We are experts at helping dental practices
Being a dentist is hard. Running a business is hard. Doing both well, is really hard. well.financial has experts that have worked in the dental industry for years. We are obsessed with finding ways to help you streamline on key vendors and save on the services you need for your practice to operate smoothly. This helps impact your bottom line and it helps save time so that you can focus on your patient care. It is easy to apply, just click here.
well.financial Dental Practice Stats
After utilizing the buying power, tech platform and expert guidance, dental practices see some pretty good results. Below are some key data points we track to make sure we’re delivering value to our clients.
Avg # Hours Saved
% of Practices that Save
Avg Savings / Service
Current Savings Opportunities
Data as of: 6/1/20 @ 6.30 pm EST
+ Rates as low as 3% for Real Estate
+ Rates as low as 1.99% for all else
+ Loan amounts $5K up to $10MM
+ Premiums reduced for dental risks by 40%
+ Competitive Marketplace with new players
+ Cyber coverage still 75% cheaper than risk
+ Opportunities to reduce rates by 30%
+ Access to major networks readily available
+ Lower deductibles reduce OOP costs by 40%
Dental Industry Benchmarks
The majority of the other 75% are all overhead and operating costs and there really isn’t that much room to cut corners.
While the average revenue of practices continues to increase, the amount that the owners get of that revenue however is decreasing.
Dentists and their employees all report time pressures being the main reason for stress. Finding ways to mitigate those pressures is hard, especially as you grow.
Bringing on a new dentist into your practice comes with a lot of advantages, but integrating them into your practice can be challenging.
Dental Industry Blog Posts
Helpful information and best practices from dental industry experts on how to save or find efficiencies in your practice.
Cash flow is king for dental offices, and finding strategic ways to increase it goes a long way. It goes beyond just looking at your books to see where you have extra costs. Here are 10 ways you can immediately increase cash flow in your dental office. 1. Raise your fees This is the simplest way…
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…
1. Keep a close eye on collections. Many practice managers mistakenly count revenue without factoring their collection rate. If you earn $10,000, but only collect half of it, you can’t gather the payments needed to run your practice successfully. There are several ways to improve your collection rate, according to Dental Economics magazine: • Make sure the…