Being a dentist requires taking on several different roles: clinician, healthcare provider, patient confidante, businessperson. That last one, where you handle the finances, may be the most difficult for some.
Depending on your personality, one or the other of these roles might feel more fitting. For most of us, though, the businessperson job can be the hardest. It’s not because we are incapable, but because that’s not where our hearts lie.
This is why it can be very helpful to have someone with an MBA or a business mind assist you, such as a spouse, business manager, or administrator.
Even if you’re not doing it all on your own, you should be familiar with what is required and what is expected of the finances.
Here are some tips I’ve put together to help you stay on track with your dental practice finances:
4 Tips for Dental Practice End of Year Finances
1. Send Out End of Year Insurance Postcards & Emails
It’s always a good idea to boost your profits by reminding patients to schedule their care. Dental insurance presents a unique opportunity for many patients, who can get some of their dental care covered or discounted. They may not realize or remember that the benefits won’t roll over.
If they have a certain amount of dental insurance coverage remaining, they may benefit from using some for care at the end of the year. They can then complete that dental care with the new insurance amount that begins in the new year.
Consider this a top-of-mind marketing moment.
2. Send Out a Holiday Card
This financial choice is more subtle. Showcase your dental practice family and re-connect your patients with the human side of the practice. This could be part of the unconscious reason they continue with you for the long-term.
The holiday card is part branding, part customer service. It’s not an advertisement. It’s simply fun and a genuine way of reminding patients that they have a dentist.
3. Hold a 4th Quarter Business Meeting
Hold a business meeting to discuss the year’s profits and look at tax planning ahead of time so that you will be prepared for April.
4. Consider Year Long Profitability
Take this opportunity to fully consider what your goals are for the next year and evaluate your business financial health.