Dentist’s revenue jumps with one simple process change.
Janice started a dental surgery practice three years ago. She had grown the business from nothing, reaching breakeven quickly through word of mouth and then moving into profitability. However, she also felt there was so much more potential to grow. When her trusted CPA suggested they talk through how she might grow her revenue further, she was all ears.
Having a short conversation with your CPA can help boost your revenue.
During their conversation, the CPA asked Janice some questions about the nuts and bolts of her firm’s revenue, specifically:
- How many active patients did she have?
- How many times a year did they visit her?
- What was the average transaction value?
The dental surgeon was able to find out the answers to numbers 1 and 3 from her practice management and billing system and her accountant helped her work out the answer to number 2 (number of visits per year). Janice was shocked to discover the answer was 1. The reason for her surprise was that her policy with her patients was to encourage them to come in for a check-up twice a year.
Together, they observed the receptionist working with patients as they left their appointments and in doing so, they heard the following:
“So we’ll send you a reminder when you’re due for your next appointment.”
That process might sound good on paper, but it relies on three things to secure a second appointment in a 12 month period:
- The dentist’s system being reliable enough to send out the reminder
- The dentist’s team following up the reminder with a phone call
- The patient accepting and booking in the appointment.
With that in mind, the CPA and dentist came up with one simple solution. During the payment process, immediately after an appointment and with the patient feeling good about having healthy teeth and gums, the receptionist simply said:
“Let me book in your next appointment for you right now.”
They tracked the results and 85% of patients booked in a second appointment for six months’ time on the spot!
As you would expect, revenue jumped significantly as a result of understanding the numbers. This is where expert CPAs like Williams & Kunkel CPAs can help you. Call us today in Flower Mound at 972-446-1040 to have a chat.
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Source: Panalitix