Ways your dental practice can unlock new revenue streams | Oralift

We’ve rounded up some ways your dental practice can unlock new revenue streams in today’s ever-changing times.

 

Worth more than £7 billion per year and employing more than 100,000 people across the UK, the dental industry is thriving.

Despite facing challenges from NHS public spending cuts and the ongoing uncertainty of Brexit, the sector has remained buoyant.

Practices are now looking outside of the box to find new revenue streams and take their businesses in new directions.

We’ve put together some of the ways you can increase the turnover of your dental practice through diversification and ultimately deliver a better service to your dental patients.

 

Take on new patients

Perhaps the most obvious way to increase revenues for your dental practice is to take on new private and NHS patients.

Of course, opening up your books to new patients is only possible if you have the bandwidth, so consider taking on a new dental nurse to expand.

The good news is that there should be no shortage of patients.

According to one report, the number of children waiting for more than six months for NHS dental treatment has risen 52% in three years, and it’s a similar story amongst adults.

Ask for reviews and recommendations from your existing patients and consider introducing a referral scheme – you can offer points or free services to existing customers who fly the flag.

 

Offer private services

Although most treatments are subsidised for NHS patients, more than 50% of revenue from the UK dental sector is derived from the private market. That figure has grown significantly in recent years as consumers look for specialist treatments, hygiene services and speed.

And with a decrease of 1.2% in NHS spending on dentistry, there has never been a better time to expand your offering and give consumers a chance to pay for a premium experience.

Whether you offer cosmetic dentistry or “upgrades” to existing treatments (for example, allowing patients to skip the queue and receive faster treatments), there are lots of ways to improve the value you offer to customers and charge them for your services accordingly.

Conduct research to determine the most appropriate pricing and consider the benefits of adopting a monthly subscription service, where patients can pay £20 every month and receive annual checks, cleans, and basic procedures as part of the price.

 

Focus on marketing

If you’re already offering a fantastic service to patients but you’re struggling to win over new customers or encouraging existing patients to return, focus on building a marketing strategy that positions your practice as an authority in your local area, one that consumers can trust.

Create a consistent, modern brand, build a new website, optimise your Google My Business profile, pay for local Google advertising, invest in video marketing and testimonials, build an email marketing campaign, offer live chat on your website, use social media to distribute content, and consider direct mail to reach older demographics who aren’t on the internet.

 

Expand into facial aesthetics

You’ve worked hard to build up trust and rapport with your patients, so you naturally have a head start when it comes to offering additional services such as facial aesthetics – and a professional, comforting environment that stands head and shoulders above beauty clinics.

One of the biggest trends in recent years is for dental practices to offer additional services such as facial aesthetic treatments like wrinkle reductions, Botox, and smile makeovers.

Now worth more than £2 billion per year, cosmetic procedures like lip fillers are popular amongst young consumers, and the benefits for dental practices is that they are cheap and offer big markups.

Indeed, once you have taken part in an accredited course, you’ll be able to offer patients additional services and unlock another revenue stream for your business.

And the best part is, many of these treatments complement the work you’re already doing. If you offer services such as dental impacts, teeth whitening, stain removal and dental bridges, plumping up lips can subtly enhance a patient’s new smile and increase their satisfaction.

 

Become an Oralift practitioner

Finally, consider becoming an Oralift practitioner and offering patients a new way to stay looking younger for longer, without having to worry about needles or going under the knife.

The Oralift facial rejuvenation device offers a natural, effective anti-ageing treatment. With so many dentists telling us that their patients ask for treatments for the face, Oralift can make a great addition to your business, offering a safe and natural alternative to Botox and fillers.

Perhaps the best part about Oralift facial rejuvenation is that it can be achieved by wearing an appliance in the mouth for short periods – a mouthguard that can be fitted by you and worn at home for just two hours per day, every third day. A dedicated app is also available.

Placed in the top three non-invasive facial rejuvenation treatments by The Daily Telegraph and recommended by dentists around the world, Oralift ties in perfectly with the changing dental industry and allows you to tap into a new market without a significant investment.

 

Stay tuned for more tips and tricks on running a successful dental practice, and be sure to follow Oralift on LinkedIn for regular updates on the Oralift device and its success stories.

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