As inflation and interest rates have been on the rise, business owners have found themselves with rising costs. Since we may not have an ending in sight quite yet, what can you do now to mitigate these changes in your practice?
In this episode of Beyond Bitewings, the Edwards and Associates team discusses different ways you can increase revenue and decrease costs in your dental practice. Raising your rates might be the first thing you consider, but you may be stuck if insurance companies don’t increase what they’re paying you back.
They discuss why you may want to take inventory of the insurance programs you’re accepting and why it may be in your best interest to look at renegotiating your fees or possibly even dropping some of them. It may feel scary, but when done the right way, you may actually see an increase in revenue and clients.
They also talk about marketing and why, even though this may be an increased expense right away, the right campaign will end up paying off over time. You can also try simple things like asking for referrals or training your front staff to ask for reviews as they’re checking out from their appointment.
Although you may be feeling the squeeze, there are some changes that you can make to help offset the cost increase without having too large of an impact on your practice.
If you have specific questions about how to decrease expenses or grow your revenue, or if you’d like to have another question answered on a future podcast, please reach out to the Edwards & Associates team.