One of the most challenging things for new dental practice owners is keeping their costs under control. Many of them know little to nothing about asset management, acquisition, and running the back-office part of a dental practice. This is why it’s better to at least get a basic understanding of these things before you start one. You should also learn a few tricks on how to save money on your overheads and purchases. Let’s take a look at how you can keep the costs of your dental practice as low as possible.
Buy Equipment and Supplies from the Right Sources
It’s always better to work with one supplier and entertain a long-term relationship with them, as they will be able to give you discounts and preferential deals. This is why you should look for reliable dental equipment specialists who can provide you with everything that you need. You’ll be able to get deals on bulk purchases, for instance, and get access to a credit line faster if you make recurrent purchases. Don’t underestimate the power of good relationships and the inventory a supplier has access to as it could help you save a lot of money now and in the future.
Don’t Obsess Over Brands
Another thing you should consider when buying supplies is to not obsess too much over the brand. While it is true that it’s usually better to spend on the best when it comes to supplies and equipment that can help you treat, restore, or diagnose patients, you don’t need to invest in the top brand of disposable barriers or cotton balls. Be wise with your choices, and don’t overspend on non-critical items.
Do not rush when it comes to hiring; instead, focus on hiring people who will stay with you for the long term while performing to the best of their abilities. Another thing you should consider is hiring a third-party HR team. Some of these teams work specifically with healthcare providers too. They will be able to find great talents and sniff out bad apples very fast. Working with the right team will allow you to keep your employees longer, have better productivity, have fewer sick leaves, and eventually cut your running costs.
Look at Remote Options
Another thing that more dental practices should start doing is embracing teledentistry. Offering examination and follow-up services at distance for a lower fee can be a great way to keep money coming in without overworking your staff. This will also allow you to earn income through two different channels at the same time.
Partner with Another Dental Professional
You should also consider working with an associate that doesn’t perform the same procedures as you and dividing your space. You could work with someone who performs cosmetic dentistry, for instance, or someone in a whole other field like podiatry, for instance. All of this could keep your costs low and would be an especially good option if you don’t have the volume needed to support your current practice.
All of these tips will allow you to reduce your overall costs significantly. Look at the ones that would work the best for your practice and consider using a combination of these methods if possible.