Growth-minded dentists know that they can’t afford to miss a single trick. That’s particularly true in markets with high levels of competition, especially corporate or large group practices.
Growing your practice means different things to different dentists. Relatively few dentists want to spend more hours and even more days seeing an unending stream of low-value patients. Let’s look at some other options for growth.
Fewer Patients, Higher Case Value
This is the practice growth strategy that many dentists prefer. In virtually every market, some 20 – 35 percent of dental prospects have the discretionary income to go fee-for-service for the dentist they want. Higher case value means you can work less while earning more.
Dentists who are doing well generally often want to handle more of the cases they love to do. That might include full-mouth reconstruction, implants, cosmetic dentistry, oral surgery, sleep apnea, or something else. Getting a justly-earned reputation for being the “go-to” doctor in your market for certain procedures can do wonders for your bottom line. It also keeps your interest in and enjoyment of dentistry high.
There are doctors who want to ease out of the clinical side of dentistry and assume more of a managerial and entrepreneurial role. Often, that requires expanding an existing practice by adding associates and staff; or, more often, opening additional locations. Regardless, expansion is a money-intensive proposition, and those dentists need a healthier bottom line to expand.
Increase Practice Valuation
If you’re considering selling your practice, you want the valuation as high as possible. This is particularly true for dentists who are nearing retirement; commonly, the sale price of the practice determines the quality of that doctor’s retirement. Generally speaking, adding $500K to $1 million in annual revenue, and maintaining those gains for three years, will add an ADDITIONAL $2 million to $3 million net when it’s time to sell.
SmartBox Has The Practice Growth Tools You Need
Regardless of your definition of growth, you’ll need the right new patients in your chairs to achieve your goal.
SmartBox provides a wide and growing array of innovative Practice Growth tools to help dentists attract and convert the new patients they want. Here’s a quick list; you can follow the individual links or visit our Products page.
- Shock & Awe System (Implant Patients)
- NEW! Success Academy!
You’ll find that SmartBox Products are 1) extremely effective, 2) surprisingly affordable, 3) guaranteed not to impact or slow your practice management software, and 4) available on a “cancel anytime” basis.
The Tools You Need For The Practice Growth You Want
There’s no reason to spend time overseeing your practice growth efforts when you can be seeing patients and making money. SmartBox’s Practice Growth products reduce the amount of staff time – including yours – required to maintain high online visibility, attract the better patients in your market, convert those new patient callers to appointed patients, and increase your average case value.