Strategies for Working Smarter, Not Harder in Your Dental Practice
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Selective Insurance Participation: One works smarter by charging fees supported by the area and not taking every insurance plan. This allows for higher fees and less dependency on insurance reimbursements, promoting a more financially stable practice.
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Negotiating Fee Schedules: Directly negotiating with insurance companies or leveraging third-party administrators (TPAs) for better fee schedules.
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Out-of-Network Benefits: Some find going out of network allows for charging higher fees, which can be more lucrative than in-network contracts.
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TPAs like Careington or Stratos/Maverest: These can offer better reimbursement rates than direct insurance negotiations, enhancing practice revenue.
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Expense Audit: Regularly reviewing expenses, like malpractice coverage or subscription services, to ensure you're not overpaying. "I saved money by shopping around for malpractice insurance," one dentist shares.
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Technology for Efficiency: Switching to software that provides multiple functionalities, like appointment scheduling and confirmation, reduces the need for multiple subscriptions.
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Time Management for Staff: Implementing strict time quotas for procedures like hygiene sessions can manage costs effectively. "Cutting time for SRPs to 30-40 minutes max has streamlined our operations," says a practice owner.
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Zero-Minute Clock Policy: One innovative method mentioned involves a "0 min clock in 0 min clock out" policy to cut down on non-productive hours, significantly reducing labor costs.
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Letting Go of Review Obsession: One dentist shares, "I have resolved not to give an F about reviews. I will keep doing my best and caring, but I have put the keys to our Google page in my assistant's hands." By delegating this task to staff, practitioners can focus on quality care rather than getting bogged down by online feedback. "I didn't click on it to investigate. It is what it is, and won't change anything," reflects another on a bad Yelp rating encountered unexpectedly, recognizing that 20% of patients might always be dissatisfied, regardless of service quality.
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DIY for Savings: Especially in the startup phase, handling maintenance or administrative tasks yourself can keep costs low. However, this can lead to burnout if not balanced properly.
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Delegation for Growth: The opposing view is to grow your practice by hiring more staff or associates. This allows you to step away from the chair, focusing on leadership and business strategy, which one dentist describes as "obtaining income from many people working with you, not just yourself."
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3D Printing: For those adopting it, 3D printing represents working smarter by offering rapid prototyping for temporaries or surgical guides. "I can print a new temp if it breaks, saving time for both me and the patient," a tech-savvy dentist notes. However, the investment and expertise required mean it's not for everyone.
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