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Bulletproof Dental Practice Podcast Episode 66
- Adding more new patients to your practice will highlight the problems in your office.
- Success is all about making sure there’s net growth. You can’t just work to get new patients without making sure you’re taking care of your existing ones.
- Make sure you have leadership in charge, not just in place.
- Following systems allows for consistency but you can’t overdo systems, there should be some amount of flexibility.
- Create frameworks for conversations with patients, instead of scripts.
- The best strategy for retention is relationships. “Don’t be a dickhead.”
- Having regular communication with your team and understanding what they want from you is the best way to retain your team members.
- Make sure all decisions have a triple win: your business wins, the patient wins, and the team member wins.
- If you can have alignment about the goal for the team then you’re moving in the right direction.
- Every time you have staff turnover you’ll have a dip in productivity.
- There’s a sweet spot for profitability. Bigger is not always better. Pay more attention to profitability than size.
- In Australia, 4-5 chairs in a practice is a sweet spot. It’s small enough to manage, you can make it very profitable, and you can replicate it more easily.
- You have to understand your positioning in the marketplace; whether you’re volume, boutique, etc.
- Convenience is critical.
- There are three ways to increase revenue:
- See more patients (marketing, how do you get more out of your chair, etc.)
- See those patients more frequently
- Increase the average dollar spend per patient
- Small changes in those categories compound across your practice.
- Marketing Three R’s:
- Recruit new patients
- Retain existing patients
- Reactivate people who might have fallen off the bandwagon
- The things that move the needle most are “critical drivers.” What activities are your team doing that produce the best results? Focus on those activities.
- Ask for referrals
- Ask for Google reviews
- Multiply the booking
- Focus on presenting x number of treatments per day, from there you’ll have the conversions you’re looking for
- Morning huddles, productive staff meetings
- Proposed treatment vs. enrolled treatment (acceptance rate) – shoot for 80-85%.
- Depending on your preferences, that acceptance rate can be closer to 66%.
- Net profit: including salary of principal, your net profit should be around 20%.
- Everything is about the cash flow.
Retention: How to Plug the #1 Profit Leak in Your Dental Practice by Dr. Jesse Green