Most businesses of whatever size hit plateaus in their growth curves. They’re doing okay, they’re making money, but it’s roughly the same amount of money month after month. Maybe that describes your dental practice. You’re ready to grow, either by adding another dentist or opening another office, but your new patient numbers just aren’t there. Basically, you’re stuck. But there is a way that hundreds of dental practices have used to get their practices unstuck and moving up the growth curve. I’ll be back after the break to tell you what that is.
– I’m Colin Receveur.
– Thanks for watching the Patient Attraction Podcast™.
– There are lot of dental practices out there today, and competition is steadily increasing.
– Between the record number of new dental graduates and corporate dentistry steadily expanding, private practice dentists are challenged like never before.
– If your practice’s growth curve has plateaued, it’s not surprising.
– But I know it’s very frustrating for dentists who want to grow their practices.
– Today’s competitive environment is like nothing dentists have ever faced.
– It’s no longer the case that if you keep doing what you’ve always done, you get what you’ve always gotten.
– Now, you’ll get less.
– And yet, far too many dentists keep doing what they’ve always done to attract new patients.
– They keep advertising on low price, on specials, on insurance, and on discounts.
– They get low-value cases, price shoppers, and one-and-dones.
– The lifetime value of those patients to your practice is low.
– And because you’re not getting repeat business, you have to keep spending money on marketing to attract more low-value patients.
– With more competition coming into your market – and if it’s not there yet, it will be – you’ll have to spend even more.
– If your business has plateaued, look to your markemting first.
– To be fair, those low-value patients are probably 70 or 80 percent of your market.
– So it makes sense that you would target them in your advertising.
– But what about the other 20 to 30 percent of your prospects – the higher-value ones?
– How many of those better patients are you getting?
– If you’re not targeting those better prospects, you should be.
– Because the lifetime value of one of those patients is equal to many of your one-and-dones, price shoppers, or insurance-driven patients.
– Getting more of those better new patients can transform your practice.
– Just ask Dr. Ron Receveur of New Albany, Indiana.
– He told us, “The number of visits to my website is down during the time that I’m collecting a lot more money.
– “So we’ve extrapolated that information from more visits, less money, to less visits, higher-quality patient, more collections. It’s working.”
– Basically, Dr. Ron is working less and earning more.
– How does that sound to you?
– Would that get your practice off its plateau?
– If your practice’s growth curve is basically flat, you’ve got to do something soon.
– Because your competition is increasing.
– That flat curve will turn downward, and you’ll be hard-pressed to turn it around.
– And with all that competition you’re facing, trying to compete on price is going to cost you a fortune.
– Have you had enough of little to no growth in your practice?
– Are you serious about getting your growth curve back on track?