3 Ways to Grow Your Dental Practice and Increase Revenue - T-Bone Speaks

3 Ways to Grow Your Dental Practice and Increase Revenue

Are you looking to grow your dental practice while finally eliminating worries about time and money? While the concept of growth varies from dentist to dentist, it generally involves:

  • Making more money while doing less work
  • Having more time to spend on your dental business or at home with your family
  • Gaining more professional satisfaction

If you find yourself yearning for one or more of these categories, I can show you how to grow your dental practice in a few simple steps. You can choose to incorporate one or all the steps and customize them for your dental practice.

Let’s get to the good stuff.


Option #1: Raise Your Fees

Have you had a look at your fees lately? Growing your dental practice can be accomplished in incremental changes, and you can start by raising your fees. You might be wondering about the effectiveness of raising your fees, especially if you’re in-network with most insurance companies. However, keep in mind that you’re aiming for progress.

For example, if 20%-25% of your patient base is out-of-network, you’ll find that this strategy can help grow your dental practice—and it doesn’t require seeing any new patients. More money, less work.


Begin with a Fee Analysis

The best way to raise your fees is to start with a fee analysis. Your top 20 production codes typically generate 80%-90% of your revenue. You’ll do a fee analysis of those codes and compare where your fee is to the percentile. Any dental supply representatives can provide your local fee analysis for the different percentiles.

Aim to keep your fees in the 60 to 70 percentiles. Some of my codes are above the 70th percentile and even over the 100th percentile. Those are procedures that I love or procedures that I simply don’t want to do.


Drop Your Worst Contract

This is an effective way to grow your dental practice if you’re overbooked and too busy. Dropping your worst contract is another effective strategy for raising your fees. This allows you to add room to your schedule or replace with patients who pay higher fees.

If dropping contracts isn’t feasible, you can also consider negotiating your fees. If you go this route, think about hiring a third-party company to do the job for you. They’re worth every penny.


Look at Your Average Daily Rates

I grew up in the hotel industry where we always looked to see how we could increase our daily rates. One way to accomplish this method is with contracts, even in the dental industry.

You can leverage medical insurance to get paid higher fees for the same practices that are typically billed under dental. Sometimes this can double your rates without doing any extra work.

If you’d like to learn how you can bill medical over dental, I have a medical billing workshop that can help you execute this strategy.


Option #2: See More Patients

This isn’t the most favored option, especially since it goes against everything that I teach. It increases overhead and promotes working harder, not smarter.

But sometimes seeing more patients is necessary—especially if you’re a struggling practice or have too much empty chair time.

Keep in mind that doing more of the same won’t help you grow your practice. It’s not enough to get more patients to do more crowns and filings, especially while every dentist in town is already offering these services.

You should only consider seeing more patients as a short-term strategy.

The best way to grow your dental practice by seeing more patients is by:


  • Increasing scheduling efficiency. Time yourself with your procedures from beginning to end. Find the sweet spot for your timing, which is where you can easily get a procedure done without being rushed.
  • Use efficient tools and technologies. Upgrade or replace inefficient tools or technology. This will eliminate frustration and help get jobs done faster.


Option #3: Do More Dentistry

This is my favorite strategy that provides tremendous growth. It’s important to know that doing more dentistry does not equal seeing more patients. In fact, this is a completely different mindset.

Before you consider this strategy, you must have good dental fundamentals.

Otherwise, this is how you can do more dentistry and effectively grow your dental practice:

  • Dazzle Patients with Stunning Photos of Your Services. It’s critical for case acceptance. Simply explaining procedures won’t necessarily work. High definition photos help patients realize how your services can improve their lives. Treat a high-quality digital camera as an investment for your dental business.
  • Give patients the chance to say yes to the best. It’s not smart to diagnose a patient based on your own financial situation or bias. Allow every patient to say yes to the best philosophy.
  • Start adopting quadrant efficiency. For example, if a patient only needs one dental implant, offer additional procedures to get everything done at one time. However, it’s important to let the patient know that it’s OK to do the procedure later.
  • Be an advocate to the patient. Practice patient leadership and give them the confidence to make their own decisions.


Experience Fast Growth with Expanded Procedures

Incorporating expanded procedures into your dental practice can result in robust growth.

For example, only 25% of dentists in the US offer dental implants. With 40 million functional teeth extracted per year, there are only 2 million implants used with these patients. For every 10,000 adults, there are roughly 61 dental implants placed. This provides top opportunity to offer these services and grow your dental practice.

Furthermore, according to the US National Library of Medicine and National Institutes of Health, adults’ concerns regarding the appearance of orthodontic appliances is the most complicating factor for treatment. Invisalign allows adults to correct their teeth without the use of clunky, traditional braces.

There is more opportunity than dental implants and Invisalign. Take the time to research other areas where your patients may benefit, such as sleep apnea.


Execute Dental Growth Strategies with 3D Dentists

If you’re looking to improve the efficiency and growth of your dental practice, 3D Dentist provides plenty of resources, workshops, and more to get you on track. Consider joining in on our live workshops or join our inner circle community on Facebook, DentalYOU.

About the Author Tarun Agarwal

Dr. Tarun Agarwal represents the next generation of leadership for the dental profession. As a respected speaker, author and opinion leader, he is changing the way general dentists and their teams practice.

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