Prepare for Expanding Your Dental Practice with StrongBox
Expanding your current dental practice or opening a second office can be an exciting experience. If your current patient base is outgrowing the resources your clinic can provide, there are many factors to consider before investing in expansion. Expansion requires a considerable investment in time and capital, so there needs to be a clear understanding of your dental office’s:
- Weekly, monthly, and annual revenue and point of service process
- Overall economic valuation of practice
- Total accounts receivable and collection rates
- Patient payment history
- Key Performance Indicators (KPIs)
Strong Box eSolutions is a Software as a Service (SaaS) platform allows your company to clearly understand important metrics before you invest in expanding your current dental practice. Beyond improving your understanding of your revenue stream and overall economic valuation, StrongBox’s online tools allow your business to automate redundant and time-consuming tasks while delivering convenient online and mobile payment options to your patients.
If you are contemplating expanding your dental practice, this overview highlights the benefits of integrating our SaaS platform before your business makes significant investments. Once you have access to the insights StrongBox delivers, that giant leap will feel more like a surefooted step in the right direction.
Learn How StrongBox Can Prepare Your Dental Practice for Expansion
Key Performance Indicators
Strong Box’s interactive Dashboard provides an assessment of a healthcare provider’s financial health. StrongBox’s Dashboard tracks Key Performance Indicators (KPIs) on a daily, weekly, monthly, and annual basis. We even offer a 12-month revenue snapshot that can be used to compare profitability with prior years. The following types of reports are either built-in or they can be created using our reporting tools. Commonly tracked KPIs include:
- Total encounters
- Total collections
- Total charges
- Outstanding accounts receivable (AR)
- Total adjustments
In addition to the business insights that StrongBox can deliver, you may wish to explore important questions that often face expanding dental practices, such as:
- Should I start a new business or purchase an existing dental practice?
- Will I need a partner or associate to help oversee the second location?
- How much debt should I be willing to take on with this new venture?
Then, of course, there’s the location to consider and marketing efforts after the new location opens. With the business insights you’ve gained from our online solutions, you can invest with confidence. Your new business will launch with a higher valuation once you have integrated StrongBox’s features into your dental practice. Valuations for dental practices are 75 percent of revenue for average practices up to 100 percent of revenue for well-run practices.
StrongBox’s Patient Finance and Revenue Cycle Management platform will boost profitability and patient payment convenience at a critical time when your dental practice is taking on new expenses and debt.
Prepare for Growth with StrongBox eSolutions
StrongBox eSolutions’ SaaS platform can prepare your company for growth and expansion. If you are ready to experience the deep business insights our online tools deliver while enjoying reduced paper billing, lower debt collections, and higher earnings, we welcome you to contact our Boca Raton, FL office online or call (855) 468-7876.
The forward-looking online solutions that StrongBox provides are not simply tools to manage growth. Our cloud-based software will become a key component of your dental practice’s long-term growth strategy.