Medical practices, and orthodontic practices by extension, aren’t exactly cheap, especially when taking into account the rising costs of equipment and medicines. In fact, the Medical Group Management Association says that the operational expenses of U.S. practices not owned by hospitals have increased by 64 percent since 2001 and this figure shows no signs of slowing down. Reliable orthodontic practice management is, therefore, not a luxury but a necessity, if orthodontists want to stay in business.
Practice management consultants can intervene through a number of ways. First, they can educate orthodontists about the contents of the latter’s financial documents, particularly their general ledger, which provides details on overall operational costs. If they know how to read their ledgers, orthodontists will have a better idea of their financial situation by comparing their numbers with national or statewide figures.
Second, consultants can assist orthodontists in entering negotiations on certain costs, like rent, office supplies, and service contracts. It’s common for start-up orthodontic practices to assume that the price of their supplies and equipment is final. Third, consultants can train the relevant staff in proper financial management, especially when it comes to maximizing revenue and minimizing overall expenditure. This includes being ‘in-the-know’ of industry trends, particularly when it comes to performing “cost-effective” orthodontic treatments.
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