Whether you’re gearing up to qualify for joining a DSO, or are looking to optimize and grow your practice so you can achieve financial freedom, profitability needs to be at the bedrock of your efforts. Of course, that’s easier said than done!
But don’t worry–we’ve been in the dental industry for more than two decades, and have learned a thing or two about how to meet and exceed profitability goals. Here are 3 ways that we’ve found to improve your practice from the ground up, boosting your profitability with every step.
1. Focus on Your Current Patient Base
There’s a tendency in the dental industry to only focus on getting new patients. Everywhere you look, practices are coming up with new patient specials, direct mailers, and other ways to get people in the door. While the logic might sound right on paper, in reality, much of that new patient marketing leads to wasted dollars. Why? Because those new patients come in for their discount, then never come back again.
Instead of spending tons of money on a one-time visit that will cost you more than you get paid, take another look at what you already have: your current patient base. These are patients that are loyal to you, trust your judgment, and come in consistently. These are the people that in all likelihood need more treatment that they’re currently accepting and can bring in the increased revenue you need.
In our experience, most practices are working far below their revenue potential from their current patient base–often less than 50% of their potential revenue. That’s why we created our revenue potential calculator. Just put in a few simple numbers and we’ll tell you how much you could be making…from your patient base alone! Check it out HERE.
2. Educate. Educate. Educate.
We often get a lot of pushback from dentists when we talk about utilizing their patient base because dentists think that they can’t offer any additional treatments to their patients without feeling like a used car salesman. There is a perceived notion that patients are unwilling to pay for anything that their insurance won’t cover.
But here’s the thing–there’s a huge difference between selling and educating. When patients are educated about their oral health and the huge impact it has on their systemic health, they begin to understand that dentistry isn’t just about cosmetics, it’s about lifelong health. This is a revelation to many patients! By understanding that their health starts in their mouth, they’re much more likely to accept treatment plans that they would have rejected before.
As we like to say, if you tell intelligent people intelligent things, they make intelligent decisions.
One way that we’ve added education into patient care is with the healthy mouth baseline. Incorporating this simple document into every patient visit opens the conversation, and helps patients visually understand the impact that oral health has on their life.
The math is simple: education = higher case acceptance = higher profitability. It’s a win for both you and the patient as they enjoy better health and better care than ever before.
3. Check Your Mindset
No matter how many new strategies you employ, there’s still a huge stumbling block that could block your progress: your mindset. After working with more than 6,000 practice owners, we’ve discovered that many dentists feel like they don’t deserve more success. Even if they’re working hard, they find themselves stuck in plateaus and unsure (or unwilling!) to move forward.
That’s why our founder, Gary Kadi, wrote his book Raise Your Healthy Deserve Level.
At its core, your Healthy Deserve Level (HDL) is simply the belief that you are a valuable person who deserves the success you’ve earned. Having a strong HDL is essential for living a happy, healthy, and fulfilling life, as it allows you to:
- Set healthy boundaries in your relationships and prioritize your own needs and wants
- Take risks and pursue your goals without fear of failure or rejection
- Recognize your own strengths and abilities, and use them to create a meaningful life
The Connection Between HDL and Success
While a strong HDL is important in and of itself, it also plays a crucial role in achieving success in your personal and professional life. People with a healthy deserve level are more likely to:
- Pursue ambitious goals and take on challenges, as they believe in their ability to succeed
- Overcome setbacks and failures, as they don’t let their self-worth be defined by external circumstances
- Build strong relationships, as they don’t rely on others to validate their self-worth
We’ve found this attention to HDL is a game changer for dentists looking to be more profitable. You can grab a free electronic copy of Gary’s book HERE.
No matter what your profitability goals are, NextLevel Practice can help! Our expert coaches and proven business model can help you take control of your systems, processes, team drama, deserve level and more so that you can not just make more money, but have a better life. It all starts by talking to one of our coaches in a free, no-obligation call. Schedule a consultation to get started on a better practice and better life today.
