There’s no question that we live in a time riddled with change and an ever-looming sense of the “unknown” that is to come. Take a look at any aspect of our everyday lives and I guarantee you will see the domino effect of change: technologically, politically, socially, the list could go on and on.
The Dental Industry is not immune to these rapid changes and has continued seeking innovative strategies to navigate uncharted territory.
Dentistry is one of the last cottage industries in the medical field in which many firms are still privately owned and operated in-house with the exception of a few large firms. According to the Health Policy Institute’s most recent data, “88% of dental offices in the United States have 3 or fewer dentists”. While this is changing with time as more offices begin consolidating, it is fair to say that dental providers are still very independent.
Over the past decade, independent dental practices have been forced to teeter on the tightrope of morals and needing to keep their heads above water financially. With an increasing cost of student loans, lab costs, goods and production within practices, dentists are simultaneously suffering the reality of decreasing profitability.
Much of this decrease in profitability falls at the hands of insurance companies failing to pay dentists the necessary funds for service. These companies will tend to pay for the average 6-month check-up, but when it comes to patients needing larger procedures, insurance companies will deny claims stating there’s a lack of supporting information to process such claims- thus, placing even more stress on the practice.
As insurance reimbursement continues to decline, dentists have no choice but to try to combat the loss of profit through other means including raising the price of their services or cutting corners where they can.
What if there was a way for dentists to save money without having to overcharge patients or sacrificing their integrity? What would you say if I told you there is a way!
The easiest way for dentists to save money is in their approach to purchasing supplies. Dedication to finding the cheapest prices for your dental supplies and learning how to shop around could save you 30-45% a month on your purchases.
Taking the time to sit down as a team and drawing up a game plan to save money could have a major effect on the trajectory and future success of your practice. With the new year quickly approaching, we here at IDPP encourage you to begin implementing these three steps into your office’s New Year’s Resolutions:
Set a budget. Know what you’re willing to spend and what you’re not. Look at your supply costs over the past 12 months in comparison to your profit within that allotted time and draw up a budget in which you are comfortable. Being able to stay within this budget will encourage you to search for the best pricing of those products.
Only order the necessities. Order in bulk what you know will be used and wait on the products that have a tendency to sit on your shelves- this will help you to focus on what is a vital necessity and what products you can hold off on and, in turn, save you money on your monthly costs.
Ask about free goods. I can’t begin to express how often I’ve seen offices miss out on free products because they were simply unaware of the offers. Manufacturers offer them so why not take advantage of them. In the end, remember, they add up!
From our 17+ years in the dental field, we understand that many offices, however, don’t have the time to be able to constantly be searching the web for the best bargains and deals. That’s why we take such great pride in what we do here at Integrity Dental Practice Provisions.
We work for you as the doctor. We know how difficult it is to profit in an industry that has largely become run by insurance companies and their lack of reimbursement and we pride ourselves in our steadfast efforts to help your practice be as successful as possible.
If you’d like to learn more about how we could help your practice save money, visit our homepage or shoot us an email! We’d be honored to team up with you!