3 Possible New Revenue Streams for Your Practice

Posted by Amy Carbone on Nov 10, 2021 9:00:00 AM

Dental practices are continuously looking for ways to earn new patients, along with retaining and cultivating their current patient lists. After all, patients are the lifeblood of any dental practice. 

But new and retained patients aren’t the only way for your practice to earn revenue. Here are three opportunities your dental practice might use to grow more revenue:

1. Retailing Professional-Grade Dental Care Products

Dental practices have the ability to create and sell individual items or kits that include specialist or premium products. 

For example, your practice could sell items such as toothpaste that’s formulated for enamel protection or sensitive teeth or soft brushes for patients who have sensitivity, gingival irritation, or regression. Some practices go the route of having high-tech cleaning options like the latest electric toothbrushes. Teeth whitening is popular as well, so you could include products for patients to use at home. 

2. Affiliate Marketing

By partnering with retailers you feel comfortable with and endorsing products you truly enjoy, you can create a reliable affiliate marketing program that your patients trust. 

As an affiliate, you typically will promote products in exchange for a portion of the sales that were based on your marketing efforts. While Amazon has one of the largest programs, many retailers have affiliate marketing opportunities. 

You can drive sales through a number of methods, including developing content for your website. You can link to dental products on website pages and blogs, and also hand out some sample products with your affiliate link to patients. This tactic has a dual purpose – you are sharing products you know and trust with your patients to better their dental health as you would recommend and you are increasing your practice’s revenue. 

3. Teledentistry

A number of dentists are now doing some of their work through teledentistry, which gives you the opportunity to consult with current and potential patients.  

Often, teledentistry appointments have lower copays and are shorter in duration than typical in-office appointments, allowing you to generate revenue in shorter time periods. They also aren't restricted by geography, so you have the opportunity to reach patients who live farther away. 

Please note: Before you consider this as a potential income stream, consult your malpractice insurance provider about your coverage for telehealth services.

Growing Your Revenue and Your Patient List

While other revenue streams for your dental practice are great supplements, your most valuable opportunity is in your patient list. When you have a steady flow of patients, you can continue to build a successful practice. 

There are a number of ways to encourage new patients to come to your practice, including by: 

  • Building your website presence. 
  • Engaging in local community outreach programs. 
  • Using marketing, promotion, advertising, and similar tactics. 

Access our Ebook on growing your dental patient list for in-depth knowledge on these strategies and more to help you grow your practice.

 

New Call-to-action

Topics: Dental Practice Business Tips, Grow Patient List, Tips