There are a lot of milestones in life – birthdays, anniversaries, promotions, retirement. There are only a few milestones in dentistry, and one major milestone is reaching the million-dollar mark in collections. While it’s true that a million dollars isn’t what it used to be, that’s the initial goal that many, if not all, practices shoot for. If you’re doing everything you can think of to reach that goal and it’s proving hard for your practice to accomplish, stay tuned. I’ll be back after the break to tell you how to drive your collections to the million-dollar mark and beyond.
– I’m Colin Receveur, CEO of SmartBox.
– Thanks for watching the Patient Attraction Podcast™.
– General practitioner owner-dentists had an average gross billings per dentist of under $650,000 in 2015.
– That’s not bad, but it’s not all that good.
– That’s the average, and the odds are good that a comparative handful of really successful dentists skewed that number upwards.
– How many dentists are grossing significantly below that 650,000 figure?
– Based on the thousands of dentists I’ve met, I’d say far too many.
– And that’s just not right.
– I have a soft spot for dentists, and I think they should be able to enjoy what they do and make a really good living doing it.
– And they should have time to enjoy the rewards of their labors even while they’re still in practice.
– Not only that, but I think dentists should have a very comfortable retirement when they’re ready.
– That’s the world I’m trying to build.
– So, consider your own billings.
– If you’re well over that average, you’re probably feeling pretty good about things.
– But if you’re below average, you’ve got a lot of work to do.
– That’s particularly true if you’re looking at retiring in 5 to 10 years or so.
– From all available indications, you don’t have a lot of time to boost your practice’s value and secure your retirement.
– A practice that bills 1 million or more will do a lot to give you the kind of retirement you can really enjoy.
– So, if you’re not there yet, how will you get there?
– When faced with the question of how to grow their practices, most dentists will answer that they need more patients.
– If they have a lot of open chairs, that answer makes sense, but it doesn’t go far enough.
– The real answer is to get more and better patients.
– Your average case value is the important part of the solution.
– Get a larger number of low-value patients, and you’ll work harder for less.
– Get more higher-value cases that will remain loyal to your practice, give your patients a superior experience while they’re in your office, and you’ll be well on your way to reaching or surpassing that million-dollar milestone.
– It sounds so easy, right?
– So why don’t all dentists pursue better patients?
– A large part of the reason is that dentists have drunk the marketing Kool-Aid.
– They chase patients by advertising on price, discounts, and coupons.
– A certain amount of that is probably necessary for most dental practices, but dentists go too far.
– Better patients are those with the willingness and ability to pay more for the right dentist.
– And the right dentist is one they relate to, trust, and view as a dental expert.
– You can’t position yourself as the dental expert by constantly trying to become the low-price leader in your market.
– If you’re serious about reaching and surpassing that million-dollar milestone in your practice, here’s what you need to do.