Dental Practice Profitability
What is the “new normal” in dental practices? My experience indicates that it is unwavering attention to business details. I have never witnessed a time in which it has been more critical to evaluate practice management systems and immediately address weaknesses.
I recently analyzed a practice that has had the same office manager for almost 18 years. After reviewing the practice, I found HUGE red flags! The first was the amount of credits on accounts. The second red flag was only 4 periodontal maintenance's had been billed out in the last 6 months in a practice with 2 full time hygienists and probing depths of 4+ on 50% of all patients. With just these two findings, we were able to increase profits by nearly 20%! We put an end to billing and posting errors that were essentially paying patients to get dentistry. The inefficiencies that dentists often ignored years ago are now crippling some practices and causing serious damage to many more.
Just because your office manager or biller has been doing this for many years, does not necessarily mean things are being done correctly and you may be losing money. We would advise you to evaluate all billing, coding, and posting processes for accuracy. Nine times out of ten, we find hidden opportunities in these areas and once fixed will immediately increase your bottom line.
CALL TODAY FOR A COMPLIMENTARY ANALYSIS TO DISCOVER HIDDEN OPPORTUNITIES IN YOUR PRACTICE!