On the surface, it may be easy to assume that dental practices are the same as most businesses: dental practices are selling services such as teeth fillings and whitening, so at a basic level – that assumption is true.
But there is a colossal difference, which sets practices apart from other businesses. There is a limited number of people who can practice dentistry, and customer loyalty is difficult to earn but is retained at a very high level. Clients refer to their dentist as “MY dentist” because they have a great connection and trust towards them.
Dental practices benefit from being part service industry and part retail. Over the years in the dental real estate industry, Innovation Properties Group has outlined some tips for making a dental practice more profitable:
Online Performance (with a good marketing plan)
Word-of-mouth recommendations are slowly becoming obsolete, and even though they mean a lot to some people, many will opt out for a dental practice with great marketing and a modern website.
An effective online marketing campaign has become pretty much essential for increasing the customer (patient) base. Make sure you are familiar with marketing strategies, SEO, and web design and choose the marketing agency you trust the most.
Investing in a good website will pay itself off. Chances are – (new) patients will first check out your website before calling or coming into the office. They will also look for reviews of your dental practice online and read other people’s experiences, and Google reviews of 4 and 5 stars spark consumer confidence.
Add More Services
This might seem the most logical thing to do. Patients nowadays are very educated about their options. They are using the internet to get properly informed and read useful information about implants, whitening, braces, and any other dental needs they may have. But with the expansion of the internet, came the expansion of social media which means that patients are very aware of their looks and are often seeking treatments to improve their looks along with dental health.
Offering a wide range of dental services increases your chances of patients coming in for more expensive procedures/treatments. It also gives you an advantage over dental practices that don’t offer those services.
The bottom line is – the more services you offer to your patients, the more revenue they will bring. To decide which services you could add, simply ask your patients what additional services they believe will benefit them the most and plan accordingly.
Your profit will increase if you spend less money, it’s as simple as that. You should control your expenses as much as you can, but never subtract from the quality just to save some money.
There are many less hurtful ways to cut down the expenses and still do your job at a high level of commitment and quality. Better supply management or lab expenses can be a good start. You can also consider leasing equipment instead of buying it or moving from a local lab to a national lab. Other ways may include changing your gas and electricity provider, which could save you money in the long run. One place to keep investing in is in your personnel. Your team is the most valuable asset of your practice.
Invest in your team
Getting and nurturing the right team of people is what makes a dental practice special. Staff training is important and is time well spent. Dental nurses and assistants are the first touchpoints a patient has when they enter your practice. It’s crucial to hire someone who is enthusiastic and reliable and can also mentor trainee dental nurses.
We’ve learned over the years that time spent and invested in training the team has always paid off. Think about how every action affects the bottom line, highly value customer satisfaction and learn to recognize the effort, time and resources and you will see the point of investing in your team.
If you can keep up with this business advice and consider how they affect your practice and your patients’ experience, you will surely grow and thrive with a more profitable dental practice. If you have questions or want to learn more about how you can grow your business, Innovation Properties Group is available to help with any of your real estate or business consulting needs. We have team members who specialize in working with health science clients, and our agents are here to advocate on your behalf so you can reach and exceed your practice’s goals.