When selling a dental practice or dental service organization (DSO), you should make sure you have everything potential buyers look for, so you can command a higher price. Not to mention, you must avoid some common pitfalls to ensure that your practice is attractive to as many buyers as possible.
While there are many things you can do to raise the valuation of your business, new technology is the little hinge that moves the big door. In particular, implementing cloud dental software can improve the operational cost-efficiency and profitability of your business without a substantial upfront investment.
Here’s how implementing new technologies can help you gain a higher valuation for your dental practice or DSO:
Improve Staff Productivity
Instead of worrying that the salaries of your experienced employees are driving up overhead costs, implement the right technologies to increase their productivity. You can automate many tedious and manual processes using dental practice management software, so your staff can focus on income-generating activities.
For example, use software with a patient engagement module to automate appointment reminders and patient communications, an e-statement functionality to facilitate payment processing, a billing module to track insurance claims, and revenue rediscovery features that automatically follow up on incomplete treatment plans.
Generate Clear Financial Reports
Cloud dental software allows you to manage the financial activities of all your offices in a centralized location, so you can accurately track revenues and expenses at the practice level and for each office. This gives you a complete picture of the financial health of your practice while minimizing errors and delays caused by transferring data from one system to another.
The information you collect and compile will allow your accountant to generate financial reports compliant with the generally accepted accounting principles (GAAP). The detailed information can help you build trust with and demonstrate the value of your business to potential buyers.
Reduce Overhead Expenses
As the wages for talents increase, it has become more challenging for dental practices and DSOs to hire the right staff. To do more with fewer resources without impacting the patient experience, you must increase operational efficiencies and cut bloated budgets associated with outdated manual processes.
A robust dental practice management platform can help you streamline many administrative workflows, such as billing, eligibility verification, and appointment scheduling. Meanwhile, a cloud-based platform can help you eliminate many IT expenses, such as purchasing expensive servers or hiring a large IT team to maintain the hardware.
Improve Patient Experience
Potential buyers not only look at your balance sheet. They also consider the long-term viability and profitability of your business. For instance, your practice will be more valuable if you have the systems and processes in place to deliver an outstanding patient-first experience that keeps people coming back.
Two-way texting improves patient communications, online payment processing increases convenience, and online scheduling meets today’s consumer expectations. When you have the right technologies in place, buyers don’t have to spend time and money implementing the technologies they need to deliver a modern patient experience.
Increase Collections Rates
A business with a healthy cash flow is more valuable to potential buyers. Implementing new technologies can help you achieve a higher collections rate and improve the financial health of your dental practice.
You can use dental practice management software to collect same-day payments and issue e-statements immediately after each visit. You can accept online payments to make it easy for patients to pay you and send automated invoice reminders via text and email to stay on top of collections without having your staff spend hours on tedious and manual tasks.
Increase the Valuation of Your Dental Practice with tab32
To maximize the benefits of using the latest technologies, all the features and functionalities must work seamlessly with each other to ensure the most efficient processes and the best patient experience.
That’s why dentists and DSOs choose tab32, an all-in-one cloud dental practice management software that handles everything from EHR, patient communication, and digital payments to online scheduling, billing, and revenue discovery.
Request a demo to see how we can help you streamline processes, elevate the patient experience, and increase your revenues.
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