Every penny counts – Adam Shaw RPA
Featured Products Promotional FeaturesPosted by: Dental Design 26th January 2019
It goes without saying that the cost of running a dental practice has rocketed in recent years, to the point where many are now starting to feel the pinch. Inflation is partly to blame for rising prices, of course, with practices generally experiencing higher expenditure than ever before from utility bills like water and electricity to the cost of everyday materials and consumables.
The falling value of the pound due to present economic circumstances and ongoing Brexit negotiations has had a profound effect on practice owners’ pockets too. Together with a poor exchange rate and the fact that as much as 50% of the products used in the UK are currently manufactured and imported from Europe and America, practices are finding it more difficult to turn a profit.
The pressure is likely worse felt by NHS practices that are unable to increase their prices to make up for the rising costs, but ultimately everyone is in the same boat. The question is what can be done about it? As far as staffing and utility costs are concerned, there’s unfortunately not a lot that you can do to change your monthly bill, but if you’re savvy there are a few savings you could make elsewhere. Even if your finances haven’t been affected by the current climate, it doesn’t hurt to revisit your budgeting every now and again. After all, the more you save, the more you have in the kitty!
If you’re guilty of over ordering and over stocking the store cupboard, then the first place you can roll back the pounds is your dental supplies order. Excess stock is essentially money sat on a shelf doing nothing when it could be in the bank or being put to better use. By being shrewder with your ordering and cutting back on what you have lying around you could save yourself a small fortune – not to mention that you free up some storage for when you come across a bargain! The other thing is to shop around. There are so many deals and discounts available from various distributors on consumables, sundries, materials, small equipment and tools, that it makes sense to search for the best possible deal rather than pay full whack.
There is also a chance that you might be able to save a few pounds on your marketing budget, as there are now a number of ways to reach out without spending a fortune. Social media platforms such as Facebook, Twitter and Instagram where you can post videos, links, images and interesting copy, for instance, can be hugely effective at helping you to grab patients’ attention and provide regular updates. Plus, they’re all completely free to sign up to and use, so you’ve got nothing to lose! You could also make use of E-shots and E-newsletters to notify patients about treatment offers and new services available, which could, in turn, help fill your appointment book and boost your profits.
On top of that, take care to get the best prices on your internet, phone package and IT system so that you’re not overpaying. Costs might be rising, but there are still good deals to be had! That being said, sometimes you have to spend money to make money, so also be prepared to put your hand in your pocket. Gaining a new qualification or taking on a specialist, for example, will cost you initially, but if you are able to use that investment to entice patients to the practice then in the long run it will make you money.
The same goes for your equipment. Unless you purchase quality made, reliable equipment that will stand the test of time, you will end up having to replace every couple of years. This will cost you far more in the long run than if you had just spent that little bit extra initially, so if you can it’s always best to dig that little bit deeper. For sturdy, durable dental cabinetry with a reputation for performance, functionality and aesthetics, RPA Dental recommends Tavom. There are a number of cabinets available within the line, including the Alnair, Caryn, Quasar and Skyline compositions; all of which have been built to withstand the pressures of the dental practice and provide dentists with a long-lasting solution that they can trust.
Running a dental practice is an expensive business, now more so than ever, but with savvy spending and smart investments that will save you money in the long-term, you can make every penny count.
RPA Dental Equipment Ltd.
Visit us at www.rpadental.net
London and Manchester Sales and Service Centres call 08000 933 975
