Increase Your Dental Practice Valuation
The ADA reports that dental-patient volume continues to pace at about 85% of pre-pandemic levels, while Patient NEWS dental marketing clients are at 115% of pre-covid numbers. That is going to help them build an improved practice valuation and successful sale … the long-term goal of just about every dentist.
The truth behind what keeps these practices humming well ahead of industry average really boils down to strength, commitment, belief, passion, and very often, great personalities! We’ve been at this dental thing for 28 years, and consistently our most successful clients are the nicest and most interested folks! They know what they want and are committed to and invest in great patient and community communication, typically have a higher focus on maintaining a great team, one that is involved in practice goals, and they ALL monitor their key performance metrics. Not every metric, every time, but a good enough mix of the key metrics that it all comes together.
We’re on the downhill side of 2021, so you have to ask yourself how you are pacing to end the year. Have you checked your metrics and trends recently? Since we work with busy, successful dental leaders, we get it. Sometimes your schedule doesn’t allow you to stop and take a 30,000-foot view, no matter how important that is.
So hold up right now. Check out the industry metrics I’m sharing below and get your motor running.
As someone who is working to maximize practice production, do you know what high-leverage opportunities are at your fingertips right now? For sure, there is a tremendous opportunity for practice growth with people’s focus on their overall health and well-being, and the fact that many are at home – where 90% of buying-decisions are made.
To that end we have many innovative solutions that will help you attract more patients, retain your good patients, and increase elective services. And then there is Practice ZEBRA, the dental marketer’s software platform that spotlights important metrics that allow dental teams to take advantage of opportunities in their book of business. This is where the magic happens … you can truly take this data and boost production fast.
- Can you increase patient spend per visit?
- Which patients are most valuable and how can you find more like them?
- Should you invest more in new patients?
- How many patients are at risk of never returning?
- Are you even connected to your patients due to missing contact data?
- How easy would it be to implement some focused campaigns?
- Where is production trending at the 7-month mark for 2021?
Below I’m sharing some industry statistics that I know you’ll find interesting … once you check it all out, and you’d like to see your own practice benchmark report, patient data, insurance values, current market share geo plotted, dentist/patient ratios … so much more … we share all this free with our clients to help them succeed. Schedule a free demo.
Recently WHO declared oral health a global health priority due to the importance of oral health on overall health. We’ve been helping our clients educate their patients about this very link for decades. Just as there is a link between oral and overall health, and there is a link between patient education and practice production – the reason our clients are 30% ahead of industry average.
Here is a snapshot of the dental industry data for your comparison.
Patient education, as one of my favorite clients always says, is the “right thing to do.” When you educate patients, you build confidence, certainty, and long-term commitment because you’re offering best-in-class service. That results in being one of those Top 10% of dentists with great metrics.
Patient communication builds health for your patients and health for your practice.
The future of your practice is happening now. The decisions you make today, guided by the data you have, will drive practice valuation one way or the other. Take the next step toward getting more value from your metrics and practice data with a free demo today.
If you click the button below, you’ll get a FREE connection of your own practice hooked up to Practice ZEBRA, the dental marketer’s software platform. This includes benchmarking of all the important metrics I shared today.