4 Ways To Grow Your Dental Office
By Joanne Bishop | February 1 2019
Do you have clarity around your VITAL practice performance metrics?
Read this blog about what we recently revealed for a prospective client, a dentist just like you, and then schedule yourself a FREE live demo of Practice ZEBRA™.
A. Are you happy with your production numbers, or B – do you think your practice could produce more?
If your answer is B, do you know what your last 2-3-5 years of patient and production numbers reveal? Do you know if you have operations issues, if marketing could help, or whether something else is impacting your results?
It’s been proven that you can transform performance, boost production, increase profits, and improve patient satisfaction and retention by having clarity around your own data. Fact-based decision making enables us to adjust our actions – the first step is to determine what is happening at your practice. That’s why we’re offering you a FREE LIVE DEMO of Practice ZEBRA™.
We recently helped a prospective client analyze their practice metrics using Practice ZEBRA™, our business and marketing BI tool. The practice was aware that things weren’t working as well as they wanted, but they didn’t have clarity on exactly WHAT was happening – and they definitely weren’t aware of HOW FAST things were progressing.
What Practice ZEBRA™ revealed:
In January 2016 this practice had 1,750 active patients, “active” being those with a transaction in the last 24 months. Now, February 2019, the practice has 1,680 active patients. Doesn’t seem too bad, right? Until you look at the number of new patients added during that same time, which was 1,830.
Keep in mind that every practice has naturally occurring attrition, somewhere around 15-20%, so to maintain you must add as many new as you lose each year. To grow you need to add more – for this office, a number of factors were causing a significant loss and the trend was set to continue.
For this practice, the churn was incredible. And the financial impact has been painful. From experiencing a steady growth trend of approximately 15% per year with a peak of $1.5 million in 2017, 2018 ended at less than $1 million.
To set the stage for continued growth, a general practice should generate in the range of 50 new patients a month, per dentist, or over 600 per year. Unfortunately, in the case of the practice above, new patient growth had also begun to stagnate in the past year. When you don’t focus on retention, patients don’t become advocates, and therefore practice growth can be sorely impacted.
You may be sitting in a very similar situation. It’s not something to be embarrassed by. We can help. It’s just like you encouraging a fearful patient to visit you, the expert who can help. You don’t want them to hide or ignore the situation – if you are a bit worried, have a mixed level of confidence in your practice metrics – take advantage of the FREE demo.
With new technology like Practice ZEBRA™ you are able to peel back the layers and uncover what you need to know so that you can make necessary decisions for growth. Many dental offices we talk to regarding a new patient marketing strategy have no idea of exactly where their practice metrics are sitting. They’re frankly astonished when they see how many new patients have been added with an active patient count that’s stagnant, or how many high-value patients aren’t scheduled for another visit. Those are your practice advocates and you should be all over them!
Has your community been impacted by corporate dentistry pulling and pushing patients? Have you made a change to your services strategy that’s not delivering the results you expected? Are you rescheduling patients at the right pace?
So let me ask. Are you sure your current assumptions are accurate? Is your marketing working or not working? Do you have all of your top valued patients scheduled to return? Is your new patient value higher than existing patients? Do you need a lot more new patients to grow? Is practice production on an upward trend, flat, or actually declining?
What will happen in 6 months if you don’t find out now?
You can have clarity when it comes to your practice metrics. You can get this clarity this week. When a decline starts to happen, you need to be alerted to the trend so you can stop it in its tracks and implement tactics to get back on an upward swing. And it should be a closed loop process. Get the insight to predict, set goals, put your strategy and budget in place, and implement. And then constantly review, analyze and adjust, and start over again. Implement, review, adjust.
4 Ways to Grow Your Dental Office:
- Increase the number of new (quality) patients – start by knowing what you’re doing now
- Get existing patients to return and spend more – start by understanding your churn rate
- Increase the value of each patient/new patient – start by benchmarking your value
- Improve practice processes (scheduling/call conversion/retention, etc.) – start by knowing your stats
If you want to see a quick increase in your key performance indicators, it’s time to benchmark – what trends have brought you to today and what do they indicate for tomorrow. Practice ZEBRA™ brings your practice data together with marketing data so you get complete clarity on what is happening at your practice and what you need to do to get the results you want.
Book a LIVE Demo. The connection is FREE – you have nothing to lose and everything to gain. If you’d like to better understand your practice metrics and performance indicators so you can increase your income and secure your future – click here now.