Are you looking to manage and lower the overhead costs for your dental practice? Make sure you read this post to find out how you can effectively lower your overhead costs without having to compromise your proficiency.
On average, a dental practice has a 60% overhead cost which is one of the highest in any industry. These costs include items such as employee salaries, rent, supplies, equipment and utilities. In order to be able to maximize profitability, the first step would be to take a good look at your overhead costs and see exactly what can be modified to help achieve this goal. There are many different ways to go about doing this, but we will be touching on three areas that you may not have considered.
Explode Your Sales Fast With Digital Marketing
We are currently living in a digital world, so why not optimize on that as much as possible? It would be a shame not to utilize all the different social media platforms available to us at no extra cost. Using platforms such as Facebook, Instagram, or Twitter would be a great way to showcase your practice and to generate new patients as well as staying connected to your existing patients. And again, did we mention that it’s free?
If you are currently wasting away money on paper flyers or the yellow pages, consider transitioning to the social media world. With the proper use in tags and consistent posts, your dental practice will be sure to produce new leads. It can also keep you in touch with other practitioners and you can stay up-to-date with what’s happening in the world of dentistry.
Save Hundreds Of Dollars On You Utility Bills With Just One Phone Call
When it comes to utilities, most practices receive their bills and pay them without ever thinking twice. Have you considered renegotiating the terms of your contract? Take your phone or internet bill for example, most phone or internet providers are constantly running new specials or promotions that your practice may be eligible for, so it can definitely be worth calling in at least once a year to see if those bills could be lowered.
Something else to consider when looking into lowering your overhead costs would be trying to conserve as much energy as you can within the office. Making sure your computers are turned off every night, changing your lightbulbs to ones that are more energy efficient, or even adjusting the thermostat slightly can save your practice hundreds of dollars every year!
Don’t Lose Out on Money due to your Inventory
Many dental practices tend to lose money when it comes to their inventory either by having too much stock on hand or letting items such as implants or medications go to waste due to expiration. One thing to consider would be investing in an inventory management software. This can provide your practice with the solution it needs to manage your inventory accurately, making sure there is no overspending and by also doing something as simple as keeping track of expiration dates so that no product goes to waste.
Managing inventory by paper and pen can be tedious and prone to human error. Many little details can always be missed. So, taking the next step and investing in the right inventory management software may be what your practice needs to help in lowering your overhead costs and making the most out of your profits.
We’re Here for You!
Managing and lowering your overhead costs can be tricky, but our team at Sowingo is here to help you. Sowingo has created an inventory management software that will help your practice reduce unnecessary spending by monitoring your inventory, providing you with stock alerts, and easily managing budgets. Book a demo today to learn more about what we can offer you!