In today’s world, dental overhead, the cost of doing the business of dentistry for a typical dental practice, is about 75%, meaning the net income is a small 25%. A newer dentist is usually carrying more debt, so it has a higher overhead. Most people, including the employees of dentists, are not aware that the net return is that low. Dentists do all that they can to keep from raising their standard fees and accept the paltry payouts from PPO networks that get smaller and with more restrictions all the time.
Costs to operate the average dental practice get larger over time and the dentist and management are challenged to control costs and become more creative with ways to save while still offering the best standard of dental care to their patients.
Dentists want their patients to be able to afford quality dental care but for this to happen the dentist must be able to afford to purchase the equipment, supplies and the people necessary to get the work done. There must be a budget in place to achieve success.
Everybody needs to stay on a budget, and that includes dentists. The benchmark dental budget has rent at 5%, equipment at 5%, ongoing marketing at 3% to 10%, lab expenses at 10%, dental supplies at 5%, miscellaneous at 10% and cost for team salaries at 20-25% (including benefits).
The most significant expense is employee salaries and benefits. Many dentists are not good at asking for more from their workers, especially in times of low net income. It is vital that the dental team take the initiative to promote services and to give outstanding customer service along with their daily job duties.
For the dentist(s) to offer quality care at an affordable price to patients, the dentist must invest in the newer technologies and techniques that provide the patient a level of precision that was not possible in the past. Patients want what they are reading, seeing and hearing about the latest, more advanced and pain-free dentistry that is brief and affordable.
Technology such as dental cone beam imaging translates to fewer complications, less invasive treatment, and a faster healing time for the patient. Preplanning implants with digital imaging and 3- D milling leads to accuracy and a superior result for the patient. These benefits increase treatment acceptance due to better available care.
"Every dollar counts when it comes to managing a dental business"
~ Dr. Kenneth Osamor
Dr. Osamor has practiced dentistry for more than fifteen years and knows that you must do more than provide quality dentistry; you must help patients pay for their care. Patients can save anywhere from 10% to 60% using dental discount plans such as Careington Dental Plans offered by dentists such as Dr. Osamor. The dental practice of today must be able to provide the best care and to help the patient achieve the best care. Dr. Osamor believes that the patient is a partner in the treatment planning and is able to make an informed decision only after the doctor has taken the time to explain treatment recommendations in the language that they understand...
According to Dr. Osamor, the seven keys to keeping dental care affordable are the following:
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