Increasing your dental practice revenue
Increasing practice revenue really boils down to two things:
- Getting more new patients
- Increasing the value you get from existing patients
If you're the type of dentist that is looking to grow your practice, build equity value and increase profits, we can help. Find out more about our all-inclusive dental marketing system that will drive continuous improvement:
Getting more new patients
Attracting the dental patients you want and need to grow (and boost profits) requires a strategic and analytical approach. Does that sound too complicated? Don’t worry, Patient News offers a proven system and process that allows you to forecast exactly what you can expect from your new patient acquisition campaigns.
Generating a steady flow of new dental patients is arguably the most important activity at your practice. You may have a great retention rate, but a dentist cannot avoid naturally occurring attrition (people move, die, lapse). With a practice of 2000 patients, this could account for a loss of up to 400 patients. If same practice isn’t generating a solid 30 new patients per month, then the practice can expect revenues to drop over time. It may be such a slow decline that it isn’t realized until the situation is difficult to manage.
Start now to invest in a proven marketing campaign that will guarantee you generate the new patients you need, not only to maintain practice revenues, but to also grow the practice and boost profits.
Increasing dental patient value
You can increase the value you receive from existing patients by increasing their spend per visit, either by increasing your prices or elevating their treatment acceptance, or by increasing the number of visits they complete each year. You can also improve their value by increasing the rate at which they refer.
A great way to strengthen patient trust in your practice is to improve your communication flow. The more your patients keep your name top of mind, and you do that by providing helpful, value added educational content, the more they will stay with your practice, trust your recommendations, and refer friends and family to you.
The easiest way to add this value-added touchpoint to your patient communications is to send a patient newsletter. Sent every other month these are the best way to improve your retention and average patient value.