According to a March 2019 article by the Colorado Dental Association, dentists who plan to sell their practices – whether for retirement or other purposes – will be required to present the current year’s income and expenses, as well as “financial reports for the last three years, both income and expense reports and tax returns for the business.”
In a nutshell, dentists who want to sell high need to improve the valuation of their practice. Ideally, they’d also be able to document a consistent pattern of growth.
Growth is one of those terms that can mean different things to different people. Growth in new patients is an obvious choice, but not always the most attractive one for a dentist acquiring a practice. Average case value is just as important as higher case value allows the purchasing dentist to determine whether he or she wants to pursue new patient opportunities or adopt a more measured approach to appointment frequency.
Growth in practice valuation is a clear necessity for the retiring dentist. More patients without a higher bottom line isn’t an asset when it comes to selling the practice.
Why Not Start Now?
Whether you’re 20 years from retirement, or three, growth that leads to a better bottom line carries many benefits.
Higher income for you is the obvious benefit, but consider also the freedom you’ll have to upgrade equipment, incentivize staff through bonuses and/or raises, or focus more on the cases you love to do. Those are just a few of the opportunities that growth brings.
Any decent dental marketing firm should be able to get you more patients. More patients, though, means either longer appointment waiting times or extending hours of service. There’s a practical limit to how many patients a solo dentist or a small partnership can effectively treat.
For real and sustainable growth, you need a firm that addresses all aspects of growth.
SmartBox is a practice growth firm specializing in turning your marketing into bottom-line profits.
What that can mean for you is spending less per new patient acquired; increasing your average case value; and retaining more of the patients you have.
SmartBox dentists can work less, earn more, and enjoy life on their path to the growth they want.
Not only that, but our doctors are free to be involved as much, or as little, as they like in those growth efforts. They can actually focus on doing the dentistry rather than riding herd on their new patient acquisition and retention efforts. And given the hundred-and-one things that practice owners deal with every week, taking marketing off your workload can be a great relief.
Here’s how you can see what’s possible for your practice.
Schedule your 25-minute Practice Growth Call to get your actionable growth plan and realize your practice’s full revenue potential. You’re going to leave this call with an action plan to add immediate revenue into your practice and overcome your most pressing problems.
Whether retirement is looming or decades away, you can get the kind of growth you want now. Schedule your call today.