to find more!
Creating a profitable business is difficult.
That's why we've created this infographic, 21 Ways to a Make your Dental Practice More Profitable.
If you're having trouble making your dental practice as profitable as you'd like, then this infographic and corresponding blog post is a must read.
http://blog.titanwebagency.com/more-profitable-dental-practice
If you are in medical services then you know how difficult it is to thrive in the industry. You might be having so much staff with an in-house team of doctors and staff but when they are busy in practice, so it is obvious it of not have sufficient time and availability to do the tasks on time and follow all the regulations of the industry. This is the reason why outsourcing medical billing services is imperative. Wherever your team is lacking in the requirements for billing and other tasks, the rest of the necessities will be completed by the outsourcing team. With this efficient team, your organization can earn success.
Every big organization is now following the pattern of outsourcing medical billing services and do you know the reason for it? I mean what is the need to Outsource your Medical Billing Services.
When doing the work, there are many crucial decisions that one needs to make and one of the most important is choosing the right outsourcing partner that can maintain consistency, give long-term viability, control the finance expansion practice, and more. Choosing to outsource medical billing service has some compelling reasons:
Similar to 9 Strategies To Boost The Value Of Your Dental Practice.pdf (20)
Whether you're just establishing your first dental practice or want to ensure your current recordkeeping process is appropriate, this article can provide insight into the basics of this daily task and offer some tips to make this process more efficient.
Ensuring your practice has a solid grasp of this coding will minimize denials and delays in payment for the procedures you provide. This article provides a quick overview of important teledentistry coding and billing as well as some best practices for avoiding delayed and denied reimbursement requests.
Whether you're just establishing your first dental practice or want to ensure your current recordkeeping process is appropriate, this article can provide insight into the basics of this daily task and offer some tips to make this process more efficient.
Ensuring your practice has a solid grasp of this coding will minimize denials and delays in payment for the procedures you provide. This article provides a quick overview of important teledentistry coding and billing as well as some best practices for avoiding delayed and denied reimbursement requests.
This document provides guidance on billing qualifying dental procedures to medical insurance policies to expand patient access to care and increase practice revenue. It outlines categories of medically necessary dental procedures that can be billed to medical insurance, including diagnostic procedures, traumatic dental injury treatments, surgical procedures, and non-surgical treatments. The document emphasizes the importance of using proper medical coding and clearly explaining the medical necessity of any dental procedures billed to medical insurance.
This challenge presents an opportunity for dental practices to increase their patient base and boost revenue by billing qualifying dental procedures to medical policies instead. Doing so not only helps patients access care to resolve complex oral health issues but also does so cost-effectively while preserving what dental benefits they might have.
If you haven't established a patient communication cadence yet or aren't even sure what that is, this helpful guide explains the basics. We've also included tips for optimizing your patient messaging strategy.
If you haven't established a patient communication cadence yet or aren't even sure what that is, this helpful guide explains the basics. We've also included tips for optimizing your patient messaging strategy.
You take time to analyze your business and set financial goals to increase patient growth, maximize productivity, improve dental services, and increase your ROI. But, to truly get a clear snapshot of how your dental office is performing, you should conduct a SWOT analysis. The following guide will cover everything you need to know about this tried and true assessment.
As a dental practice owner, you know all too well how expensive it is to run your office. Between equipment and supply purchases, payroll, lab costs, and advertising, you may worry if it's possible to maintain your profitability with all these variable costs.
The reality is that even though everyone in your office looks busy, it doesn't mean their efforts are productive. So, how can you tell the difference between beneficial productivity and just being actively busy due to disjointed operational processes? And, what can you do to change things around in your dental office? In this post, we'll explain everything and help you get your dental team back on track.
As a dental practice owner, you know all too well how expensive it is to run your office. Between equipment and supply purchases, payroll, lab costs, and advertising, you may worry if it's possible to maintain your profitability with all these variable costs.
If you want to improve your current strategy to reduce patient no shows, keep reading. In this article, we'll share our top proactive steps to get people to follow through and make their dental office appointments.
The reality is that even though everyone in your office looks busy, it doesn't mean their efforts are productive. So, how can you tell the difference between beneficial productivity and just being actively busy due to disjointed operational processes? And, what can you do to change things around in your dental office? In this post, we'll explain everything and help you get your dental team back on track.
If you want to improve your current strategy to reduce patient no shows, keep reading. In this article, we'll share our top proactive steps to get people to follow through and make their dental office appointments.
As a dental professional, you are probably familiar with EHRs and practice management software. These are crucial technological tools to keep your busy office running smoothly, ensure patients have a great experience in your care, and help your business stay profitable. Another popular feature that dentists are offering is the patient portal.
