Success in private practice isn’t random. It doesn’t happen by accident or by chasing after every patient. It’s built on positioning—both how you position your practice in the marketplace and how you position it in your own life.
Proper positioning gives you power. The power to make decisions that lead to sustainable, predictable profits while freeing you from the volume game that burns so many doctors out.
When you understand your purpose, and when you position your practice accordingly, you’re able to drive profitability without having to constantly expand your patient base or hustle for more volume.
Position Your Practice in Your Life First
The first step to gaining ultimate power over your practice is to determine where your practice fits into your life. Too often, doctors let their practice control them, consuming their time and energy, when it should be the opposite.
You need to position your practice to serve you. Your time, your goals, and your life outside the office must be the guiding force.
Positioning your practice correctly starts with being clear on your why. What’s your purpose? What drives you to succeed? Purpose leads to pride, and pride in what you do allows you to make decisions that keep your practice aligned with your mission.
When you are proud of your purpose, you will naturally demand more from your time and insist on getting the most value from every moment you invest in your work.
Pricing: The Foundation of Profitability
At the core of every profitable practice is a well-designed pricing structure. Whether you’re dealing with crowns, veneers, sleep dentistry, implants, or comprehensive care, pricing is what leads to profit. If you don’t price your services correctly, you’ll always end up fighting for more patients, and worse, more volume. And more volume isn’t the solution—it’s the problem.
In dentistry, too many doctors focus on volume and think the answer to growth is more patients, more procedures, and more hours.
But this is a trap. The real solution is to price your services in a way that reflects their true value.
When you price correctly, you can do dramatically more with less. You’re no longer in a race to fill every slot on the schedule. Instead, you’re providing high-value care that allows you to work fewer hours while still increasing your profitability.
Understanding the Outside Industry Circumstances
Now, let’s address a major concern many doctors face: outside industry circumstances. These are the things you have little control over—economic shifts, market fluctuations, patients’ disposable income, or changes in insurance policies.
While it’s easy to get caught up in worrying about these things, the truth is that you can’t control them. But you can control how you respond to them.
Too many doctors focus on what they don’t have… patients who don’t say yes, patients who can’t afford treatment, or the patients they feel they’re losing to cheaper options.
This focus is misplaced. Instead of looking at what’s missing, you need to focus on what you do have.
As the saying goes, “where your focus goes, your energy flows.” If you’re always looking at the threats, you’ll never see the opportunities. The key is to shoot the gaps: focus on the patients who want the kind of care you provide and position your practice to attract that kind of patient.
From a Little to a Lot: The Power of Focusing on the Right Patients
In dentistry, there’s a common misconception that success is about seeing more patients. But seeing more patients often leads to diminishing returns. The more patients you see, the less time you have to give each one, and the lower your per-case profit becomes.
You don’t want to be in the business of a little from a lot (meaning doing a small amount of work for a large number of patients). This strategy spreads you thin and leads to burnout.
Instead, the goal is to build a practice that brings in a lot from a little. This means focusing on a smaller, more targeted group of patients who value what you offer, are willing to invest in their long-term health, and who appreciate the comprehensive care you provide.
These are the patients who will allow you to increase your fees, step away from insurance, and maximize profitability without sacrificing your time and energy.
Positioning Yourself for Long-Term Success
To do this effectively, you must be willing to properly position yourself in the marketplace. This means establishing yourself as a premium provider who offers more than just basic services.
Whether it’s through your pricing, the level of care you provide, or the relationships you build with your patients, you want to position your practice as the place where patients come for long-term, comprehensive care.
Once you’ve established this positioning, the circumstances outside your practice become far less relevant. You’re not trying to serve the entire market, and you’re not trying to compete on price alone.
You’re creating a practice that’s built on high value, high trust, and high profit.
Profit Through Positioning and Focus
The secret to long-term success in private practice is simple: position yourself correctly and stay focused on what matters.
When you position your practice to serve your life, set your prices to reflect the true value of your services, and focus on the patients who truly value what you offer, you will achieve the kind of profitability and freedom most doctors only dream about.
Respectfully,
Scott J. Manning, MBA
The Authority on the Business of Dentistry, Scott J Manning MBA, is offering a complimentary Lifestyle Practice Blueprint to review your current practice growth strategies and identify opportunities to increase your income, impact, and independence. Get Started On Your Path to Prosperity…
Subscribe now and receive Scott Manning's Life Prosperity & Practice Profit Weekly Report. Join thousands of dentists who receive Scott's weekly insights and explore the inner workings of your dental practice. This has been the very catalyst for North American Dentists to begin creating their own Dream Lifestyle Practice and liberating them from daily grind they once endured. Now it's your turn to take part in this extraordinary journey that has led to a dramatic shift in the dental industry and beyond.
