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There are very, very few dentists who practice for their entire lives. More often, some dentists have a good long run of 30 or 40 years before easing into retirement. For others, running a dental practice only lasts 15 or 20 years before they’re looking for a buyer for their practice. Regardless, when the time comes for you, will your practice sell for enough to finance your retirement or your next business venture?
If you’re marketing your practice like most dentists, maybe not. It doesn’t matter how long your timeline might be, the time is now to begin prepping your practice for sale.
That might sound ridiculous to overworked and underpaid dentists. But if you fall into that category, what you’re doing isn’t working well enough. And that has everything to do with the quality of patients you’re marketing to – and getting. If you keep doing what you’re doing, the sale value of your practice will be far lower than it could be
Increase Your Practice’s Valuation
The name of the game when it comes to practice valuation is annual collections. Now, there are other factors that come into play, but collections are always the starting point. The higher that number, the better off you’ll be when the time comes to sell.
So that begs the question: what’s the best way to increase your collections? SmartBox’s experience is that the clear answer is to get better dental patients. Better, in this sense, means patients who are loyal to your practice. That alone will increase their lifetime value to your practice. Above that, better patients comprise the 20 percent of your market who have the ability and willingness to pay more for the right dentist.
Think about that for a moment. You can lose a lot of “nots”: not getting beaten up on price. Not hearing, “That’s too expensive” routinely. Not being asked to find cheaper solutions to the same problem. Not having to perform only the procedures that dental insurance will cover.
And you can gain a lot by focusing on the better patients in your market. Obviously, your collections can soar. At the same time, with higher average case values, you’ll be working less while you earn more. You’ll have the freedom to handle the cases that you really enjoy doing. You’ll have the means to expand if that’s in your plans.
Step Up Your Marketing Game
You won’t get those better dental patients to choose you to solve their dental problems through “traditional” dental marketing. Price, specials, discounts, and insurance aren’t big motivators for this market segment. They’re far more interested in finding a dentist who they like, trust, and relate to. They’re looking for someone who they regard as the dental expert for them.
Attracting those better patients is a very labor-intensive process. You’ll need to have a strong, consistent online presence – not just on your website, but in social media and your blog. You’ll need credible, well-done patient testimonial videos to provide “social proof” for your prospects about the results and the experience they can expect in your practice. And you’ll need carefully-tailored sequences of email addressing specific patient concerns and the solutions to their problems.
Frankly, most dentists don’t have the bandwidth or the capabilities to take that kind of marketing approach. But, for about the same amount that you’re probably spending on your marketing right now, you can work with SmartBox to get more and better patients for your practice.
That’s what we do for more than 550 dentists on three continents.
If you’re serious about your ultimate success, go to smartboxwebmarketing.com/dentalpracticediscovery and reserve your Practice Discovery Call. We reserve these calls for dentists who want to see a Patient Attraction System™ that can double or even triple their practices.
We’ll help you get your practice’s valuation to where you need it to be when you’re ready to move on.