Our recent podcast, “Ten Ways To Immediately Increase Your Cash Flow in 2023!” got lots of attention and questions. One of the frequent questions was “Hey – I don’t listen to podcasts. Can you just send me the list?”
After resisting the temptation to say, “Hey McFly, my Mom knows how to listen to a podcast and she’s 88…” I said, “Sure – I’ll put it in an upcoming email. So here goes….
TEN WAYS TO IMMEDIATELY INCREASE YOUR CASH FLOW IN 2023!
- Get on your collections! Start by making a list of everyone who owes you money for one reason or another. But please don’t follow the typical dental consultant suggestion of starting with Aaron Aardvark and calling every single person on the list until your reach Zelda Zwieback! Do a little triaging.Sorry to say, but someone who has owed you money for three years is probably not going to pay. Start with the “freshest” accounts, and then order by those who owe you the most. Get a credit card number from them right on the telephone! If leaving a voicemail, be vague. Say “it’s important that you call the office right away.”
For those who don’t pay, send them a # 207 form! It’s the most successful collection form in the history of dentistry!
- Yes = raise your fees! Do it now!! Sure, it’s one of the biggest cliches in dentistry, but it’s true. Chances are you are due for a fee raise. Oh yeah, I can hear you saying “But my patients already think my fees are too high!” And it may be true. But if they think a $1200 crown is too high, they think a $1500 one is too high as well. No change in perception!
- Offer fluoride to all adults. It’s not a huge money maker but it sure helps with cash flow – and you’re doing a great service as well. Presentation is two steps:
– Universal / social proof: “Most of our adult patients get fluoride.”
– Personal: “This will really help extend the life of your crowns, and help those two molars on the upper left stay filling-free.”
- Offer sealants to all adults and kids. Same thing.
- Stop overpaying credit card fees! Why pay that nasty “overage percentage” with every charge? Do like we do at The Madow Center and use Stax. They charge a super low, flat monthly fee for processing. This is the no-brainer’s no-brainer!
- Renegotiate your lease. Even if your lease is not up, you can totally re-do your terms if you sign on for a few more years. This can immediately put cash in your pocket. Landlords love dentists! Best move of all – get a professional lease negotiator. You’ll be amazed (and they don’t charge you)!
- Sell your scrap now and pocket thousands! There really is no better and easier way to get a check for a few thousand in the mail than sticking your dental scrap in a lab box, slapping on a prepaid label, and relaxing! We’ve done the homework for you – Southern Dental Refining pays the most with the fewest hassles. That’s why we partnered with them!
- Always get paid up front – don’t be a bank!! Use CareCredit (the right way). Offer discounts for upfront payments. Whatever – just don’t let a patient pay you in drips, or else you’ll be going back to item #1!
- One bad apple DOES spoil the whole bunch!! Sorry to say, but an insubordinate team member not only causes stress, they cost you money every single day in so many ways!
- Have a long talk with your accountant about the upcoming year. If your accountant knows dentistry and has many other dental clients, they should be able to help you come up with some strategies to save in 2023.