Want to Grow Your Dental Practice in 2021? Try the Triple P|
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Springtime has long symbolized growth and renewal — and there are truly no better adjectives to describe 2021. As you look ahead to what’s next for your dental practice this year, you may be thinking of creative ways to grow your business, while simultaneously navigating the restrictions presented by the COVID-19 pandemic.
This year, we challenge you to focus on what we at Aprio like to call the “Triple P” (hint: it’s not an acronym for the Paycheck Protection Program). Keep reading to learn more and see how you can apply this three-pronged approach to your own dental practice.
1. Patient acquisition is just as important as existing patient satisfaction
Your patients are the reason you do what you do, so it’s no surprise that they represent the first “P” in this growth approach. Your existing patients’ needs should always be a primary focus for your dental practice, but you should also be thinking deeply about how you can acquire more ideal patients. After all, if you don’t acquire new patients over a period of time, you will have diagnosed and treated all of your existing patients, leaving very little opportunity for service innovation.
If you don’t have enough new patients, and you’re not attracting the right kinds of patients, then this could signal the need for a shake-up in your dental practice, such as diversifying your procedure mix. New patient acquisition is a metric you should be tracking to project and plan for future growth.
2. Payors can tell you a lot about your bottom line
Some dental practices consider payor relations as an afterthought, or a factor that becomes more important when there’s an issue in your bottom line. You may only think to examine your collections when you notice your revenue numbers are dropping. But if you’re constantly re-examining your payor relationships, you may uncover simple, yet impactful ways to boost your revenue, such as increasing your fee schedule or renegotiating your contract for better terms.
3. Procedure options should evolve with your practice
You may be comfortable with your current procedure mix, and your patients may be as well. But have you done your due diligence and research to see what other practices in your region are offering? If you’re looking for ways to grow your practice, expanding your procedure base is a move that can pay dividends over time. Not only will expanding your procedure offering help you attract new patients, but it will also increase the collection dollars you receive from payors.
The bottom line
While the Triple P approach is far from exhaustive, it can help you get a leg up on your goals and may even spark new ideas for expanding your dental practice over the long term.
At Aprio, our National Dental Practice specializes in helping dental practice owners like you develop creative, realistic strategies for growing their practice into the future. Stay tuned for additional articles, email updates and other resources from our team on topics that will help your dental practice succeed in 2021. In the meantime, contact our team if you have questions about your specific situation.