Why Your Dental Practice Isn’t Growing

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Patient Attraction Episode 1072

For most dentists, their practices are vehicles to a good life and a comfortable retirement. At least, that’s how it should be. But in today’s hypercompetitive environment, if you’re not growing, you’re losing ground. If your practice has reached a plateau, that’s something you have to fix sooner rather than later. There are forces at work that are capable of damaging your practice, if not causing it to fail. I’ll be back after the break to tell you why you must take action now, and how to go about it. Stay tuned.

– I’m Colin Receveur.

– Thanks for watching the Patient Attraction Podcast™.

– I know thousands of dentists, and too many of them are stuck in a rut.

– They’re getting what they’ve always gotten in terms of new patients.

– Usually, they get price shoppers, insurance-driven patients, and one-and-dones because they chase patients through their low-price advertising.

– They do a volume business in low-value patients, with the occasional better patient thrown in.

– That’s hard on you, your back, your staff, and your facility.

– Still, many dentists make a go of that kind of practice for many years.

– But now, dental insurance companies are putting the squeeze on reimbursements.

– Dentists are getting less insurance reimbursement which shifts the burden to the patients.

– And not every patient pays in a timely fashion.

– I know dentists who wind up waiting for 6 months or even longer for patients to pay.

– In the meantime, supplies have to be ordered, staff paid, and the lights kept on.

– Cash flow is important for any business, and reduced insurance reimbursements and slow-paying patients can really put the squeeze on yours.

– Cash flow issues can also make it harder for you to step up your marketing to attract more new patients.

– Every dental prospect in your market that you don’t get is an asset for your competitors.

– And new dental patients are what you need if you’re going to grow.

– But if you continue to attract the same low-value patients, you’re going to experience the same cash-flow crunch – unless you require payment up front.

– That’s a good way to make exactly nothing when your prospects bail out.

– Still, quite a few dentists have started demanding prepayment in full, with the insurance reimbursement going to the patient.

– So, you’re getting less money in a timely manner and fewer patients – plus, it’s tough to spend more to bring in more patients.

– Sounds like a pretty neat trap, doesn’t it?

– Fortunately, there is a way to double or even triple your practice, get better patients, and rely less (if at all) on insurance.

– That better way is SmartBox’s exclusive Patient Attraction System™.

– SmartBox works with more than 550 dentists on 3 continents to help them get more and better patients.

– Those better patients aren’t driven by price or insurance acceptance.

– In fact, they’re willing to pay more for a dentist they like, relate to, and view as a dental expert.

– These patients – about 20 percent of your market – are interested in quality dental care, superior outcomes, and the experience they’ll have in your practice.

– You won’t get those better prospects through advertising low prices.

– You can’t be the discount dental expert.

– But the Patient Attraction System™ is specifically designed to position you as exactly what those better patients are looking for:

– The best and only logical choice to solve their dental problems.

– That’s how you grow your practice, and frankly, you don’t have much time.

– Not only are dental insurance companies putting the squeeze on dentists, but there are also 3 other forces that spell doom for your practice.

– First, corporate dentistry has economies of scale and deep pockets that you can’t possibly match.

– Their business model is to appeal to price shoppers and insurance-driven patients.

– They’re perfectly fine with one-and-dones.

– Second, new dental school graduates are fueling the rise of corporate dentistry.

– They have huge dental school debt to pay off, and corporate practices allow them to do that quickly.

– Once they’re set, those new graduates will buy or open private practices.

– Or they’ll open a new dental chain office, maybe in your area.

– And the last force is economic uncertainty.

– Things might seem rosy with the economy now, but storm clouds are on the horizon.

– I recently saw an article talking about price fluctuations for 2 commodities – oil and copper.

– And the author said that those fluctuations didn’t portend a recession – yet.

– If your practice is flat and your cash flow stagnant, how will you survive even one of these forces?

– Corporate dentistry, new dental school graduates, declining insurance reimbursements, and economic uncertainty.

– There’s still time left for you to take action, but not much.

– Go to www.PatientAttractionBlueprint.com today and schedule a Patient Attraction Blueprint™ call.

– We reserve these calls for serious dentists who want to see a system that can double or even triple their practice.

– Your practice’s growth will be back on track – or even exceed your projections.

– And you’ll be in a good position to weather whatever the economy throws at your practice.

– Join me for our next podcast.

– Until then, keep moving forward.