Having the education and the training to become a licensed dental professional is not enough to operate a practice that earns you at least $100,000 per year. Dental practitioners also have to learn how to manage the business aspect of their practice. A profitable practice usually demands a lot from the staff and the working dentist. However, you can make your life easier by using outsourcing associates to take over effort-intensive yet repetitive company tasks so that dental practices can be more successful.
There are dentistry practices that use consultants or outside businesses to manage some of the everyday administrative tasks. Outsourcing work save you money because you don’t need to offer a full-time salary and benefits to a full-time employee. More importantly, it saves you time, which allow for increased enterprise effectiveness.
Whenever they use third-party comoanies to assist, dental practitioners can focus more on their core competencies to greatly improve individual proper care. Moreover, outsourcing work permits regular personnel to concentrate their efforts to do a better job and increase the success of the practice.
What aspects of a dental practice can you outsource? These include patient arranging/rescheduling and appointment note contact , insurance coverage confirmation and preauthorization; patient and insurance invoicing, which include any required follow-up; installing and looking after hardware and software; patient information management; patient credit; submitting of monthly payments; and credit accounts receivables selections. If that sounds like a lot of work, it is, and can you imagine you and your staff doing all that work?
But outsourcing your business is really just one aspect of growing your dental practice. You need a business consulting company to help you go from good to great, especially if you’re just a dentist, not a businessman.
Realistically, a dental practice can expect grow seven percent annually. That may not seem like a significant number, but that growth rate enables a dental practice to double every 10 years. So if you have a $300,000 practice, you can expect that to grow after twenty years to a $1.2 million practice.
It is reasonable and attainable hope for all dental practice. The numbers may not double your revenue in 90 days, but you will be growing continuously.