Between the rapid technological advancements and the high cost of equipment, investing in dental tech is no easy financial decision. For many dentists, a given purchase comes down to the potential return on investment (ROI). But how do you know if a state-of-the-art tool will be a sound investment?
Let’s take a closer look at the technologies that offer the best bang for your buck before exploring the top 12 ways you can leverage them to maximize your ROI.
Capture Greater ROI With Cloud-Based Dental Practice Management Software
The speed of technology is truly incredible, but it also means that things are becoming obsolete much faster than they used to. While cutting-edge equipment, such as 3D implant printers and CBCT machines, is often a worthwhile investment, the hardware itself will become outdated given enough time. Similarly, traditional on-premise software solutions are often rigid and difficult to update or upgrade—provided they still have a development team.
On the other hand, modern cloud-based software is often the first place dentists look to maximize their ROI. Why is that? By combining dental practice management software (DPMS) with cloud computing capabilities, dentists get a solution that scales with their practices and automatically updates over time.
So, how can you leverage a cloud-based DPMS solution to get a solid return on your investment?
12 Ways to Boost ROI With a Practice Management Solution
Here are the top 12 ways you can use a DPMS to boost your ROI:
1. Assess Your Needs
Before you select your DPMS, it’s critical to first assess your needs—both current and future. Identify any existing practice challenges and pain points and establish milestones and objectives you’d like to achieve. This will help you understand what you’re looking for in a DPMS so you can determine the features and functions you’ll need now and down the road. At the same time, you should consider potential budgetary constraints, along with the technical skills required to implement, integrate and utilize the tool.
2. Compare Solutions
Next, compare DPMS solutions across different vendors to see which ones meet your unique needs. Look out for differences in functionality and features, but also be sure to research the vendors themselves to see what their customer support is like. Ultimately, you’ll want to find a tool that strikes the best balance between flexibility, scalability, security and support.
3. Implement and Optimize
Once you’ve chosen your DPMS, you’ll need to deploy it across your practice(s). This will likely involve integrating it with existing systems and processes, so be sure to set aside enough time and resources. At the same time, you should start onboarding staff and gathering feedback on the rollout. As you monitor the performance of your new solution, continue to tweak it and optimize your practice workflows.
4. Leverage Cloud Capabilities
Cloud-based solutions are typically the best option for a DPMS—especially for dental support organizations (DSOs) and other multi-location practices. That’s because they enable easy and secure access to data across practices, allowing dentists to check in at any time and from anywhere. This can further boost productivity and efficiency across locations.
5. Enable Greater Versatility
A DPMS can also enable practices to offer new services, from orthodontics to oral maxillofacial surgery. These versatile solutions can integrate seamlessly with various dental specialties, allowing you to expand your business while maintaining the highest standards of service and patient care.
6. Automate Scheduling and Billing
In addition to expanding versatility, DPMS solutions allow dentists to automate many of the tedious, time-consuming tasks that occupy administration’s day-to-day workflows. With self-service appointment scheduling, patients can book their own appointments online instead of calling the front desk. Along with automated billing, this saves your staff time to focus on higher-value projects.
7. Enhance Business Efficiency
Between the automation and productivity gains, this kind of dental technology can significantly enhance the efficiency of a practice. For instance, using a cloud-based DPMS solution as part of a paperless office allows dentists to pull up patient records on demand. Plus, simultaneous workflows empower front- and back-office staff to work seamlessly together, minimizing wait times.
8. Optimize Patient Flow
By streamlining appointment booking, billing and resource allocation, a DPMS ensures efficient use of staff and optimal scheduling. Not only does this reduce wait times and improve the patient experience, but it also enables staff and dentists to see more patients each day, resulting in higher revenue and a more stable cash flow.
9. Streamline Revenue Cycle Management
Similar to patient flow, dental practices must also track the revenue they receive from each patient—from their first appointment to the last payment on their final balance. DPMS solutions offer enhanced financial visibility, allowing practice owners to identify areas for revenue growth and cost reduction.
10. Expedite Insurance Verification
With electronic claims integrations for insurance claims workflows, your DPMS solution can expedite the entire payment process from beginning to end. By quickly verifying a patient’s coverage, practices can accelerate billing and claims submissions, leading to faster reimbursement and reducing the time between providing services and receiving payment.
11. Elevate the Patient Experience
DPMSs also help to transform the patient experience. With enhanced communication capabilities and convenient features like appointment reminders, online scheduling and virtual waiting rooms, these solutions simplify and streamline the process for patients and staff alike. As a result, patients are more satisfied with their experience, leading to greater retention rates.
12. Boost Referrals
Similarly, improving patient satisfaction with a DPMS can also boost referral rates. Even a single positive experience has the potential to travel by word of mouth and the power to sway patients away from competitors. Ultimately, this increase in retention and referrals translates to a boost in revenue and ROI for your technology investment.
Invest in Your Dental Practice—Get the Most Out of Sensei Cloud
Looking for a DPMS solution that can do it all?
Say hello to Sensei Cloud — the most versatile DPMS on the market built by and for dental professionals.
Discover what Sensei can do for your practice today.