4 Interesting Ways Clinics And Practices Make Extra Money
Many patients believe that dental and medical offices make profits hand over fist, but experienced professionals know through first-hand experience how overhead can eat away at profits. You may have already reduced overhead as much as possible, but your office may still not be as profitable as you would like it to be. If you are looking for realistic ways to boost profits at your office, consider how these ideas can be used strategically to bolster your bottom line.
Sell Related Products
One great idea that can help your office to boost profits is to sell products that are affiliated with your business in some way. For example, a dental office may sell a high-end toothbrush or advanced mouthwash that your patients cannot easily find in a local store. A dermatology office may sell vitamins that promote skin health or total body wellness. You may be able to purchase these or other related items directly from the manufacturer in bulk at a discounted rate, and you can sell them for a profit with a marked-up price. Your customers may love the convenience associated with a one-stop shopping experience, and they may also appreciate the ability to buy products that a trusted medical or dental professional endorses.
Sell Scrap Metal for Cash
Dental offices can also make extra money by gathering together extra scrap metal. Dental metal is most often used for crowns, and there are usually some extra scraps that remain during the installation process. In addition, some scraps may be removed from patients. Unless a patient specifically asks for the scrap metal back, that metal is yours to dispose of as needed. Precious metals that are used in dental treatments, such as gold, have considerable value. You can find a service to refine dental scrap and sell these pieces to the buyer on a regular basis to turn a sizable side profit.
Offer Additional Services
Another idea is for your office to begin offering related additional services. For example, you may not currently offer x-rays in your medical office, and you may send patients to an off-site location for this type of diagnostic service. However, when you invest in the right equipment, you can offer this service in-house and profit from it yourself. In many cases, your office may only need to purchase new equipment or hire a new team member to open up an entirely new and very profitable income stream. In other cases, the doctor or dentist may need to take a certification class to offer a new service.
Install a Vending Machine
Another idea that works well for almost any type of dental or medical office is to purchase a vending machine. A vending machine can be placed in the break room for your staff members to use or in the entryway to your office for patients to use. A machine requires an up-front investment, and you or your staff members will need to regularly stock the machine as needed. There are healthy vending machines, coffee vending machines and other options that may work well with the type of office that you run. All profits from the machine will be yours to keep, and some machines even have credit card terminals that can deposit funds immediately into your business bank account each day.
While it can be a struggle to make ends meet in some medical and dental office environments, you can see that there are many money-making opportunities that you may not currently be taking advantage of. Some professionals may combine multiple ideas together to maximize the profitability of their business. Examine these ideas more closely today to determine which options you can implement in your practice to improve profits.