Corporate dental practices pose a severe challenge for many general dental practices. With their economies of scale, a general corporate practice can undercut private dental practices on price and generally offer greater availability. There’s a growing trend toward one type of specialty corporate dental office that could pose the same challenge for implant practices. After the break, I’ll you how general dental practices and specialty practices can meet and beat corporate dentistry’s threat. Stay tuned.
– I’m Colin Receveur, CEO of SmartBox.
– Thanks for watching the Patient Attraction Podcast™.
– If you offer dental implants in your practice, let me ask you a question.
– Do you think you could compete on price against a specialty corporate dental implant practice?
– If you answered yes, how long do you think you could wage a price war against that practice?
– Unless you have incredibly deep pockets, the answer is almost certainly not long.
– You might think that you won’t have to worry about specialized corporate dental practices in your market.
– You’re probably wrong about that.
– To take just one example, ClearChoice Dental Implant Centers have 32 offices and 70 clinicians in their nationwide system.
– They advertise that they’ve done more than 40,000 cases.
– And they offer some version of teeth in one day at a fixed price to their patients.
– The writing is on the wall for dentists who are willing to read it.
– Corporate dentistry is coming after the individual, big-ticket revenue streams of private practices.
– With corporate dentistry’s economies of scale, private practice dentists will struggle to maintain their cash flow from those streams.
– And that’s a hit that not every practice is going to be able to withstand.
– If you want to ensure that your dental practice doesn’t become another corporate casualty, you need to act now.
– It’s possible to segment dental patients into 2 broad groups: those who are price-driven and those who aren’t.
– The price-driven patient is corporate dentistry’s target.
– Their advertising primarily focuses on price and convenience of appointments.
– In the case of dental implants, that probably would appeal to 80 percent of the market.
– That leaves the other 20 percent, and those prospects should be your marketing targets.
– Corporate dentistry has one major liability that by its very nature it can’t overcome.
– It can’t and doesn’t engender patient trust.
– If that corporate dental implant patient has a problem, he or she isn’t guaranteed to see the same doctor.
– Most likely, the appointment will be with the first available clinician.
– The 20 percent of implant patients who aren’t motivated by price are strongly motivated by trust.
– That patient segment has the resources and the willingness to pay more for the right dentist – one they relate to, trust, and regard as a dental expert.
– For most dentists, attracting those better patients will require a shift in their marketing focus.
– Price-driven advertising won’t work, so you need to give your 20 percent of prospects reasons to choose you instead of a competitor to solve their dental problems.
– You won’t accomplish that through postcard campaigns or newspaper ads.
– But you can position yourself as the trusted dental expert by using SmartBox’s industry-leading Patient Attraction System™.
– Not only can you get more patients, but you can also get better patients that will position your practice to withstand competitive threats.
– Find out what SmartBox’s Patient Attraction System™ can do for your practice.