You’ve noticed that the revenue of your dental practice is declining or simply staying the same year after year. What do you do to start growing again? Here is some advice to get you headed back in the right direction.
Intuitively, there is a direct correlation in practice growth with an increase in marketing. This includes campaigns such as patient referrals, postcards, digital exposure with audience geotargeting, and capitalizing on your unique selling proposition.
Any talk of budget should include evaluating expenses, such as supply and lab costs, while still maintaining quality. Leverage your buying power by negotiating price and terms and bidding out your business to encourage competition among suppliers and labs. Also consider ordering in bulk or simply scaling back on occasional-use items.
One of the most efficient and profitable ways to grow your general practice is to bring on a specialist or multiple specialists. Do you tend to refer out a significant number of implant placements or simple extractions? Bring more services in house to limit how much you are outsourcing to others.
Focus on quality
Above all, don’t forget to connect with your patients on a personal level. Nothing can replace quality care and their experience over time. What’s more, by focusing on recall numbers, reducing the number of appointment cancellations and no-show appointments, and increasing your case-acceptance percentage, you can grow your production numbers and increase your bottom line.
Whether purchasing a dental practice in need of growth or working within your existing practice, contact the experts at Professional Transition Strategies to figure out your next steps for growth.