Triple Your Production in 3 Simple Steps!

If the title didn’t get you, maybe a few statistics will. A Tennessee practice increased their monthly production from just under $80,000 to more than $200,000 in less than 6 months. An Arkansas practice increased their monthly production from $50,000 to $150,000 in less than 12 months. Are you interested? If you could double or even triple your practice in two or even three years, would it be worthwhile to adopt and integrate a few simple strategies?

There are only 3 ways to grow a practice… only 3!!!

1. Get patients to buy more.

2. Get patients to buy more, more often.

3. Get new patients.

If this sounds logical, it is because it is. Question, why doesn’t every practice do it? Because it requires a team, not a staff! It requires individual accountability, not doctor management. These three systems will support you in maximizing each of the three criteria for promoting growth in your practice. You must be prepared to have the highest paid staff in your area, if they earn it. You must be willing to maximize all the human potential in your practice. What if your staff salaries as a percentage of collections is 20 percent, and the team is excited about it? If so, adopt these 3 systems, incentivize your team proportionately, and turn them loose!

1. Hygiene Reactivation

Do you know your Re-Care Effectiveness Rate? It is the percentage of your active patient base that consistently shows for their hygiene appointments. Why is this number important? Because it is without doubt the fastest way to grow your practice. Think about this… you generate approximately two dollars in treatment for every 1 dollar in hygiene. Now imagine if your Re-Care Effectiveness Rate doubled. What does that do to your production? The answer is extraordinary growth. The industry average is about 35%. Let’s say a practice at 35% increases their Re-Care Effective by 5%. Not a huge increase and certainly not a difficult task. That 5% increase will in turn generate a 10% increase in treatment. That’s a 15% increase in overall production. This is an example of getting your current patients to buy more and will have a substantial impact on your production and profitability.

2. Treatment Reactivation

How often do you have patients begin a treatment plan, but somehow they never complete it? Have you ever had a treatment plan change between hygiene appointments? Treatment reactivation helps you and your team support patients in completing their plans so you can ensure their oral health is improving. Remember this… only 3% of your target market is buying what you’re selling at any point in time. It doesn’t mean they’re not interested… it just means they are not interested right now. There are a thousand scenarios that may be preventing a particular patient from moving forward with the next phase of treatment right now. At some point in the consumer life cycle, they will be in that 3%… and you better make certain you are in front of them when they are. This is how you get patients to buy more-more often. Dr. Paul Bass says, “My persistence is greater than their resistance!” Be persistent in your approach to ensure your patients receive the best care.

3. Marketing

Do you know your New Patient Conversion Ratio? It is the cumulative value of a new patient to your practice. The number of new patients to your practice feed your reactivation efforts, your long-term growth, and replaces any attrition you may be experiencing. Why it is important? Because without it, you don’t know how many new patients you need each month to support the attainment of your production goals. Most likely, you’re currently getting as many, or slightly more, new patients than you are losing, which results in little or moderate growth. Is moderate growth good enough? Are you comfortable with little or moderate growth or would you prefer sustainable and long-term growth? The choice is yours.

Let’s say you have an active patient base of 1,100 patients, which is enough to sustain a million dollar practice. If you are only experiencing 10% attrition but aren’t doing any marketing, how long are you going to stay in business? 11 years is a short career. How much time did you invest in your education? Most doctors have plans of selling their practice at some point to support their retirement. Your practice should be an investment, and all good investors know that you buy when the price is low and sell when it is high. Are you producing what you want to at this stage in your career? If not, leverage the power of reactivation and marketing to create measureable, long-term growth.

Written By: Richard Vessels

 

Leave a Reply