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    8 dental practice strategies to keep more money in your pocket

    Implementing these strategies in your practice could improve your bottom line.

    There are many ways to maximize your net worth. Spend less, make more, get high rates of return and so on. While relatively none of these alone will be the silver bullet to your financial independence, a coordination of them could be a great start.

    Following are eight strategies that we have seen our clients implement in their practices to help maximize their income and reduce taxes, in addition to other expenses. This in return allows additional monies to be working for them and their families.

    1) Utilize internal marketing

    Incentivize visitors to write Facebook/Google Plus/Yelp reviews in the office. The incentives don’t have to be much; maybe it's gum, $5 gift cards, a sewing kit, chapstick, pens, etc., but this will serve as a reminder for patients to check in and leave a review right while they are sitting in the waiting room. This way you know it gets done and they in turn have a chance to win something from the "social media grab bag."

    2) Thank patients for referrals

    You can reward patients for referring your business with a gift card, however not everyone is money-motivated. Perhaps a hand-written thank-you note could go a long way to thank your patients or even other referring doctors for giving your practice the highest form of a compliment: a referral.

    Trending article: How to use technology to enhance your internal marketing

     3) Call patients

    An introductory call to a new patient could be a meaningful and positive way to start the relationship. Introduce yourself, your background and answer any questions they may have—you may be able to ease their fears or soothe their anxiety about switching dentists or coming to see you. Ideally, you would see your first time appointment cancellations go down by implementing this.

    Furthermore, call them to follow up after their appointment. How did it go? Did it meet their expectations? How about giving them a call after having a procedure done with another specialist? If you referred them to an ortho, perio or endodontist it would really stand out for you to follow up with your patient to make sure they liked who you recommended them to. It also shows concern for them beyond just the appointments in your office and helps verify that who you are referring your patients to is doing good work.

    4) Create a spa experience

    Everyone is about efficiency these days. Why not allow your patients to get two things done at once? Offer to clean their jewelry or give them a paraffin hand wax treatment while they are being seen. Time is money for them as well and that escalated patient experience could really set you apart from the dentist down the street. End their appointment with sorbet as a palate cleanser. This goes far beyond the popsicle you may hand to the kids. 

    Continue to page two for more...

    Clarisa Hernandez, CFP
    Clarisa Hernandez is a financial advisor for North Star Resource Group. Find out more about her at ...
    Jordan Youngblade
    Jordan Youngblade is a financial advisor at North Star Resource Group’s Denver office.

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