Practice Management – The importance of practice cost savings in the current climate

Practice Management - The importance of practice cost savings in the current climate

Simon Reynolds shares six reasons why it’s an important time to look at cost savings in your practice and the benefits of doing so.

Inflation, the cost of living, energy prices and other supplies in most instances have all increased significantly in recent times.

It’s a challenging time for practices to manage the right mix of price increases, cash flow management and cost management. Especially alongside all the other challenges of running a practice.

In light of the current climate, it’s an important time to review costs and look to cut where possible. Let’s take a look at a few reasons why this is so important and the benefits cost savings can present.

Team retention

Finding the right mix of qualified talent and resources to deliver dentistry is tough at the moment.

There is a limited talent pool for reasons well reported in the past few months. These have resulted in most clinical roles being in a position of strength to seek higher pay.

Moreover, we have heard stories of nurses quitting the profession to seek less stressful jobs that pay more money. Therefore, this adds to the talent pool challenges further.

Whilst money isn’t everything, it talks. Particularly when the cost of living is on the up.

Cutting costs can help to release funds to be able to add a little more into the payroll pot. As a result, this can help with team retention across the board.

What to do next:

You can read the full article on the Dentistry website, by clicking here. If you are an owner of a Dental Practice and looking to recruit please click here to speak with the team or if you are a Dentist, Orthodontist, or Dental Nurse please click here where you can view all of our Dental vacancies, where you can filter by location and profession.