In many businesses, they establish a profit margin per customer and then they keep growing the number of customers in order to maximize profit. This is because they have the ability to scale.
You have zero scale.
In dentistry, unless robots end up doing it or you can practice virtually without requiring space in your office, there is no scalability.
You, your team or someone has to actually see the patient and do the dentistry. No matter how many other variables you improve, you still have a finite amount of the greatest and most precious asset – time.
This is why, when practice strive ONLY for volume growth, they lose profit leverage because they start out at the bottom of a BIGGER and STEEPER mountain every month.
The point you have to reach before you make any money every month is really the most important number for you to know so that you are striving to beat it, double it, multiply it every single set of 30 days.
So you say, “Scott, I can have more ops, more teams, more doctors, more locations and grow and grow and grow by having more patients.”
Perhaps. Everything just outlined is an option, even being open more hours if that’s what you want to do; but your overhead will go up and therefore your profit grows in parallel to overhead. That means a steeper mountain in order to get to more profit.
What most Doctors want is a baseline overhead that doesn’t stress them the hell out and then to maximize their profitability every single month by focusing on creating leverage – NOT scale.
Leverage is all about getting more out of every single patient, team member, treatment room, clinical day and hour.
Last week, I told you about the greatest leverage of all: Your Patients.
Attracting more high value patients for your practice is the secret to climbing the monthly mountain faster (since your overhead remains low) and getting to the money you keep (that’s the point) with as little stress and anxiety as possible.
You do this by focusing on a few key factors…
1st – Knowing what an ideal patient for you is
What “dentistry” are you about? What is your clinical vision? What is the outcome you expect your patients to want and receive?
You can’t just ask this question by saying you want patients with money and who appreciate you. You have to really have an understanding of the outcome you want your patients to have and the philosophy of care you want your patients to buy into.
Once you have this, we can now have more meaningful conversations and proper education and processes in place to attract, acquire and create more high value patients for you.
This is the famous Covey analogy of “begin with the end in mind.”
Now that you have that, you still can’t expect that every patient calling your office or IN your office is automatically going to be this kind of a patient. If you try to force them to be or you challenge them with an ultimatum then you are going to run off a lot of patients and destroy your number one means of attracting high value new patients – your refer-ability.
You have to move to the second factor…
2nd – Elevating your patients awareness and desire for your type of dentistry
Question: What is your protocol of setting expectations on the phone? How do you move emergencies into comprehensive exams? In what way do you put focus on health and treatment, not just cleanings and cavities?
You simply can’t pretend that patients are already going to be of the highest value BEFORE they experience you. It is you that makes them become valuable.
If they were already great patients, they would not need you because they would already have a complete mouth, smile, health, etc.
You are HOPING for patients that want to be high value but are not already…
SO HOW DO YOU SUPPOSE THAT HAPPENS – by asking questions, sharing stories and giving patients insights into what is possible.
This is established through my proprietary screening process that is used as a catalyst to automatically make a patient want more for themselves and value you more for how uniquely different you are than their “standard” pre-conditioned vision of what they believe a Dentist to be.
Okay, so now that we have our two most critical pieces in place, it’s time to turn on the faucet and fill up your practice with a quality base of constant flowing valuable new patients.
3rd – Understanding that how you attract new patients to your practice has a lot to do with the type, quality, category and ultimately results you will get from these patients
This is why I do not like marketing by promoting discounts and emergencies and free this and free that. I like marketing that educates, positions and does justice by your vision, purpose and passion.
You simply want to build a dramatically effective referral practice fortress that supports and integrates with every component of your practice.
In what ways and where are you using real actual tangible referral strategies to grow your quality base of new patients?
How many can you name?
How many can your team name?
What exactly are you doing or not doing?
And yet hoping for more patients or wasting money on marketing that gets you (if any at all) the opposite of what you want – VOLUME of randomness of patients that don’t match with anything we have discussed here today.
This is why using my High Value Patient System serves all three of these key pillars to ensuring you have the greatest leverage possible and you are building the value of your practice and your income as a result of increasing the value of your new patients. Then and only then can we begin to replicate and grow your high value patient streams.
I have taken time to step-by-step reverse engineer my exact process for turning your patients into high value patients and if you follow each of the very easy, yet profound and important components, then you will see the results immediately and I do mean immediately.
And if you want to know the real secret to how I help my doctors work less and actually make a whole lot more – it’s right here. Everything is in this system for getting more high value patients and cultivate the dentistry you want while getting paid the fees you deserve without more hours, headaches or overhead.