How Investing in Your Staff Pays Off in a Big Way

Payroll is one of the biggest expenses for any dental practice owner, taking up 24-28% of a standard practice’s income.1 If you are trying to increase your income and reduce your costs, you might be tempted to achieve this by hiring lower wage dental staff.

While this notion might look great on paper, it does not work out as well in reality. In fact, it is likely to cost you more money overall. Instead, you should consider investing in quality staff to boost your practice’s revenue.

Not convinced spending more on excellent hygienists and assistants will help your business earn more? Here are four ways hiring quality staff will enhance your practice and improve your bottom line.

  1. Happier staff are more productive. Research suggests that staff earning a decent wage are the happiest.2 Studies also show happy staff are more productive and perform better.3 With this information, it is safe to determine that by paying your staff well, they will provide a quality service to your patients who will be more likely to return to your practice.
  2. Quality service increases patient acquisition. As your patients receive a five-star service within your dental practice, they will be more likely to recommend you to friends and family, as well as leave you positive reviews online. As word spreads, more and more people will be eager to give your services a try, greatly increasing your patient acquisition rate. Providing quality services such as OralDNA’s® MyPerioPath® will emphasize a higher quality of care, thereby increasing patient retention.
  3. No need to recruit again and again. When you pay staff a comfortable wage and treat them with respect, they are likely to remain employees for a long time. This means you do not have to waste hours, money and resources continuously interviewing, hiring, and onboarding new team members.
  4. Improves your entire dental team. An exceptional member of staff adds immense value to your dental team. As well as creating a better experience for patients, their great work ethic and high-performance level will also rub off on your other staff, creating a stronger, more hard-working organization.

Investing in your dental team does not stop after you have hired them. If you continue to increase the value of your staff through educational webinars, events, and courses, they will be able to continue providing your patients with the excellent service they’ve come to expect. Instead of thinking of this act as spending money on staff, consider it as wisely investing in your business.

References:

  1. https://www.bookkeepingfordentists.com/post/six-overhead-expense-benchmarks-to-live-by-in-your-dental-practice
  2. https://www.peoplehr.com/blog/2019/06/26/what-salary-should-you-pay-to-make-employees-happy/
  3. https://www.ox.ac.uk/news/2019-10-24-happy-workers-are-13-more-productive
  4. https://blog.clouddentistry.com/this-is-how-to-build-an-excellent-dental-team
Reza Sanjar DMD