With the market ever unpredictable, how can you maintain quality care and team morale, instead of resorting to reactive cuts or staff layoffs, when times are challenging?
You do it by rolling out strategies to become a leaner practice, i.e., finding and implementing ways to maximize value and minimize waste to optimize operations.
Here are five cost-cutting tips.
1. Embrace new technology systems.
Investing in dental-specific technologies can streamline operations, reduce errors, and eliminate gaps in needed areas.
Practice management software, automated appointment reminders, digital charting, and inventory tracking systems can save time and money.
Many practices are exploring AI-based diagnostics and digital imaging tools to improve efficiency without increasing labor costs.
HR technology solutions can add value to your existing HR operations—or entirely fill the void of not having one.
2. Keep your employees happy and supported.
High turnover is costly. Replacing a dental assistant or front desk coordinator takes time, training, and money.
Focus on retaining great employees by offering competitive compensation, flexible scheduling, a supportive work culture, and career development opportunities. Even small perks, like in-house CE credits or wellness stipends, can go a long way in reducing turnover.
3. Manage your healthcare expenses.
Offering health insurance in a small to mid-sized dental practice can be expensive. TDA members are fortunate to have a member-owned insurance agency, TDA Financial Services Insurance Program, that offers small group plans from multiple carriers to meet your practice’s needs, as well as many other important coverages.
Educate staff on how to use their benefits wisely and consider cost-sharing strategies or health savings accounts (HSAs) to manage expenses more effectively. Your TDA-member-owned agency (as well as an outsourced HR and benefits administration solution) can provide guidance and offer support with this.
4. Review and renegotiate recurring expenses.
Regularly audit your vendor contracts, and service subscriptions, and supply purchases.
TDA members that process credit cards through Best Card save an average of $6,671 (28%) annually and will provide a no-obligation analysis showing what it could save you.
TDA members are also fortunate to have exclusive access to TDA Perks Supplies, which enables members to save significantly on dental supplies by leveraging the group buying power of 7,000+ TDA members. TDA Perks Supplies will also provide you with a comprehensive price comparison when you send them recent invoices from a current supplier or a list of items using SKU or distributor item numbers, so you can see how much you will save on everyday dental supplies.
Additionally, negotiating lab fees, bulk ordering materials, and eliminating unused software licenses can lead to substantial savings.
5. Outsource wisely.
Affordable dental industry-specialized services are readily available that can free your team to focus on patient care and practice growth.
You can outsource non-core tasks like bookkeeping, payroll and benefits administration, or marketing to dependable third-party providers. TDA Perks-endorsed Houston-based HR&P will tailor a solution for your practice and provides specialized support teams and regulatory-compliance expertise.
These are all excellent ways to move towards streamlining your practice so it can thrive even in uncertain times.