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There are a variety of ways that dental professionals can use industry opportunity to expand and improve their practice.
Despite a tumultuous past year, Vyne Dental’s State of Dentistry survey states that 86% of practice leaders are either confident (35%) or very confident (51%) in their practice’s future. This optimism is likely due to increased vaccination efforts, local economies reopening, and patients returning to in-office visits.
Dentists can take advantage of this renewed optimism through investments in staffing, technology, and infrastructure to ensure they have the resources they need to be successful, prepared, and stand out from the competition.
At Bankers Healthcare Group, we work with dental professionals by offering custom financial solutions they can use to invest in their businesses and profession. One key area of interest for our dental borrowers is having access to working capital, which provides the flexibility they need to fund their unique long- and short-term goals and be confident the road to normalcy is a smooth one.
Here are 3 ways dental professionals are investing in their future:
1. Upgrade Technology & Equipment
In 2020, medical professionals across industries needed to adapt to new technology, and dentistry was no different. While the pandemic’s peak had many dentists moving toward temporary telehealth solutions, practices are now seeing patients in a more normal fashion. However, that doesn’t mean there isn’t a push for new technology in other areas. Surveys have stated that 26% of dentists are looking to invest in new technologies in 2021.
There will always be developments in equipment and patient-focused technology. However, as dentists expect an influx of patients as the vaccines roll out, some practices are opting for investments in more workflow technology. A recent article discusses the need for digital workflow solutions that allow a more seamless experience for dentists and patients. This includes easier ways to scan, send and keep patient files, and manage patient data. These improvements can assist your staff in providing a more efficient experience for your patients and ease the burden of manual record keeping.
Of course, digital workflows aren’t the only technology worth investing in; many practices can also benefit from purchasing new scheduling tools, software, and medical equipment to expand their services.
2. Invest in Marketing & Patient Outreach
To diversify and grow their patient base, dentists can utilize working capital to market their services. Those who put more money, time, and effort into marketing can stand out from the competition and position their practice for growth and success.
When marketing strategies are applied correctly, they can drive business results. Advertising, direct mail, website redesign, and social media marketing are all effective strategies that are also scalable, so you can start with as small (or big) of an investment as you’re comfortable with. Embracing a long term strategy to marketing can help you get the most out of your dollars, as oftentimes, one-and-done tactics don’t have lasting power.
Regardless of how you choose to market your practice, let your community know that you’re operational, inform them of the improvements you’ve made at the office, and urge patients to book an appointment.
3. Hire & Recruit New Talent
Another area of investment is in staffing and recruiting. As patient appointments increase, practices will need more staff—from adding additional dentists, support staff, and administrative staff to hiring a larger maintenance and janitorial crew. Preparing for your staffing needs now can help you best serve patients.
If you don’t have time to focus on hiring, a working capital loan can enable you to hire a recruiting company or invest in building a career portal on your website. Also, investing in current staff through additional training and continuing education can help them sharpen their skills and increase loyalty to your practice.
Despite an unprecedented past year, research around practitioners’ renewed optimism and confidence in the future is encouraging. Not only is now an opportunity to ensure a successful continued path to normalcy for your practice, but it’s also a time to reflect on the different ways that investing in your business and your people can create a quality experience for your patients.