You’re going to sell your dental practice – in 5 years, in a decade, or in 30 years. The only question is whether you’ll be able to sell it for the amount you need to begin your next business venture. Or the amount you’ll need to fund the kind of retirement you want. If your current or projected practice valuation isn’t where you need it to be, the time to begin correcting that is now. Because you never know when the economy will head south again and take your practice with it. Stay tuned. After the break, I’ll tell you how to attract the patients who will grow and protect your practice and its valuation.
– Thanks for watching the Patient Attraction Podcast™.
– I’m Colin Receveur, CEO of SmartBox.
– Dental practice valuations took a hit following the Great Recession of 2008.
– It took another 7 years before that lost value was recovered.
– Most of that lag was due to higher unemployment, home foreclosures, and poor job prospects.
– People hoarded money to pay bills and keep food on the table.
– Dental care was far down the list of their concerns.
– And dentists’ incomes suffered as a result.
– Today, dentists’ incomes have largely recovered and are slowly rising.
– But an increasing chorus of economic experts are sounding the alarm about the stock market.
– The second-longest bull market since World War II will come to an end, and the only question is whether your practice will be ready.
– The resilience of your practice is determined by the kinds of patients in your base.
– If your patient base has a high turnover of low-value cases, you could be in trouble.
– Because when jobs go away and incomes dry up, so will your new-patient pipeline – just like in the last recession.
– I’m not saying this to be an alarmist: another recession is coming.
– Estimates about how severe that recession will be are all over the map.
– It just makes sense to take action now to safeguard your practice against whatever may happen.
– The way to recession-proof your practice and safeguard its valuation is to attract patients who are loyal to your practice.
– And who have the funds and willingness to pay more for a dentist they like, trust, and relate to.
– Those patients are about 20 percent of any given market, including yours.
– But you won’t convince them to choose you by advertising the same way you do to your current patient base.
– People today overwhelmingly begin their search for a dentist online.
– That’s where your marketing presence has to outshine your competition.
– Remember, these better patients have discretionary income and the willingness to spend it on the righmt dentist.
– Your online marketing has to convince them that you’re the only logical choice to solve their dental problems.
– That takes repeated communication to those prospects over time.
– Getting those prospects to opt in to receive emails from you should be your first priority.
– Once you have their email addresses, you can send them information that addresses their dental needs, wants, and fears.
– That information should position you as the right choice to be their dentist.
– These better patients are extremely loyal to the right dentist.
– They’re the patients who stay, pay, and refer.
– Their lifetime value to your practice is many times that of a typical price-shopper or insurance-driven patient.
– That makes them your best insurance policy against the coming economic downturn.
– And it s afeguards your practice’s valuation so that you can sell it, when you’re ready, for what you deserve.
– Of course, you’re still going to be seeing that churning patient base of yours while you’re also trying to enhance your online presence.
– Be prepared for some long hours in the evenings and on weekends to make that happen.
– Or you could ally yourself with the premier dental patient attraction company in the country.
– SmartBox helps more than 550 dentists on 3 continents get more and better patients.
– Our industry-leading Patient Attraction System™ is your key to both growing your practice and safeguarding its value – if you’re serious about building and safeguarding your practice’s valuation.