business of dentistry

The Business of Dentistry: How to Grow Your Dental Practice in 2020

By | Digital Dentistry

The business of dentistry includes more than cleaning teeth and filling cavities. For true growth, you need an eye for business management in addition to staying on top of the latest dental treatments.

Regular growth helps you reach more patients and increase your profits to make your business more successful.

If your goal for 2020 is to grow your dental practice, keep reading to learn strategies to help.

Write a Vision Statement

You know you want to grow, but what does that mean to you? Dental practice growth can mean different things.

It might mean:

  • Increased profits
  • More patients
  • Hiring extra staff
  • Expanding your current physical space
  • Expanding to another location

Look at your current business and decide where you want to go this year. Decide how you’ll define growth for your dental practice.

Then, write out a vision statement to clarify your goals. This statement can help you make decisions for your dental practice.

Build Trust With Patients

Building patient loyalty helps create a solid base for your practice growth. 

A new patient typically costs between $150 to $300 to acquire. It’s tough to calculate how much you’ll make from each patient, but on average, a patient could give you at least $4,500 during the typical 7 to 10 years they stay with a practice.

Taking care of your current patients and building trust with them is important. Build relationships with your patients and give them more reasons to stay loyal to your practice.

Manage Your Reputation

Providing quality dental care helps you grow a positive reputation, but you also need to stay on top of your online reputation.

Remember that bad reviews, while informative, can affect your online rating. Watching your online ratings and reviews helps you spot a problem.

If someone leaves a negative review, address the issue in a professional way. Providing a simple explanation or simply apologizing if the person has a valid complaint can help minimize the damage.

Use caution when responding to specific patients. Respect HIPAA regulations and patient privacy when posting online.

Grow Your Online Presence

Your online presence can influence whether or not people choose your dental practice. 

One survey revealed that online reviews were the most important factor for 43.3% of participants. For 19.4% of people, it was which dentist was closest, and for 18.4%, being ranked high in search results was the deciding factor.

How you show up online matters. 

Including reviews and testimonials on your website can help. Starting a Facebook page for your practice is another way for people to leave reviews for you.

Using local SEO on your website helps people find you as the closest option. Use keywords that include your city, neighborhood, or other local references.

Having an SEO-friendly website overall can help you rank higher in search results. SEO is complicated, but some of the factors include keywords, fast-loading pages, easy navigation, responsive design, and a clean, easy-to-read layout.

Growing your social media accounts can also help local consumers find you. It allows you to increase your influence through educational posts. You can also build a dental practice brand by highlighting your unique voice and personality through your posts.

Use Content Marketing

Content marketing can help you grow your practice. It’s another way to educate potential clients and build your dental authority. Content marketing is often achieved through blog posts. Creating and posting educational and informative dental videos on your website or social media pages can also help.

Content marketing makes it easier for people to find your dental practice website when they search for dental topics online.

Stay on the Cutting Edge

Patients want up-to-date technology and dental treatments for various conditions.

Evaluate your current equipment. And consider updating older or outdated equipment or technology.

Keep up with continuing education to gain knowledge on the newest dental treatments.

Taking dental classes helps you meet your state-mandated continuing education requirements in addition to being able to offer your patients the best options.

You can modernize your practice by using dental practice management software. It helps you manage things efficiently. It also gives you insights about your practice, which can help you track your growth and make decisions for future growth.

Manage Your Finances Well

Reducing your overhead costs gives you more room in your budget to grow your practice. It frees up money to invest in a larger space or to purchase an existing practice.

Having a solid financial foundation can give you credibility with lenders if you need financing to expand.

Review your current budget to see where your money flows each month. Find ways to cut your expenses to have more of a financial buffer.

Cutting your dental supply costs is one way to save money. Choose discounted products, and keep an accurate inventory to ensure you only order what you need.

Improving energy efficiency in your office can cut utility expenses. Water-saving equipment and using LED bulbs instead of halogen bulbs are two simple options.

Switching labs can save money and improve your practice overall. Observe lab inefficiencies that could be costing time and money. 

Master the Business of Dentistry for Growth

When you’re in the business of dentistry, it’s important to balance growth with the care you provide your current patients. Making strategic choices in your practice helps you attract more patients and continue growing.

If you need to cut costs to help your practice grow, look at our discount dental supply options. You can order the supplies you need at a lower price point to improve your financial situation.

Last modified: May 1, 2020

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