HIPAA compliance when marketing on social media is the responsibility of every health care provider, dentists included. Social media platforms like Instagram and Facebook have fast become lucrative marketplaces for dental professionals, and offer these companies offer important advertising tools to help drive business.
Evaluating a Voice Over Internet Protocol (VOIP) phone system for dental office phone service can be daunting. With the latest advancements in communication technology, you're likely discovering terms and features you've never heard of before.
Evaluating a Voice Over Internet Protocol (VOIP) phone system for dental office phone service can be daunting. With the latest advancements in communication technology, you're likely discovering terms and features you've never heard of before.
When interacting with your patients at appointments, it's a limited experience in that they only are there for their scheduled visit. But, this doesn't have to be the only moment you can build your relationship with them. Instead of only contacting them for reminders about an upcoming six-month appointment or bill, create a more meaningful connection through dental email marketing.
Can Allopathy and Homeopathy Be Used Together in India.pdfDharma Homoeopathy
This article explores the potential for combining allopathy and homeopathy in India, examining the benefits, challenges, and the emerging field of integrative medicine.
Chandrima Spa Ajman is one of the leading Massage Center in Ajman, which is open 24 hours exclusively for men. Being one of the most affordable Spa in Ajman, we offer Body to Body massage, Kerala Massage, Malayali Massage, Indian Massage, Pakistani Massage Russian massage, Thai massage, Swedish massage, Hot Stone Massage, Deep Tissue Massage, and many more. Indulge in the ultimate massage experience and book your appointment today. We are confident that you will leave our Massage spa feeling refreshed, rejuvenated, and ready to take on the world.
Visit : https://massagespaajman.com/
Call : 052 987 1315
TEST BANK FOR Health Assessment in Nursing 7th Edition by Weber Chapters 1 - ...rightmanforbloodline
TEST BANK FOR Health Assessment in Nursing 7th Edition by Weber Chapters 1 - 34.
TEST BANK FOR Health Assessment in Nursing 7th Edition by Weber Chapters 1 - 34.
TEST BANK FOR Health Assessment in Nursing 7th Edition by Weber Chapters 1 - 34.
This particular slides consist of- what is hypotension,what are it's causes and it's effect on body, risk factors, symptoms,complications, diagnosis and role of physiotherapy in it.
This slide is very helpful for physiotherapy students and also for other medical and healthcare students.
Here is the summary of hypotension:
Hypotension, or low blood pressure, is when the pressure of blood circulating in the body is lower than normal or expected. It's only a problem if it negatively impacts the body and causes symptoms. Normal blood pressure is usually between 90/60 mmHg and 120/80 mmHg, but pressures below 90/60 are generally considered hypotensive.
Exploring the Benefits of Binaural Hearing: Why Two Hearing Aids Are Better T...Ear Solutions (ESPL)
Binaural hearing using two hearing aids instead of one offers numerous advantages, including improved sound localization, enhanced sound quality, better speech understanding in noise, reduced listening effort, and greater overall satisfaction. By leveraging the brain’s natural ability to process sound from both ears, binaural hearing aids provide a more balanced, clear, and comfortable hearing experience. If you or a loved one is considering hearing aids, consult with a hearing care professional at Ear Solutions hearing aid clinic in Mumbai to explore the benefits of binaural hearing and determine the best solution for your hearing needs. Embracing binaural hearing can lead to a richer, more engaging auditory experience and significantly improve your quality of life.
International Cancer Survivors Day is celebrated during June, placing the spotlight not only on cancer survivors, but also their caregivers.
CANSA has compiled a list of tips and guidelines of support:
https://cansa.org.za/who-cares-for-cancer-patients-caregivers/
Comprehensive Rainy Season Advisory: Safety and Preparedness Tips.pdfDr Rachana Gujar
The "Comprehensive Rainy Season Advisory: Safety and Preparedness Tips" offers essential guidance for navigating rainy weather conditions. It covers strategies for staying safe during storms, flood prevention measures, and advice on preparing for inclement weather. This advisory aims to ensure individuals are equipped with the knowledge and resources to handle the challenges of the rainy season effectively, emphasizing safety, preparedness, and resilience.
MBC Support Group for Black Women – Insights in Genetic Testing.pdfbkling
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2. The healthcare industry has experienced dramatic shifts in how practices and professionals operate with an ever-increasing trend
to consolidate. Dentists have also hopped on board this train by joining dental service organizations (DSOs) and other large
corporate groups. The decision to consolidate has partially been driven by the COVID-19 pandemic, and by a desire to sell and start
up a new dental service or simply to retire altogether.
According to the American Dental Association, at least 1 in 5 dental professionals are members of a DSO. This number isn't all that
surprising when considering the benefit of having your practice's administration and management handled by a larger organzation
so you can focus on doing what you love: dentistry.
However, joining a DSO or simply selling your dental office requires a clear understanding of the market and the value it brings to
the negotiating table. The better your valuation, the more advantageous your position will be during this process.
