There are so many different costs that a dental practice has to pay, it is hard to keep track of them all. But one of the main costs that practices work hard to try and reduce is their overhead costs.
Overhead costs are the expenses that are ongoing for operating a business—they are often hard to reduce and they definitely cannot be eliminated. But, with a few helpful tips, you may be able to reduce your overhead costs at your dental practice and put them back into your pocket or into different areas of your business. So, let’s get started.
Buy once, cry once
By buying worthwhile products and supplies once, you are ensuring that you are getting more bang for your buck, and you know that you aren’t spending money too frequently on multiple versions of the same product. You want to try your best to pick items that are made to last and choose those that will give you the most value for what you have paid. Certain things, such as bibs, cotton rounds, saliva ejector, and more are single-use, but it’s still worth investing in the best choice for the benefit of your patients and employees.
Consolidate your purchases as best as possible
It is sometimes easier to buy from multiple vendors, but that can really increase delivery and shipping costs with every purchase. If you are able to, try to buy the bulk of your products from one vendor.
Go through your inventory and put different colored sticky notes on each product you get from a different vendor. Once your eyes are opened to how much you could be wasting on shipping costs, it is going to be hard to go back to spending your money the old way.
Make sure your loyalty is being rewarded
Most companies will reward customer loyalty, so it is time to revisit your accounts and make sure that you are taking advantage of those benefits. Sometimes loyalty programs are not clearly marketed or communicated to your team, so be sure that whoever is searching for the program has really done the proper digging. If they still can’t seem to find anything, don’t be afraid to give the company a call and get the scoop from a customer service representative.
Reduce broken appointments
It may be somewhat difficult to find what works best for you and your business, but try to think of what will work most effectively when it comes to penalties for missed or broken appointments. It may mean charging a fee for appointments that are canceled within a 48-hour window, or you may have to resort to dropping patients and asking them to see a new dentist. While these measures may sound extreme, it makes room for other patients who are able to be more reliable and trustworthy with your time and efforts.
Increase new patient counts
Having a referral program or a rewards program for current patients is a great way to accelerate new patient growth and keep current patients coming back. You can also take to social media, not just to establish your brand identity, but to bring in new patients and give them incentives for coming into your practice. You can reward them with subscription boxes, dental hygiene products, local experiences, and more.
You know your patients best, so be sure to pick and choose what you think will best reward them. And don’t forget to reward loyal patients even if they aren’t bringing you, new clients. When you reward loyalty, they may feel the urge to find people to bring to you.
These tips can help you find an effective way to reduce your overhead costs within your dental practice. Though you might not see instant savings and results, stick with it, because your persistence will likely pay off.