If you want to increase your revenue, the good news is that it’s a very simple science.
There are really only ever three ways to increase revenue in a practice, and in fact in any kind of business.
In any business, the first way is to see more patients/customers.
The second way is to increase the frequency of transaction.
And finally, the third way is to increase the size of the transaction.
If you can think in those three categories and make small changes in each of those categories, then I guarantee you that you’ll get big results. As we say, small hinges swing big doors.
1. See more patients.
If you want to start out by seeing more patients, that’s going to play into your marketing, referrals, and your ability to build a patient base.
Now, obviously engaging in any marketing campaign can require a bit of an investment – in terms of funds, time, and energy. If you’re looking for ways to market in a budget, we have a list of ways you can market your practice on a shoestring budget.
However, asking for referrals is a very simple and effective way to build your patient base without costing anything but a few extra minutes at the end of an appointment.
2. Increase the frequency
Where this is most applicable to dental practices, is in retention. It is far more expensive to attract new patients, than it is to re-engage your existing ones and they keep coming back for their appointments.
It’s absolutely crucial to ensure that you give your patients a compelling reason to return, and have them leave the practice with their next appointment already booked.
Whether you’re looking at incomplete treatments or just making sure your patients come back for their six month-check-up, leave them with no less than three reasons come back in for an appointment. We’ve got some great ideas around how to approach that conversation here.
3. Increasing the transaction size
Case presentation and acceptance is the dentistry equivalent of sales. It’s something that many dentists find tricky, and it’s important to navigate this area elegantly – after all, no-one wants to feel like a sleazy salesman.
To increase case acceptance, it really comes down to how well you communicate and emotionally engage with your patient. When it comes down to it, they have a problem and your objective is to help them commit to a solution.
So, those are the only three ways to maximise revenue. If you found this helpful, you might want to check out this podcast where I discuss the ten fastest ways to practice success.