Why Average Values Are Misleading
3. Have you ever tried to value your dental office? Most dentists think it's a simple matter based on how much money is collected.
You take your collections, multiply them by the average for the area, and you have your answer, right? Not really.
The reality is that for many dental offices, their price-to-collections ratio averages around 75%. Yes, you read that correctly.
Practices with monthly collections of $50,000 are left with just under $14,000 after overhead costs.
When you consider that most practices sell at 75-80% of their collections, it's clear that valuing your clinic in this manner isn't the
full picture of its worth. And you're correct! No two dental practices are alike or interchangeable, like other commodities. You've
worked hard to create a service that is unique and offers stand-alone features that your competitors can't compete against. This is
why using your price-to-collections ratio is only a very rough estimate of your value, though it does provide a starting point for
you to find ways to boost this number.
If you don't want to sell below average, you have to assess additional qualitative features that make it more profitable. If sales
numbers aren't enough, factors like profitability and unique dental practice features can diminish the inevitable impact of your
overhead costs. But how can you boost them?
Below are nine helpful tips to help you increase the value of your office:
1. You Need Comprehensive Reporting
You probably already have several financial reports each month to help keep an eye on spending and new patient numbers.
However, it takes more than a handle on overhead and growth to understand where the value of your dental practice lies. You need
to understand what services you provide are driving your business and which are underperforming. In short, you need data
analytics to track key performance indicators (KPIs), such as:
● Revenue growth trends
● Case acceptance
4. ● Patient retention and attrition
● Practice production
● Profit margins
● Average production per patient
● Practice Reputation
● Percentage of scheduled active patients
Analyzing these numbers and how your profitability gets impacted can help you create a strategy for improvement and increase
your dental practice's value.
2. Keep a Handle on Your Overhead
As the cost of business rises, you need to cut costs without taking away from the phenomenal experience your patients receive.
The same can be said of your spending. You'll need to decide how to better your practice while trimming the fat from your costs
and innovating your current administrative processes.
An end-to-end management platform for your dental practice can help balance staff workloads and boost productivity. Time is
money in dentistry, and cloud-based practice management solutions like Adit can help your office reduce billable hours spent on
non-billable administrative duties such as appointment reminders, billing, and eligibility verification.
5. Using automated tools to streamline every aspect of your clinic is one of the best ways to cut back on any overhead generated by
inefficiency.
3. Protect and Increase Your Reputation
Have you ever been brave enough to Google your name? What about your dental practice? Did you learn anything new and helpful
from what was said?
As more and more patients rely on the internet for reviews, your online presence could mean the difference between a trickle of
new patients and a downpour. Effective marketing is crucial to patient growth, which boosts the value of your dental office. If your
current PMS doesn't provide reputational management features like Pozative Reviews, there may be underlying issues hurting your
brand.
You should also keep track of your referrals from both patients and your partners. This metric ensures you maximize growth and
can show your clinic is highly marketable to potential buyers or groups interested in your brand.
6. 4. Create a Patient-Focused Treatment Experience
Your balance sheet is not the only infographic potential buyers want to see. They want to know what the long-time viability and
profitability of your business will be. For example, DSOs prefer practices that bring value to their organization. This includes
creating consistently amazing patient outcomes and experiences. They also want to know how your office keeps people coming
back.
While it's true that dental patients want the latest and greatest treatment technology, online payment processing, two-way
texting, and virtual scheduling are also imperative to meet their expectations. When you have the right dental management
technology in place, visitors enjoy a hassle-free visit that ensures they're getting the most out of your services.
Streamlining the check-in process by using electronic patient forms, sending automated appointment reminders via secure SMS,
and offering a mobile app with patient portal access means your team has more time and focus for patients. These features also
create a more personalized care experience that reviewers will rave about to anyone who will listen.
5. Invest in Your Practice
7. The truth is that dental care options are very similar no matter where you go. Patients will pay for whitening or extractions at a
clinic with outdated treatment options or one that is sleek, new, and technologically advanced. While price plays a role in where
they would prefer to go, the condition of the premises and the modernity of equipment and technique play a more important role.
Your valuation should take this fact into account when looking for ways to improve this figure.
Office renovation changes everything, from the waiting room to the reception area and treatment rooms. Investing in an updated
office can profoundly impact your valuation. If you have digital charting capabilities that can provide filmless X-rays, or your
twenty-year-old treatment chairs get replaced, your practice value will enjoy a much-needed boost.
Keep in mind that investment doesn't end at new dental tech. Your practice management system is a crucial component in your
toolbox that can transform how you operate. Instead of spending hours manually inputting patient intake information or personally
tracking down team members to answer patient questions, a cloud-based PMS streamlines these processes.
