Practice growth isn’t easy in the dental business. You’re so focused on providing excellent patient care that your sales figures, profit numbers and other critical metrics may not be as high as you realize. If you want to boost the value of your dental practice, you’ve come to the right place.
Dental Intelligence offers comprehensive software that helps dental practices streamline their internal and external operations for optimal efficiency. For example, the patient portal by Dental Intelligence empowers patients with simple access to digital health forms, provider communication and more. Below, we discuss seven strategies for raising the value of your dental practice based on our in-depth research.
1. Empower Patients with Digital Experiences
Patients expect convenience in every interaction with your practice. By offering the most convenient patient experiences, you can bring more patients in the door and boost rescheduling rates to increase your practice’s value. So, what types of convenient experiences can you provide?
- Digital forms to streamline the check-in process
- Patient-provider communication tools
- Online scheduling options
- Appointment reminders
- Online payment options
Patient portals allow patients to access all of the above features and more. When new patients access the application for the first time, they’ll get a glimpse into the wonderful experience they can expect at your office. Digital experiences can boost patient engagement, satisfaction, and rescheduling rates, so you get more appointments on the schedule.
2. Adopt Comprehensive Reporting Tools
You cannot increase your practice’s value if you don’t know where it currently stands. Comprehensive reporting tools allow you to track key performance indicators (KPIs)like patient scheduling rates, revenue figures, no-show numbers and more — so you know how to improve and which methods work best. The top KPIs you should track when increasing your practice’s value are as follows:
- Production figures
- New patients
- Fee-for-service versus insurance payout
- Patient retention
- Average practice review score
- Cancellation and no-show numbers
- Active patient rate
3. Streamline Wasted Resources
As you adopt new tools and systems for improving how your practice operates, you may find that you’re spending a lot of resources to provide an excellent experience. Spending funds on a dozen apps will only drain your practice’s value, not increase it. You can reduce your overhead with an all-in-one solution combining internal and external experiences for more streamlined, cost-effective results.
4. Protect Your Reputation
Many potential patients will likely consider your practice’s reputation before choosing you over other dental offices. Investing in positive reviews is a great way to bring in more patient so you can boost your practice’s value. Positive practice reviews can increase scheduling rates and help your website rank higher in search engine results, so more people in the area learn about your office when searching for things like “dentist near me.”
You can boost your reputation with our online reviews tools that help you request positive patient feedback after a visit. Many platforms also make it easy to respond to negative feedback so you can resolve the matter and potentially remove the review.
5. Make It Easy to Schedule Appointments
Appointment scheduling should be a simple, intuitive process so potential patients are more inclined to visit your office. Consider offering numerous channels for patients to schedule appointments at their convenience. For example, you could offer in-office scheduling, phone scheduling, online scheduling and more.
6. Automate Payments
Bringing more patients in the door is only the first step to increasing your practice’s value. You must also make payments convenient to speed up the billing process and generate more revenue.
You can improve the payment process by sending convenient online billing links after the appointment or offering financing options. Your practice may also consider automating the insurance verification and claims process to speed up collections.
7. Prevent No-Shows
No-shows can quickly lower the value of your dental practice by wasting time and resources. You can prevent no-shows by sending automated appointment reminders to patients.
You may take this one step further by requiring patients to confirm their appointment in advance. If they do not confirm, you can cancel on their behalf to free up the spot for another patient.
Grow Your Practice with Dental Intelligence
At Dental Intelligence, we help you grow the value of your dental practice through highly advanced practice management software. Continue learning how to maximize efficiency at your office with our guide on dental revenue cycle management. Schedule a Dental Intelligence demo to see our platform in action.