Hopefully you’ve already done these but, just in case, here’s a reminder of two important year end must do’s:
Raise Fees: According to The Wealthy Dentist publication, only 50% of dentists responding to a survey indicated that they had raised their fees in the past year. 31% had to raised theirs in two years, 15% in three, 3% in four and 1% in over five years. With cost of living around 3% and operating costs going up 3-4%, this leaves many practices with declining profits.
We recommend raising fees every year by 3-5%. Regularly. This means scheduling the event to make sure it happens. As long as your fees were well set initially, across the board raises should do just fine without having to adjust too many one way or the other. It’s a good idea to ask your supply company rep to do a fee comparison to make sure you’re within the range you want to be. Most of the major supply companies offer this service.
Insurance letter: This should have actually already have taken place in October, however, it’s not too late if you still have room in your schedule. Send a letter (via email preferably) reminding your patients to “use or lose” their benefits before they expire at the end of the year and are once more subjected to deductibles.
Both of these events should be put on your schedule and take place every year. Protect your overhead and protect your profits.
Janet Steward – Senior VP Practice Management Consulting