Focusing on key business areas and making a few adjustments will result in a more profitable practice....
As a general dentist who owns three multidisciplinary practices, my peers often ask me for advice when they’re ready to incorporate new services into their offices. Their desire to add services is multifaceted. If done correctly, there are several benefits new services can bring to a practice. Profitability, streamlined patient care management and professional growth are top of mind for most dentists.
The approach to adding services to any practice should include CE research, peer counseling, budgetary planning and a deep review of the need within the patient population for the services being considered.
I made the now common decision to add implants to one of my practices. We had a significant need within our patient population and saw an increase in treatment acceptance, with patients often expressing relief that they didn’t have to go to another practice for treatment. Despite the investment in start-up costs, adding implants was highly profitable.
After this success, I found myself increasingly intrigued with the idea of adding comprehensive orthodontics to others practices. In a typical year, we were referring out more than 25 orthodontic cases. Ultimately, the decision to add comprehensive orthodontics changed the trajectory of my practice and reignited my professional passion.