Happy New Year to our QDP Blog readers! Here’s to a healthy and prosperous 2015!
In case you missed it over the holidays, Dental Products Report published a helpful article talking about 5 things dentists need to know regarding their dental fees. It’s a terrific reminder as we begin a new year, making plans and setting goals.
It’s crucial to take a hard look at your fee schedule once a year to make sure it’s up to date and appropriate for your area. Without incremental fee increases, you may not be able to stay competitive or continue to update your practice with the latest technology. Operating a successful practice depends on setting appropriate dental fees in a way that boosts your bottom line, rather than destroying it.
Have you re-evaluated your dental fees? What changes have you made regarding your fee schedule for 2015?
When was the last time you examined your fee schedule? Chances are, it has been awhile. Your fee schedule is an important component of your business plan, and the start of a new year is the perfect time to make adjustments to get your practice off to a strong start.
The problem is that without regularly looking at your fees, it’s impossible for you to make effective decisions regarding your business. The key is finding the fee schedule sweet spot that enables you remain viable without running the risk of your services becoming undervalued. You also can’t provide your patients with benefits such as cash, senior or advance payment discounts, Comprehensive Finance, Care Credit or Whitening for Life. Patient benefits continue to be one of your best tools for building patient loyalty and setting yourself apart from your competitors.
Without increasing your fees, you may not be able to stay competitive; you can’t afford to continue to update your practice with the latest technology, or to get all of the necessary continuing education to hone your clinical skills. Operating a successful practice depends on implementing these kinds of patient incentives in a way that boosts your bottom line rather than destroying it. And the key to doing this lies in setting appropriate fees. Take the time this January to evaluate your fee schedule and make 2014 your most profitable year yet.