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5/8/2017 |
Insights |
Four Ways To Boost Dental Practice Profitability |
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Four Ways To Boost Dental Practice Profitability by Eric Joseph Success in the dental industry requires balance between clinical work and practice management. If dentists cannot keep up with today’s fast-paced and technology-focused environment, they can easily lose control of their practice workflow. With the dental industry becoming increasingly competitive, it is necessary for dentists to focus on cohesion in their practices. Today’s dentists require greater business training, management competence, and marketing skills to remain profitable. Instead of bearing the stress of practice management, dentists should understand how implementing and aligning new solutions can make practices more profitable and provide better care for more patients. Leverage Software Solutions Many dental practices today waste hundreds of hours and dollars every year tackling daily administrative tasks that slow workflows and reduce productivity. Dentists lose time in searching through paper documents, billing patients by mail, and handling insurance claims. Now, companies are entering the marketplace to mitigate these tedious tasks with useful solutions. For example, dentists now have access to electronic credit card and claims processing software that works alongside practice management systems. Implementing these solutions can help dental offices become more organized and cost-effective. Dentists can reallocate worktime toward the part of their jobs that matters most: taking care of patients. Eliminate Paper Processing Dentists can save thousands of dollars in capital by ditching paper. In fact, the Environmental Protection Agency estimates that going paperless can save an office approximately $80 per employee in supply costs including ink, toner, postage, and even visits to the post office. However, dental practices nationwide have been slow to reduce their dependence on paper. While it could save the dental industry more than $1.9 billion annually, the adoption of electronic transactions among dental offices is 30% lower than the rest of the health industry, according to the Council for Affordable Quality Healthcare. Dental offices may be wary of going paperless, but they’ll benefit immensely. Read full article on Dentistry Today.
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