Running a dental practice can be costly. Keep reading to learn about 5 different ways that will help you to find savings in your practice!
As a dentist, you are always committed to your patients’ health and wellbeing, but as a business owner, you also know that the bottom line is that you need to earn revenue in order to be able to sustain and grow your practice.
Some of the best ways to save money can serve a dual purpose, in that they also help you run more efficiently! Here are our top five secret tricks to get your practice to start saving money
1. Maximize Your Schedule
Saving time is equal to saving money. Knowing how long a certain dental procedure should take will help everyone and your patients stick to a time budget, which in turn, makes your office more productive and cost efficient.
It is also recommended to schedule units in 10-minute increments as opposed to 15. If you are using 15-minute increments for your units, you can be losing up to seven days of production time every year. By changing to 10-minutes, you will be able to maximize your productivity which will increase your profits.
2. Control Your Labor Costs
Labor costs in a dental practice are one of the biggest expenses and because of this, it is important to ensure that everyone’s time is managed efficiently.
Consider increasing the use of part-timers for peak times at your practice to eliminate overtime. You can also stagger work schedules as opposed to having everyone come in and leave at the same time to help reduce your labor costs.
3. Eliminate Dental Product Wastefulness
It is important to keep waste management under control in a dental practice. This will help prevent wastefulness and reduce your costs.
There are many ways to reduce your practice’s wastefulness. Some of the ways you can consider doing this is by reducing single-use plastic items, transitioning to paperless and you also may want to recycle old dental instruments
4. Save on Your Utility Bills
When it comes to utilities, most practices receive their bills and pay them without ever thinking twice. You should consider calling your utility provider and renegotiating the terms of your contract.
Most providers are constantly running new specials or promotions that your practice may be eligible for, so it is definitely worth taking that time and calling in at least once a year to see if any of your bills could be lowered in price.
5. Invest in an Inventory Management System
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 rather than having to do it manually.
We’re Here for You!
Being able to find ways to save money within your practice can be tricky, but our team at Sowingo is here to help you! Sowingo has created an inventory management software that will 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!