Community engagement through charitable contributions is a fantastic way to establish trust among potential patients, while enhancing the visibility of your dental practice.
By choosing to give charitably to organizations focused on the health industry, not only are you contributing to the well-being of the community in which your practice is located, but you’re likely to attract patients who value a practice that can actively demonstrate social responsibility. It’s also worth noting that there are tax benefits to charitable giving too; practices can deduct as much as 50% of their adjusted gross income for making donations in cash. Working with a service providing tax planning for dentists is the best way to ensure you’re maximizing your tax savings and minimizing your tax liability.
But the benefits of charitable giving don’t stop at goodwill; it can have a impact on both your practice’s reputation and its growth, that you might not yet appreciate.
Here are a few reasons to adopt a charitable giving strategy as a dental practice owner, and things you can do as a practice to actively demonstrate your commitment to the community:
1. Trust-building
Community engagement doesn’t just give your practice visibility, but also helps to build trust among those living locally. Being able to demonstrate a commitment to the well-being of your community, encourages loyalty among patients, and can even encourage new patients through referrals.
2. Partnering with local schools
By partnering with schools in your community to provide preventative education, you can expand your outreach and help people make the kind of decisions about their oral health that are well-informed.
3. Community events
Getting involved with local events in your community can help your practice enhance its visibility, attract new patients, and show your commitment towards engaging with the community. You could arrange a free dental camp for check-ups, or sponsor a sports league to cultivate goodwill and improve community relations.
4. Professional network-building
When you get involved with philanthropic activities, you’ll find you automatically connect with local healthcare providers and other organizations. This could lead to collaborations and referrals that will boost your practice’s reputation, while giving you access to support and new resources that you might not otherwise have had.
What is the tangible impact of charitable giving on dental practices?
When carried out responsibly, making charitable contributions as a dental practice owner can have a demonstrative impact on visibility, with patient referrals increasing.
You’re practice is also more likely to hold onto those patients who prefer to seek dental care and treatment from a practice who values charitable giving and community engagement.
Charitable efforts can also help to boost the morale of your employees, with practices who get involved in their communities in such a way often enjoying teams who are more engaged, productive, and motivated when it comes to the growth of the business.
Through charitable giving and forming strong community ties, your dental practice can work towards the kind of growth that’s sustainable, and ultimately, profitable.
When a dental practice chooses to actively participate in community events and charitable giving, it can enjoy dentist tax deductions, patient loyalty, an uptick in referrals, an enhanced reputation, and even happier employees who are eager to drive your business forward.
To discuss charitable giving as an effective strategy for the growth of your practice, schedule a consultation with a local dental tax expert at the earliest, to find out what you can get back, when you give more.
