Baker Tilly recently released the results of the 2016 dental fee survey to help serve as a practice management tool for dental practices across Wisconsin and Minnesota. We do not believe there is a “one size fits all” approach. Instead, we believe practice patient demographics, surrounding neighborhood, immediate competition, marketing approach, and investment should all be considered as part of the fee setting process.
In addition to properly setting fees, other items that impact practice revenue and profitability are the procedure mix, accurate billing, case acceptance, and new patient recruitment. As a management tool, after the decision to change fees, dental practices should recalculate practice collections using the same procedure mix as the prior year and set a budget accordingly. Fee increases and accurate billing for procedures have a 100 percent profit margin – there is no change in expenses for the practice.
For more information on this topic, or to learn how Baker Tilly dental practice specialists can help, contact our team.