Top Three Concerns for Dental Practices
In modern dentistry, practice growth is the name of the game. Ideally, you want to create a business with enhanced cashflow, improved collection rates, and improved return on investment (ROI). In order to do this successfully, however, you must work efficiently. With the ever-changing healthcare landscape, it can be difficult to remain productive as things evolve. Today, the StrongBox team explores the three most common challenges among dentists and explains how our revenue cycle management and dental patient financing software can help you achieve your goals.
What Are Dentists Concerned about Most?
A recent study conducted by Bankers Healthcare Group surveyed 413 licensed dentists. These doctors either own a practice or operate as an independent practitioner. When asked about their plans for the foreseeable future, most of these dentists expressed interest in adding new specialties, expanding the number of operatories, adding locations, and bringing lab work in-house.
These are all understandable goals, but they can only be achieved when your practice maximizes its productivity. In the sections below, we will explore the top three concerns among dentists.
#1: Patients’ Ability to Pay
According to the survey mentioned above, about 88 percent of dentists are worried about their patient’s ability to pay for services. With the rising cost of dental care and climbing insurance deductibles, more and more patients are finding it difficult to afford the treatment they need. This can be a tremendous concern for practice owners who are not only trying to stay afloat but grow their businesses as well.
#2: Practice Revenue
Billing, claims submissions, and processing can take a while; and it can take even longer if you have an untrained or inexperienced staff or outdated billing software. Too often, practices do not receive their payments in a timely manner because of these ongoing, compounded issues. Revenue cycle management is absolutely essential for the long-term success of a practice.
#3: Acquiring More Patients
Part of building your practice is getting new patients through the door. There are many things that need to go right for this to happen. For one, your existing patients are your best marketing tool. If they had a good experience at your practice, they will be sure to tell others about it. This is why a focus on optimal patient experience is so important. This not only involves quality dentistry and interpersonal skills. Your patients also need to feel valued. A big part of that is making the financial aspect of treatment as seamless and trouble-free as possible.
StrongBox Solutions: Revenue Cycle Management + Patient Finance
In addition to offering proprietary cloud-based software, StrongBox partners with experts in the dental field. This allows us to fully assess your unique needs as a dental practice owner. By combining our revenue cycle management software and dental patient financing software, we can provide customized solutions to help grow your practice. These tools not only help increase your workflow efficiency and productivity, they also help reduce bad debt expense and increase collection rates. In fact, our clients report that, with our services in place, they can work less while making more money.
Learn More about StrongBox
If you are trying to grow your practice, StrongBox can help. Request a free demo to learn more about our dental patient financing software. Or, contact our Boca Raton, FL office with any questions. You can also call us at (855) 468-7876.