If you are preparing to sell your dental practice or looking for funding from outside investors so that you can experience exponential growth, there are a variety of strategies that you can use to make your dental practice more appealing to investors. What are some of the best ways that you can improve your finances and practice to get the funding that you need?
Decrease Overhead Expenses
In any industry, decreasing your expenses will make a business more appealing to investors. Many dental practices have high overheads due to the cost of materials and staff. While that might seem like it’s a bad thing, it can mean that shaving even one percentage point off of your expenses can be a major improvement. Working with a company like APEX Reimbursement Specialists to raise reimbursement rates could shave down your ratio of expenses to income by increasing your income. We can also help pinpoint inefficiencies in your workflow that might be leading to elevated costs to make your dental practice more appealing to investors.
You Must Maintain Collection While Preparing to Sell
If you are looking to make your dental practice more appealing to investors with the ultimate goal of selling it, you must keep collecting so that your cash flow is as healthy as possible. Because your production and collections reports might not always accurately demonstrate the financial health of your business, you should be prepared to show investors additional metrics like expense ratios, procedure and payor mix, and more. If you need to improve collections at your practice, start new policies like requesting deposits or co-pays when patients are in the office instead of billing them later.
Focus on the Details
If you run a modern office with established policies and procedures and a great team, you are more likely to make your dental practice more appealing to investors. Make sure that you continue to put effort into modernizing and updating your practice up until you sell it instead of taking your foot off the gas early.
Improve the Number of Large Cases and Treatment Plans
Practices that have the most value are those that are efficient. One way to increase per-patient production is by taking on larger cases that have comprehensive treatment plans. This does not mean offering aggressive treatment only. Instead, it means focusing on a complete range of services to help patients have optimal dental health and going the extra mile to explain things for clarity.
APEX Reimbursement Specialists Is Here to Help Your Practice Grow
Whether you’re preparing for the recredentialing process or looking to explore automating your dental practice, APEX Reimbursement Specialists is here to help. Contact our team today by calling (410) 710-6005. We look forward to working with you to make your practice a more profitable place.