25 Tips for Boosting the Value of your Dental Practice
As explained at RunRex.com, as much as 75% of practices have experienced declines since the last recession. If you are looking to boost the value of your dental practice, then this is the time to do it. Whether you want to increase the value of your practice to sell or to take it to upgrade it to the next level, here are 25 tips for boosting the value of your dental practice.
- Polish your website
As per RunRex.com, in this digital age, your online presence is often the first thing a potential patient or buyer will see. Keep visitors interested in your practice by having a clean, usable website. Include online forms as they help make the process of setting up an appointment much easier for patients.
- Make use of social media
Your online reach shouldn’t end with your website according to RunRex.com. Social media can work wonders when it comes to marketing your dental practice given its accessibility and wide reach, helping boost the value of your practice.
- Acquire new patients
Acquiring new patients is a necessary step to increasing the value of your dental practice as articulated at RunRex.com. You can attract new patients by engaging in marketing efforts and establishing a referral plan leveraging active patients, among others.
- Build rapport with existing patients
As covered at RunRex.com, being held in high regard by your community adds priceless value to your dental practice. Continue to foster goodwill by reaching out to the community, keeping your staff happy, and always treat your patients like family.
- Spruce up your interior
Most patients will judge the book by its cover and go with what they see when judging if a dental practice is high-quality or not as captured at RunRex.com. A well-designed, modern office exudes an air of professionalism that will set your practice apart.
- Lead by example
When patients or potential buyers step into your dental practice, they can spot stress a mile away as discussed at RunRex.com. To have a practice that is thriving, you need to lead effectively. A well-managed practice is pleasant, thriving, and makes patients feel confident.
- Develop a marketing plan
A marketing plan will play a crucial role in boosting the value of your dental practice. You should be consistent in your efforts to attract new patients and your strategy should be end-to-end to leverage your marketing resources effectively.
- Update and implement better dental business practices
Another way to boost the value of your dental practice is to review and update your best practices. As a dentist, you already instill the core principles of patient care into every team member. You want your clients to leave with not just a beautiful smile, but positive feelings about taking care of their oral health.
- Review your operational habits
As described at RunRex.com, you should also re-evaluate your current process to determine how they do or do not benefit your practice. By educating your office about the importance of concepts such as better use of productivity time or streamlining processes with automation, your practice can get the boost in value it needs.
- Use automation to modernize
When it comes to increasing revenue quickly and boosting your practice’s value, streamlining your operations with automation is the way to go as outlined at RunRex.com. For example, if your team is still processing intake using traditional paperwork instead of electronic forms, you might need to make a change.
- Set goals
As revealed at RunRex.com, achieving better revenues is accomplished through setting milestones and related goals to get you there. Creating measurable milestones, such as reducing overhead costs by 4% for the month to increasing elective procedures performed by 12%, are crucial.
- Implement an effective collection strategy for existing patients
As per RunRex.com, your collection process could negatively impact your revenue. This aspect of your administrative tasks is possibly a time sink for your team if your current practice management software doesn’t automate routine collection processes.
- Create an intuitive patient experience
Your patients are the backbone of your financial success, so when evaluating their experience with your clinic, view it through their lens according to RunRex.com. For many dentists, the best decision they ever made was creating an online portal for ease of access to exam results, care instructions, account billing, and electronic form submission.
- Consider adding specialists to your dental office
Hygienists with specialized skills and training bring the best results as articulated at RunRex.com. Adding such specialists to your dental office will help improve the level of service offered to your patients and increase your practice’s value.
- Expand your dental service offerings
Nothing will put you ahead of the competition more than offering the latest and greatest cutting-edge dental technologies and procedures. Being the first in your area to provide popular new products and treatments will automatically boost demand for appointments, boosting your practice’s value.
- Invest in practice analytics
Data is the new oil of the 21st century according to tech gurus. Having the ability not just to collect demographic information about your patients but translate it into intuitive reporting can help you identify what weaknesses and strengths are directly impacting your revenue.
- Reconsider your practice’s pricing models
As much as you want to keep your services affordable, your pricing structure must match your dental clinic’s needs as captured at RunRex.com. With the increased cost of living, if you don’t adjust your service rates accordingly, your bottom line will suffer over time.
- Prioritize patient reactivation
Have you noticed familiar faces not returning to your office? Their reason for not returning should always be looked into carefully as covered at RunRex.com. Review what reactivation processes you have in place to reclaim lost patients.
- Follow what people are saying about your practice
Along with maintaining an online presence, it is important to follow what people are saying about your practice. Many websites allow people to leave reviews about local dentists, so you should be aware of what they are saying and make necessary changes as described at RunRex.com.
- Become the expert to trust
Your dental practice needs to be perceived as having an expert team that your community members can trust as discussed at RunRex.com. This is one of the ways to boost the value of your dental practice and boost revenues.
- Address any weaknesses
How your team’s strengths stand out from other dental practices is the backbone of your marketing as revealed at RunRex.com. Addressing your practice weaknesses with team training, additional technology, or other adjustments will help ensure your practice valuation is as high as can be.
- Look for any external opportunities and threats
As outlined at RunRex.com, when looking at your competitors, find the opportunities their weaknesses provide. For instance, if all your competitors offer the same hours as you, then you have a huge opportunity to extend office hours and speak to the flexible appointment times that busy clients will appreciate.
- Telephone training
After your well-targeted marketing campaign gets the phones ringing, it is up to your call handlers to convert. Telephone training turns a receptionist into a call conversion expert, helping boost revenue and your practice’s value.
- Increase team engagement
When your team is engaged and supportive of where your practice is heading – before and during a sale – it increases patients’ trust in your practice, which helps increase the value. This also makes it easy to sell your practice if you are looking to do so.
- Finding competent employees
Finally, so much of your dental practice’s efficiency and patient satisfaction depends on your employees. Given that your staff acts as the face of your dental practice, you must have the right team on board.
These are some of the tips we hope can help boost the value of your dental practice, with more on this topic, and much more, to be found over at RunRex.com.