The Three Most Important Dental Practice Success Factors

Jan 1, 2022 | Business Insurance

Starting a dental practice or having one can be overwhelming at first. There are a lot of roles to be filled in and so many services to offer. Choosing the right balance can be difficult but if you have effective dental practice management in place, you will be rewarded both financially and emotionally. 

Four Areas Of Dental Practice Management

There are basically four areas in dental practice management that you need to build on to help your business grow. These four areas should work cohesively to achieve productivity and profitability. 

Operations

The day-to-day operations of a dental practice are where good management is key. From appointments, scheduling, staffing to documentation and billing, all of these need to work seamlessly. Operations are the heart and soul of the business. It has to be effective and efficient to be successful. 

Finance

Dentists are good at their practice. But when it comes to financial matters in their dental practice, they may not be knowledgeable enough to examine all aspects of financial controls. 

Human Resource

We all know that in any business, employees are the biggest asset. A good human resource team should be able to 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 give rewards and incentives to deserving employees. 

Marketing

As more services are offered, there should be a systematic marketing strategy that must be utilized to inform current clients, potential clients, and others about new procedures and services. Marketing can be done:

  • Internally – internal marketing can be done by posting services in areas accessible by clients, giving out brochures, approaching clients to ask for referrals, and giving welcome packets for new patients.  
  • Externally – external marketing can be done by going through the social media route where you can post services and patient testimonials in your business social media accounts. You can also sponsor local events in your area to advertise your dental practice. 

Three Important Dental Practice Success Factors

Competition in the dental practice business is fierce. You have to go the extra mile to make it stand out from the rest. There are a lot of ways you can make your practice a success in this competitive industry. One needs grit, patience, and the will to make it a booming and profitable business. 

Here are three important success factors that you can combine with your will to succeed:

Good Dental Practice Management 

Good dental practice management is probably the most important 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 critical facets in your organization will make or break your business. It is important to cover all areas by putting skilled and knowledgeable department heads to lead each area. 

Go the Extra Mile

Entering a dental office can be overwhelming for some, especially for kids. There are lots of reasons why people don’t like going to them because:

  • It is expensive
  • The environment is too formal and intimidating. 
  • Waiting time is too long
  • The smell and sound inside the office is intimidating
  • Being scolded for not taking care of the teeth
  • Bad experience from the previous dentist

Knowing what people experience and feel going to a dentist, you can fix these issues by going the extra mile for your clients. Remember that patient experience is key to the success of your business. You can:

  • Schedule appointments with buffer time in between. Encourage your clients to book at least one week ahead and fill up forms electronically if possible. Offer online scheduling and send out reminder schedules. Automation is good as long as you can still incorporate human touches once in a while. 
  • Make your workplace feel a little bit like home. You don’t have to paint the place and white to make it look clean all the time. Put some colors on your walls and decorations. 

More about going the extra mile…

  • Dentists should take time to talk to their patients first before doing any procedure. Have a conversation first and make your clients relax in the dental chair before proceeding. Avoid lecturing patients. Instead, explain what they can do to ensure good dental care and hygiene. 
  • Offer drinks while they are in the waiting room. Let them sit on comfortable chairs instead of those stiff ones we normally see. Layout some good books and magazines to cater to all ages and play relaxing music. 
  • Remember your patients. From the office receptionist to the cleaning crew, make them memorize at least the first names of clients. Make them feel special by creating a personal connection. Be observant and interested in the patient. 
  • Make it easier for your patients to pay their bills. Create family plans or membership plans to encourage them to return for dental needs. Give discounts and loyalty rewards from time to time. Offer financing options for expensive procedures. 
  • Reach out to customers after a complicated procedure and check how they are. Call clients to remind them that it is time for a check-up. Make a personal call instead of automated reminders. 

These are just some of the ways in going the extra mile for your clients. There is more that you can do to make them feel welcome and appreciated in your dental practice. Your patients are the heart of the business. Make them your priority always. 

Dental Professional Insurance

Importance of Insurance in Dental Practice

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. 

Aside from dentist protection, you will also need insurance for the business itself and the property where your practice stands. As a business owner, you need to protect the business 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:

A business owner’s policy combines three essential coverages into one policy. These three are:

  1. 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. 

  1. Business Property Insurance

This type of insurance covers the building and personal property inside of your dental practice. This may include equipment, tools, furniture, and fixtures.

More details about Dental Insurance

  1. 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 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 in case an employee gets injured or taken ill in the workplace. 

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. 

Also known as professional liability insurance, errors and omissions protect professionals from lawsuits claiming mistakes you made as a professional dentist. This will help cover legal fees and settlements. 

More details about Business Insurance
  • Data Breach Insurance

With new technology, data breach is common amongst businesses nowadays. Hackers are continuously breaching client data and financial information for their own gains. Data breach insurance helps protect your business by responding to cyber attacks. It helps look for the source of the breach and mitigate damages. 

This 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. 

  • Business Umbrella

Most insurance policies have limits on coverages. Policies limit the amount for payout for most liability and auto insurance. To help your business with costs that are over the limit of your policies, you can purchase a business umbrella for additional protection

  • Commercial Flood Insurance

If your dental practice is located in a flood-prone area, you may need to purchase separate commercial flood insurance for your business. Most insurance companies do not offer this if you are not in a high-risk area. Flood insurance protects business owners from financial burdens due to flooding resulting in water damage. 

Ensure Your Dental Practice’s Success

The success of your dental practice will be dependent on the three factors detailed above. It is important that you carry them out with the best intention for your clients and employees as well. A good business uses its resources effectively and efficiently in order to succeed. 

To help you learn more about the ways to protect your organization, Advantage Insurance Solutions is here to help. Our expert agents can guide you from the time you start your dental practice and throughout your operations. Call us at (720) 221-8168 or email us at info@teamais.net