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Patient Attraction Episode 1256
– 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.