In Part 1, we covered the value of veneers. Click here to read Part 1
There are plenty of challenges facing dentists in 2020. Student loan debts have swelled to an average of $200,000 per dental graduate. Overseas dental laboratories continue to ship poor quality products to dentists backed into a financial corner — leading to decreased client satisfaction. And the number of U.S. adults who visit a dentist annually has shrunk to less than 50%. For many dentists, these issues are directly related to revenue.
But growing revenue isn’t easy. Increasing patient flow can often lead to undesirable overhead, which can eat into profits. And, dentists trying to stay afloat in the current market are stressed and overworked. Luckily, you don’t need more patients to grow. You need higher value procedures. Here’s how implants and dentures can help you achieve your financial goals without having to onboard thousands of new customers.
Like veneers, the implant market is a hot commodity for dentists. Over 500,000 people undergo an implant procedure each year, and implants are well-known for their profit margins. In fact, we typically see implant margins rest around 40%, depending on each practice’s individual pricing structure. Again, make sure to include overhead in your cost analysis and price your practices around competitors.
Like veneers, the lab you choose plays a large part in your implant success. If you use a lab that marks up aftermarket parts, you may find that the bulk of the profit margin goes to the lab. Try to work with reputable labs that have a proven track record in the industry.
According to the American College of Prosthodontists, 90% of people missing teeth wear dentures. Unfortunately, many dentists turn away from dentures as a sustainable revenue stream. Between the time, work, and laboratory costs, dentures can quickly become one of the lowest margin procedures at your clinic.
But they don’t have to be. Like implants and veneers, your denture profit margin is glued to the lab you choose. Upper and lower dentures, relines, and cast partial frames can all quickly become profit-bearing activities for dentists if they market them appropriately and align their goals with their dental lab. Dentists want to choose a lab that offers high quality at a competitive margin. Trying to use the cheapest option will result in poor reviews and lost patients, while overpriced dentures can burn a hole in your wallet.
Dentures may not provide the same margins as veneers and implants, but they’re a high-volume procedure that can be effectively costed to provide long-term income to practices.
Choosing a Lab That Works For You
ADL Dental Laboratories helps hard-working dentists find the value in implant, veneer, and denture procedures. With over 42 years of combined experience, our lab technicians are experts in finding solutions that work for your practice. We don’t mark up aftermarket parts, and we only deliver best-in-class 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.