How Dentists Will Overcome The Drops In Revenue

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A Minute (Or Two) With Colin Receveur, Episode 70

- According to an article in the USA Today, dental spending will continue to head south into 2021. 

- Now, that's not great news for dentists, but there is a solution. 

- A recent USA Today article cited ADA figures revenue declined 38% in 2020. 

- And they're predicting another 20% decline in 2021. 

- Now, 15 to 20% of dental patients won't book appointments, until there's a vaccine. - That matches the current 80% of patient volume that most dentists are reporting. 

- And if the volume is going to continue down for an extended period, dentists need a way to make up for that missing 20% of volume, so that you can get your numbers back to where they need to be. 

- Now getting more patients to say, yes, to more of your presented treatment and higher value cases is going to be crucial. 

- One principle, the 80/20 rule as you may be more familiar with it. If 80% of your patients are showing up, you need to figure out how to close the last 20%. 

- And you're going to find conversely that 20% of your patients are producing a disproportionately large amounts of your revenue. 

- Now, doing this requires that your patients have a high level of trust in you and in your practice. And that process begins with the first contact. 

- Look at how your phones are answered, how many calls are being missed, how many new patients are being appointed, and then check out your new patient attendance rate. - How many holes do you have in your schedule? 

- If you're going to really regain and grow back your collections to where they were, you're going to have to focus on your team. 

- We've put together a program to help you do exactly that and more. We call it our Success Academy and we base all of our training around the five A’s. 

- If you want to get your team optimized and supercharged to following the five A's process, and understanding your Money Funnel and where that 20% of your money is leaking out, clicking here