Over the past year many dental practices were mandated to close due to restrictions brought on by the pandemic. They slowly began to open based on local and state guidance. However, now that the vaccine rollout has gained momentum and more people have been vaccinated, it appears that within the next couple of months dental practices should be able to fully resume all normal operations. This is very exciting for dental practices eager to get back to business!
This is great news, however there are a few things that dental practices should consider to remain profitable until they are able to fully recover pre-COVID revenue and staffing.
Review your patient list and reschedule hygiene appointments. Many patients have not visited the dentist due to fear of contracting COVID-19. Review your active client patient list to identify patients who have not scheduled appointments or have scheduled and canceled hygiene appointments in the past year and reach out to determine availability for a future appointment. Reinforce that that practice’s COVID-19 safety protocols will persist as the population is widely vaccinated.
Utilize financial relief programs. There have been many programs such as the U.S. Small Business Administration’s PPP that have helped many businesses including dental practices cover their expenses. Even as dental practices begin to fill their schedules they should continue to consider leveraging government funding or other types of funding. If you are taking advantage of the PPP funding don’t forget to document the use of those funds in order to determine if you qualify for full forgiveness.
While vaccine distribution is vamping up, it still may be several months until patients feel ready to return. In the meantime, take the strategic steps needed to remain profitable and prepare for the surge of patients.
DH CPAs has been assisting dentists throughout Vermont for more than 30 years so please reach out to us in Williston (802-536-1831) or Rutland (802.775.7132) to talk or schedule a meeting. You can also email us at [email protected].