How can a Dentist Manage Money and Boost Up Dental Practice Revenues?
How can a dentist manage money and Boost Up Dental Practice revenue? This post will give 10 Amazing tricks to manage money and earn more from a dental practice.
We are discussing 10 ways for a dentist to manage their money and maintain an effective dental practice management.
5. Secure the safety of your dental practice and family by Insurances
One of the most important aspects of managing money for a dentist is the use of Insurances.
Insurances provide financial protection to your dental practice and also to your family.
One more benefit is that if you are paying insurance premiums, then you will get income tax exemptions, which will save you a lot of money.
What are the insurances that a dentist can use?
- Insurances for the protection for Dental Practice and Equipment.
- Insurances for the protection of your family.
Irrespective of the country where you practice dentistry, you must make use of the insurances that are available. Types of the insurances that a dentist can use are:
- Insurances for the protection against the damages to your clinic.
- Insurances for the protection against consumer cases (Indemnity Insurance)
- Life insurances (with or without maturity benefits)
- Health Insurances.
Insurance for dentists is a big topic to cover. We have previously published a detailed article on it explaining the various types of insurances that a dentist can and must have. You can read the article here:
6. Make Wise Investments that increase
your Personal & Dental Practice revenue
One of the cardinal rules of making more money is to invest more money.
As contrary to point number 4 these are not unnecessary spendings.
Here, you will have to choose wisely the areas where you should spend.
These wise and calculated investments have the potential to increase the revenues of your dental practice.
But when it comes to running a dental practice, what are the things you need to spend/invest money on in order to maximize revenues?
We asked these question to many dentists in the course of writing this article and from their answers made a list of the points.
Invest money in:
1)Making your patients happy: Investing money in making your patients always works in favor of your practice. A happy patient will refer your practice to everyone he/she knows thereby bringing in more new patients. More revenue! So, invest money in your practice to make it comfortable, pain-free and soothing for the patients.
2)Promotion of your dental practice: Invest in making your practice known to the people in your and nearby location. Promotion of your dental practice can be done two ways – online promotion and on location promotion.
Online promotion: Invest in a good website for your practice, social media promotion, google ad words promotion.
Read these article to know how to use a website, social media(facebook) & Google & SEO for the online promotion of your dental practice.
Offline Promotion: Though it is good to have online promotions but it should be used as an adjunct to the in-person promotion in your local community. Always remember until unless you are active in your local community, your dental practice will never get the name that it should. So, invest money in that regard. What are the points where a dentist can invest money in on location promotional activities:
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- Attend local social functions and be a sponsor of the local events.
- Make contributions and deliver speeches on dental career/care in school, colleges and community gatherings on health care & awareness.
- Attend treatment camps being conducted by other doctors & organizations.
- Visit rural places to provide dental treatment.(for free)
- The goal is to make yourself visible in your local community.
- Slowly & steadily you will rise the ladder up.
- Buy print ads to promote your practice in local newspapers or try to write health articles in the local magazines.
- You can also use Radio for speech & promotion. Spend money in purchasing an evening slot on Radio to promote your dental practice. That’s one of the easiest ways to get close to your local community.
Read this article to know about the 2 best ways to promote your dental practice on the internet and to your local community.
2 Best Ways to Market Your Dental Practice – Dental Practice Management
In this article, we will discuss on 2 most effective ways for the promotion of your dental practice. Use these 2 ways to make your dental practice more popular. The trick to successful dental practice management The Mantra of Promotion in Dental Practice Management In simple words – it’s the world of promotion and marketing.
