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Patient Attraction Episode 1190
If you’ve been following these podcasts, you know that one of the underlying ideas behind SmartBox’s Patient Attraction System® is getting better dental patients – people with the means and willingness to receive elective dental care on a fee-for-service basis. Depending on where your practice is located, you might doubt that there are many better patients in your market. When we come back, I’ll share the results from one fairly typical market to show you just how many better patients are out there. Stay tuned.
– Thanks for watching the Patient Attraction Podcast™.
– I’m Colin Receveur, CEO of SmartBox.
– One of SmartBox’s employees works remotely from Evansville, Indiana, about 120 miles from SmartBox.
– 2 of my sisters-in-law went to school at University of Southern Indiana (USI) in Evansville.
– It’s a city of about 120 thousand people, and the average household income is well below the Indiana state average.
– You probably wouldn’t think there’d be many better dental patients in that market.
– You’d be wrong.
– Using city-data.com, I found these numbers from 2016, the most recent available.
– Evansville’s median household income in 2016 was about $39 thousand compared to the state average of $52 thousand.
– Doesn’t sound very promising, does it?
– To be fair, the cost of living is also lower than the state average.
– But take a slightly deeper dive into the numbers, and the results are surprising.
– Looking just at household incomes over $75 thousand, roughly twice the median, here’s the breakdown.
– 5,270 households have income between $75 thousand and $100 thousand.
– That’s 10.3 percent of households.
– 2,462 households, or 4.8 percent, have income between $100K and $125K.
– And 2,471 households, or 4.8 percent, have incomes over $125 K.
– Put those numbers together for this small city, and about 20 percent of households – around 10,000 – have more than double the median income.
– Evansville probably represents the extreme lower end of the percentage of better patients.
– For instance, using 2016 figures, Cincinnati is 24.1 percent over $75K.
– Nashville, Tennessee, is 34.7 percent.
– Waco, Texas, is 23.2 percent.
– And Salem, Oregon, is 30.5 percent.
– If your market is in or near a decent-sized city, you might be able to pull up the same city-data.com information for your area.
– Here are the patients-per-dentist numbers for Evansville, Cincinnati, and Nashville.
– Evansville is 1470 PPD, which is great, while Cincy is 1694 and Nashville is 1388 PPD.
– Those are all good to great numbers.
– But let’s take Evansville as a worst-case scenario for better patients.
– I’ll arbitrarily set the average household size at 2.5 persons in the demos we’re talking about.
– That’s 25,000 better patients, and getting just 7 percent is another 1750 patients.
– What would you do with 1750 loyal patients who don’t rely much on what dental insurance will or won’t cover? …
– … Who represent far higher lifetime value to your practice? …
– … Who have the ability and willingness to pay more for the right dentist? …
– … Who stay, pay, and refer?
– The odds are that you would work less, earn more, and enjoy life again.
– You could handle more of the cases you love instead of thousands of routine drill-and-fills.
– You could take extended vacations with the family – maybe even retire early, if you want.
– However, you won’t get many of those better patients by advertising low price or insurance acceptance.
– SmartBox will get them for you.
– We provide a steady stream of better patients so our doctors can focus on actually doing the dentistry … which is how dentists make money, after all.
– That’s why we say that the road to dental practice success runs through SmartBox.
– Visit smartboxdental.com and reserve your no-cost, no-obligation Practice Discovery Session™.
– Invest 25 minutes of your time in a phone call that shows you the path to success.
– After the session, you’ll receive your free Patient Attraction Roadmap™ as well.
– It’s yours to use however you wish – there’s no obligation.
– Significant numbers of better patients are in your market.
– Count on SmartBox to get them for you.
– Join me for our next podcast.
– Until then, keep moving forward.