From retail to dentistry, if you own a small business, you know the importance of finances. Despite the financial opportunity, in dentistry, just as with any other business, you can end up in debt if you’re not careful. That’s why it is important to monitor your cash flow and to increase revenue. Here we will discuss several tips for increasing your revenue and improving your cash flow through dental credit card processing and other tips to make your business stronger.
Increasing the number of new patients you take in can significantly boost your revenue. This can be done through careful marketing strategies. In addition, you can provide incentives to existing patients for referring new customers that can help you bring in new patients. Referrals add long-term strength to your business.
Increasing your capacity can increase your revenue. The more people you can take in during a day, the more money you can make. By adding more staff, adding additional rooms, or simply by streamlining appointments & schedules, you can take in more patients during a given period and thereby increase your profits. You can also increase your capacity by streamlining the processes in your office, whether it be by improving the organization or decreasing set up and wait time.
Another way to increase revenue is by asking each of your patients if they would like to whiten their teeth. Either as an upsell or a complementary service, asking your patients if they would like to whiten their teeth is an easy way to increase revenue. Plus, it can open the door to other cosmetic procedures that have the potential to be lucrative. This may even lead to your customers referring others, which can help you with taking in new patients.
One of the simplest and most necessary way to help your revenue is to make sure you get paid. It’s important to offer payment systems that work for your patients, such as payment plans; you can also incentivize payment in full by offering discounts. Stay on top of collections and make sure that you receive payments for all the services you provide.
If you haven’t discussed your finances with a good accountant, then you may be missing out. Find an accountant who knows your profession and discuss your finances with them in-detail. This will allow you to have your finances analyzed, which can result in you receiving suggestions for improvements, and ultimately coming up with a game plan that can help you improve your revenue and reach your financial goals.
Finding the right payment processor can help your budget. Not only can it make sure you are able to take all forms of payments, which will thereby increase your clientele, but it can increase your efficiency and make sure that you get paid. At Moolah we provide services that make dental credit card processing easier. All of our accounts come with a free Poynt Smart Terminal, which allows for a variety of payment options, including EMV cards and even Apple Pay and Android Pay. With our simple fee structure and wealth of features, Moolah and Poynt are ideal for your processing needs.