While dentists are certainly focused on finding ways to increase patient satisfaction and decrease the well-known stress that accompanies dental visits, dental practices still need to focus on the business side of dentistry. For years, finding ways to increase patient flow has been the de facto strategy to increase revenue. More patients means more money, right?
But securing sustainable revenue and growth shouldn’t rely on patients alone. Even with the increased emphasis on patient flow, median incomes for dentists are lower than they were five years ago. In addition, over 85% of dentists admit to being under significant work stress — due in part to high overhead and overwork.
Thankfully, adding more patients to your roster isn’t the only way to grow your practice. This two-part blog post will explore high-profit procedures like veneers and implants that can significantly increase your revenue-per-patient without forcing you to invest in higher capacity offices and onboarding. Plus, adding procedure revenue streams can help reduce your patient load, which may relieve some of that built-up stress.
The Value of Veneers
With unemployment at historically low levels and disposable income at relatively high levels, the demand for cosmetic dentistry has skyrocketed over the past few years. Dental veneers typically provide incredible margins and have become an almost necessary component of the standard dental practice.
For starters, veneer procedures may take around 3 weeks, but most of that time is spent by the dental lab — not the dentist. And, even after adjusting costs for overhead and time, veneer procedures often provide dentists with an incredibly high return-on-investment (ROI) per procedure.
When you price veneers, make sure to take your entire overhead into account. You may have to work with your accountant to get the price perfect, but if you look at competitors in your area, you can get a general sense of how much veneers can earn your practice. Make sure that you get your veneers from a lab that doesn’t overcharge for stock parts and has the experience necessary to provide best-fit veneers. Remember, the bulk of the work for veneers is done on the lab side, so picking the right lab is the key to winning with veneers.
Do You Need a Dental Lab That Works For You?
ADL Dental Laboratories combines over 42 years of experience with best-in-class technicians to deliver high-quality veneers to dentists across Canada. We don’t mark up aftermarket parts, and we only deliver best-of-breed solutions to all of our incredible clients. You focus on making your patients’ smiles look amazing; we’ll focus on making you smile. Contact us to learn more.