Starting a dental practice or having one can be overwhelming at first. There are a lot of staffing roles to fill and so many services to offer. Choosing the right balance can be difficult, but if you have effective dental practice management, it will be financially and emotionally rewarding.
Dental Malpractice: What Are Your Insurance Options?
Four Areas Of Dental Practice Management
You need to build on four areas in dental practice management to help your business grow. These four areas should work cohesively to achieve productivity and profitability.
A dental practice’s day-to-day operations are critical for good management—all of these must work seamlessly, from appointments, scheduling, and staffing to documentation and billing. Operations are the heart and soul of the business. It has to be effective and efficient to be successful.
Dentists are good at their practice. But when it comes to financial matters in their dental practice, they may need to learn more to examine all aspects of financial controls.
We all know that in any business, employees are the biggest asset. A good human resource team should maintain an excellent staff. They should be able to develop the fullest potential of each worker and maximize their contribution to the dental practice. While doing all these, human resources should also be able to reward and incentivize deserving employees.
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As you offer more services, you must utilize a systematic marketing strategy to inform current and potential clients about new procedures and services. The dental practice can do marketing either internally or externally.
You can do internal marketing by posting services in areas accessible by clients, giving out brochures, approaching clients to ask for referrals, and giving welcome packets for new patients.
You can do external marketing by going through the social media route to posting services and patient testimonials on your business’s social media accounts. You can also sponsor local events to advertise your dental practice.
Three Important Dental Practice Success Factors
Competition in the dental practice business is fierce. It would be best to go the extra mile to make it stand out. You can make your dental practice successful in this competitive industry in many ways. One needs grit, patience, and the will to make it a booming and profitable business.
Here are three crucial success factors that you can combine with your will to succeed:
Good Dental Practice Management
Good dental practice management is the most critical factor in the success of a business. As mentioned above, there are four areas that you can focus on to build your practice. These four crucial facets in your organization will make or break your business. It is essential to cover all areas by having skilled and knowledgeable department heads lead each area.
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Going the Extra Mile
Go the extra mile to improve the patient experience at a dental office, such as the following:
- Schedule appointments with buffer time to avoid running behind schedule.
- Offer online scheduling for convenience and accessibility.
- Make the workplace feel like home with cozy decor and comfortable seating.
- Talk to patients before procedures to help them relax.
- Avoid lecturing patients and instead offer gentle guidance and education.
- Offer drinks while patients wait in the reception area.
- Provide a variety of books and magazines for patients to read while waiting.
- Remember patients’ first names to make them feel welcome.
- Create family or membership plans for loyal patients.
- Offer discounts and loyalty rewards to show appreciation for frequent visitors.
- Reach out to customers after complicated procedures to check on their well-being.
- Make a personal call to follow up and ensure satisfaction with their experience.
These are all ways to make clients feel welcome and appreciated in your dental practice.
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Dental Professional Insurance
The work of dental professionals is not without risks. The potential for errors is high in health care. Dentists also need to protect themselves from financial loss in case of accidents in their dental practice.
Importance of Insurance in Dental Practice
Aside from dentist protection, you will also need insurance for the business and the property where your practice stands. As a business owner, you must protect the company from unforeseen events that may pause or stop your business from operating.
Insurance for Dental Practice
There are many types of insurance that you can purchase for your dental practice business. They will benefit your organization in many ways and help you curb financial losses in case of accidents and lawsuits. Here are some types of insurance that will best fit your company:
Business Owner’s Policy (BOP)
A business owner’s policy combines three essential coverages into one policy. These three are:
General Liability Insurance
General liability insurance covers claims made against your dental practice if a patient or visitor suffers an injury or property damage while on your property.
Business Property Insurance
This type of insurance covers the building and personal property inside of your dental practice. Business property insurance may include equipment, tools, furniture, and fixtures.
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Business Income Insurance or Business Interruption Insurance
If your premises or practice is interrupted due to unforeseen events and damages, this type of insurance will cover earnings lost until it is ready to operate again.
Workers’ Compensation Insurance
Workers’ Compensation Insurance is a state-mandated law for all businesses with employees. Moreover, workers’ comp pays for medical costs, lost wages, ongoing care costs, and death benefits if an employee gets injured or taken ill in the workplace.
Commercial Auto Insurance
This type of insurance is for vehicles used in the course of business. If an employee uses the company car for errands or home services and gets into an auto accident, commercial auto can help cover costs for bodily injury and property damages.
Errors and Omissions Insurance
Also known as professional liability insurance, errors and omissions protect professionals from lawsuits claiming mistakes they made as experienced dentists. Having this will help cover legal fees and settlements.
Data Breach Insurance
Data breaches are common in businesses, with hackers obtaining sensitive client information and financial data for their gain. Insurance for cybersecurity incidents can assist companies in responding to cyberattacks and protecting their operations by identifying the source of the breach and mitigating damages.
Employment Practices Liability Insurance (EPLI)
EPLI will help protect business owners against claims of wrongful termination, discrimination, harassment, and failure to promote. EPLI can help with litigation costs in case of a lawsuit.
Most insurance policies have coverage limits. Policies limit the amount for payout for most liability and auto insurance. To help your business with costs exceeding the limit of your policies, you can purchase a business umbrella for additional protection.
Commercial Flood Insurance
If your dental practice is in a flood-prone area, you may need to purchase separate commercial flood insurance for your business. Most insurance companies only offer this if you are in a high-risk area. Flood insurance protects business owners from financial burdens due to flooding resulting in water damage.
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Ensure Your Dental Practice’s Success
Your dental practice’s success will depend on the three factors detailed above. You must carry them out with the best intention for your clients and employees. A good business uses its resources effectively and efficiently to succeed.
Peace of mind is just a call away. Get dental malpractice insurance from Advantage Insurance Solutions and protect your practice from the unexpected.
Contact us today at (877) 658-2472 to help you get the necessary coverage.