Milk Your Practice’s Biggest Money-Maker for Everything it’s Worth
Most people shop around before committing to a dental provider. In fact, most have several dentists and orthodontists to choose from. 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 such savvy consumers, many practices are re-evaluating their day-to-day processes. A couple of the common reasons a practice misses out on the money-making opportunities include placing patients on hold to retrieve account information and forgotten appointments. Eliminating these factors, and a few others, will help to increase your patient satisfaction rate; thus, raising your revenue.
But where does this all start? At your front desk utilizing…
The most lucrative piece of equipment in your dental office
Although you have numerous vital pieces of equipment in your office, no single piece of equipment brings in as much money as your phone. Below are some statistics related to inbound and outbound telephone calls. We collected information and stats from more than 1,000 offices and monitored the phone usage and missed revenue opportunities.
Each of the offices we collected dat from:
- Place 184 outbound calls each week.
- Receive 174 inbound calls every week.
- Had 10 collection opportunities per week.
- Had 17 overdue patient opportunities per 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 (average cost per appt) = $3,000.
- The average monthly cost for Weave is $340.
With a service like Weave that provides instantaneous insights into you patients’ information at the ring of the phone, these opportunities become part of your daily routine with little effort. Don’t miss the extra 20 appointments and the additional $3,000.
If you want to see a few more ways that your business can make more money, check out five simple ways to make more money.
Have a minute to put the money-maker to use? Give us a little info to have one of our experts give you a quick call and see how Weave can benefit your practice.