5 Best Revenue Generating Opportunities
Most patients have several dentists and orthodontists to choose from. Many patients shop around before committing to a dental professional. According to The Effect of Media Advertising on Consumer Perception of Orthodontic Treatment Quality, a good reputation and a caring attitude are the main reasons patients choose a particular orthodontist (49 percent and 53 percent, respectively). Because patients have become savvy consumers, many dental practices are re-evaluating their operating processes. Common reasons a dental office misses out on revenue include placing patients on hold to retrieve account information and forgotten appointments. Eliminating these factors may increase your patient satisfaction rate; thus, raising your revenue.
The most lucrative piece of equipment in your dental office
Although you have numerous pieces of equipment in your office, the telephone is possibly your most lucrative. Below are some statistics related to inbound and outbound telephone calls. Weave gathered this information from more than 1,000 of the offices that are already using the company’s software.
Each of these offices:
- Place 184 outbound calls each week.
- Receive 174 inbound calls every week.
- Have 10 collection opportunities via the task bar each week.
- Have 17 overdue patient opportunities via the task bar every week.
- 17 overdue opportunities = 3.4 a day.
- Of these 3.4 overdue appointments, if your office successfully reschedules just one of these appointments, you can gain an additional 20 appointments per month.
- 20 additional appointments x $150 per visit (on average) = $3,000.
5 Best Revenue Generating Opportunities
- Have real-time information available while on the phone
Many times, the patient information you need is inaccessible at the times when it is most beneficial to you. Weave addresses this issue to improve your dental practice’s efficiency, here is how:When a patient calls to schedule an appointment or ask a question about his or her account, having the information you need directly in front of you saves time for you and your patients. Weave offers dental professionals the technology they need to have all a patient’s relevant information directly in front of them whenever an existing patient calls the office.
- Have all a patient’s family members recorded
Having an easily accessible record of your patient’s family members allows for a quick verification of identification. Having this information immediately available is especially helpful when treating a child or an elderly individual being cared for by another.In addition to the benefit for treatments, being able to pull this information quickly while on the phone makes it possible to see who has and hasn’t been scheduled in a family when one member of the family the practice. This allows the practice to schedule more appointments that potentially would have been missed had the family members not been recorded.
- Send appointment reminders via text
Reduce the number of missed appointments by texting your patients 48 hours before their scheduled appointment. Weave software automatically texts your patients to remind them about their upcoming appointment. If a patient needs to reschedule, he or she can easily send a text back to cancel the existing appointment.
- Offer referral discounts
Patient referrals are the most cost-effective way to expand your dental practice. For this reason, you need to continuously build strong relationships with your patients. Although this task takes time, it is essential. The majority of your most influential patients will not provide you with a referral until they trust you implicitly. You can generate more referrals by creating a referral discount program.
- Appointment follow-up
With an expanding practice, personally contacting each patient following a visit may be impossible; however, once your practice is running efficiently, staff members will have the time they need to follow-up with your patients. If you follow up with your patients, you show them that you care. This is one of the most important elements in building a strong relationship.