Make Money In Your Sleep

Dentistry is a labor-intensive endeavor, as it is a literal hands-on job requiring immense skill and focus. And if you manage your own practice, the work doesn’t end there. To be profitable and successful, one has to think about paying rent, hiring staff, firing staff, billing processes, collections, marketing and more. Wouldn’t it be nice if there was a way to eliminate some of the administrative workload to leave more time for yourself, your family and the art of dentistry – all while earning more?

By employing virtual and automated systems, there is a way. These systems can provide a significant leg-up on the competition, too. Many businesses have been slow to adopt automation technology despite its rapid development. As of November 2018, less than 20% of businesses used such technology in their operations. Below are three automated and technology-driven methods to increase revenue while working less.

Implement a Chatbot.

Chatbots are artificial-intelligence-driven bots that can interact with current and potential patients online. Once set up, they are completely automated and can execute complex strings of communication. They can be set up on a website, or even on Facebook Messenger, using a third-party site like Chatfuel. These bots can help communicate all types of frequently asked questions regarding details such as hours, directions, services and pricing. This can help generate revenue by driving business to your practice without you having to pay additional labor costs.

Use Online Scheduling.

Another way to draw more patients to the practice is to implement an online scheduling system. These systems are rapidly growing in popularity, and with good reason. According to a recent study, “By the end of 2019, 66% of U.S. health systems will offer digital self-scheduling and 64% of patients will book appointments digitally, delivering $3.2 billion in value and a competitive boost for health systems.” These numbers suggest that the transition to online scheduling is becoming less of a luxury and more of a necessity in the digital age. Additionally, according to DentistryIQ, apps like OpenTable and Uber are spearheading a shift in consumer behavior towards self-empowerment, meaning that users want to take matters into their own hands while having their needs met quickly and on their own terms. As with reservations and ridesharing, consumers will want fast, easy, digital solutions when it comes to their healthcare appointments.

Implement Virtual Insurance Billing.

When it comes to boosting revenue with little to no effort, virtual insurance billing is one of the best options. Leading services let practices outsource this type of work, allowing dentists and teams to focus on what they do best (dentistry and patient care), while the investment pays for itself again and again. Virtual billing services simplify A/R by helping process claims effectively while managing patient accounts and simultaneously maintaining good relationships between patients and practices. They also help with collections, both conducting them and ensuring that state and federal rules are closely followed. This allows practices to quickly and effectively collect owed revenue while staying legally protected.

By employing these automated and technology-driven systems, practice owners can remove a sizeable portion of work from their plates while simultaneously maximizing profits.