Say goodbye to paper-based recordkeeping and discover automated integrations and intuitive features designed for the
administrative side of a dental office.
6. Maximize Patient Engagement
8. Your practice value hinges on a variety of factors. However, without a strong patient base (and the ability to attract more), you'll
find justifying your future selling price is an uphill battle. Engagement is a crucial component to successfully meeting patient
acquisition and retention goals.
Consider setting up a patient survey that can be embedded in your communications. Also, rely on business analytical tools, like
those provided by Adit, to track the effectiveness of your engagement efforts. If your current PMS doesn't have features such as
call tracking to see which ad campaign or marketing channel patients respond to, you may want to consider upgrading.
Practice management software like Adit provides a wealth of comprehensive marketing tools that make it possible to track ad
campaign performance, new patient treatment trends, case acceptance rates, and more.
7. Improve Your Collection Rate
Another way to make your dental clinic more valuable to potential investors and buyers is to boost your cash flow. One of the best
ways to achieve this goal is to improve your collection rate. Practice management technology is your best friend in this regard
because it streamlines the billing and payment process.
The ideal collection rate in the dental and medical industry is 96%. If your office isn't hitting this target, re-evaluate how your team
bills and receives payments. Often, it's simply a matter of communication and flexibility behind slow pay situations.
For example, if your patients can only pay by mailing in a check or calling your front desk directly, this can create delays in your
cash flow. Instead of waiting on the mail and then your bank to process a handwritten check, offering an online payment portal
and text-based payment processing can create a faster turnaround and a more predictable revenue cycle.
The same can be said of letting patients call in and pay their dental bills. If their work schedule makes it impossible for them to
reach out during business hours, your office has to wait until they have time off. This is not only frustrating but a time sink for your
team members in wasted efforts trying to make arrangements to get paid.
9. Integrations like Adit Pay can streamline this entire process through automation. Create batches of invoices through self-populating
billing templates that can be paid online, through SMS texting, via an in-office kiosk, and more.
8. Go Paperless
Are you a paperless practice? If not, it's seriously time to consider becoming one. Not only does it free up tons of space by getting
rid of all those hard-copy files, but you’ll increase your valuation at the same time. Dental clinics that operate efficiently by
reducing overhead, provide an organized patient experience, and simplify the recordkeeping process by using features such as
electronic forms and online patient portal access, are attractive to DSOs.
Remember, these organizations want to buy clinics that will add value to their existing network. By already implementing some of
the best practices a DSO or buyer is looking for in a potential office, your value increases.
10. 9. Focus on Treatment Compliance
If you want to be shocked, sit down and look at how many of your dental patients fail to go through with treatment
recommendations! This can be a frustrating aspect of owning a dental practice, especially when you aren't struggling to acquire
new patients.
You want to see your chair filled regularly, not just when a dental emergency needs treatment. Treatment compliance is an
element of your clinic valuation that deserves your full attention because this element affects everything from brand loyalty and
reputation to the lifetime value of a patient.
To ensure your patients are on board with the type and frequency of oral healthcare your office recommends, you need to take the
following steps:
● Educate your patients on the importance of the recommended care
● Automate appointment reminders and recall campaigns
11. ● Provide an online calendar that allows patients to book in real-time
● Form a united front with your dental team regarding treatment expectations
● Personalize messaging by including value-added content that applies to their oral health needs
● Provide flexible payment options and multiple communication channels
Boost Your Dental Clinic's Value From Day One With Adit
To wrap up, there are many working parts to consider when trying to achieve the best valuation for your practice. Don't get
wrapped up in rough estimations that only rely on your price-to-collection ratio. Your dental practice is a unique service that your
patients count on and trust, making it a highly marketable and profitable organization.
Whether you're planning to join a DSO or just want to see how much your hard work is paying off, boosting your clinic's value
requires having an outstanding dental team, sought-after treatment offerings, and tech-forward practice management tools. At
Adit, our developers understand that creating a high-value dental business begins with a solid foundation based on creating
satisfying customer experiences and efficient operations.
We offer over 15+ integrations in our platform designed to maximize productivity, improve patient outcomes, and give you
in-depth insight into how your practice is performing in this highly competitive industry.
● Adit Voice
● Call Tracing
● Automated Reminders
● Online Scheduling
● Patient Forms
● Telehealth
● Practice Analytics
● Adit Pay
12. ● Patient Recall
● Pozative Reviews
● And more!
Our team of digital marketers has been in the dental industry for many years and shares your passion for creating a successful
practice that provides outstanding oral healthcare. We never stop innovating, which means our cloud-based practice management
software grows with you and is always up-to-date.
Start reclaiming lost productivity time of nearly 15 hrs/week and cut back out-of-control overhead with Adit. Schedule your demo
today and learn more about how streamlining every aspect of your office can be seamless and rewarding from day one.