Exactly what is it that makes a practice profitable This is the question I am being asked again & again.
You may have plenty of patients but still your practice may not be profitable. You may have a boutique practice of cosmetic dentistry, implants etc but still your practice may not be profitable.
To bring profitability into your practice you need to look into many points. Some of them are:
1.PLANNING - Planning is the heart of all managerial activity. Profitability cannot be achieved unless you plan your time and money and use it properly.Plan for the day, plan for the month, plan for the whole year & plan for retirement. Set goals for yourself regarding all aspects of your professional life.
2. SPEED – You need to work faster WITHOUT compromising on the quality. To work fast you need to have a highly trained & motivated auxiliary staff. If your treatment proceeds at on optimum speed many other outgoings like air conditioner bill etc come down.
3. DELEGATE – Maximum work should be delegated. All routine administrative work should be delegated to trained staff. This saves the doctor a lot of time. Time saved is money earned
4.ORGANIZE – Worldwide research across multiple industries has shown that organized work brings in profitability. Organize your daily schedule & also try & fix up long appointments for patients so that maximum treatment can be performed in a single session.
6. BULK PURCHASES - By dental consumables in bulk. This will reduce your outgoings. Utilize the forums of www.dentistrytoday.info to buy dental consumables in bullk.
7. TRACK - Track your numbers regularly. Any entity which is tracked improves..
8.. ASSOCIATE WITH A PRACTICE MENTOR - All practicing dentists and especially the new comers will have to associate with a mentor to gorw their practices.
Dr. Veerendra Darakh’s Practice Management Consultancy