Do you want to bring more high-value patients to your dental chair for high-valued treatments? Have you considered how much you are missing out on by not having a framework in place? With a working system in place, you can really grow your practice.
Lets review a real case study.
These are real numbers from an I Love Straight Teeth private branch in London, so let’s take a little look. In the last thirty days:
ADVERTISING: £3,015 was invested
MARKETING:173 potential new patients
CONSULTS: 39 consultations were booked
SALES: 11 braces were started.
Let’s assess this. This is our AdWords campaign. You can actually see how much we’re spending per day, about £140 per day or £3,000 a month. The second thing you can see is how many potential new patients we attracted. There are 173 new contacts in the last 30 days. This averages at a cost of about £17.42 per potential new patient. A potential new dental patient is somebody that may come and see and is interested in what you have to offer.
The campaign generated 39 brace consultations of which 31 people attended, at a cost of £97.26 per consultation.This resulted in 11 brace starts and about £53k of new revenue. In effect, this is about one and a half months worth, because August is quiet, but essentially you can see this is an average of £4,753 per case, which works out a cost of £275 per patient. What we show you excludes cosmetic bonding, hygiene, filling, and whitening. The revenue is actually higher and the cost per case.
Costs Per Case.
What are ‘costs per case’? To answer this question, it is how much you’re buying the patient for. Business is about investing, buying more on one side, with customers coming in on the other side. If you’re able to buy more customers, you may double the value. Let’s say the costs are £550 per patient, which, in reality, they often are. That is still a bargain, because you have about £4,200 of revenue coming in which means that you can scale up much faster. This is all about something called the 30-day customer value. Tell me what other investment can do this. Where can you invest 1 or 2 braces a month, £3,000, and you get back between 5 and 15 braces back.
Create a system.
There are no other investments that we’ve come across which can on a regular basis reap such rewards. We just want to make it clear that this is a unique situation.
We’ve invested a lot in creating a dental system that achieves this but, once we had created it, it has allowed us to double the practice in two years while halving the day’s work. Having these systems in place, where you can invest 1 to 2 brace every month, and every month you get 5 to 15 brace back, is what gives you freedom.
Which one describes you?
You may be working too many hours not doing what you enjoy. Are you tired? Do you feel that you don’t have all the time off that you want? Are you spending too much time on more stressful, lower-value treatments? The NHS is a great public service, but it’s becoming increasingly more complicated, difficult to maintain and stay ahead of the regulations. All of this may be making you stressed. You’re not doing the procedures that you want to do. If you’re doing dentistry on people that don’t really want to be treated because they have procedures they don’t really want, you feel under-valued which creates more stress. It’s far more rewarding treating people that genuinely want the treatment because they want straight teeth. They’re really happy to come and see you and pay for it.
You may also be concerned about the increase in competition around you. Many people use Invisalign, which is a great company and great product, but everybody is now offering Invisalign. The reps for Invisalign are encouraging everybody to start it so that you may be thinking, well, what makes me stand out? Three years from now, there’s going to be even more competition. If Invisalign could get Amazon to ship their aligners directly to you, believe me, they would. The future, who knows? Things like that could happen. You’ve got to have a plan in place. You don’t want to feel stuck, frustrated and trapped, and you want to work on your practice, not in your practice.
The key thing we want to focus here is transaction size. Yes, we’re calling this how to build a high growth orthodontic practice, but it could also be titled how to grow your practice in a cash flow positive way. What does this mean? We see here 100 new customers spending £200 is £20,000 of revenue, which is a lot, but 100 new customers spending 4,000 pounds, that is £400,000. That’s huge. Again, you can double a practice. You can triple a practice. You can grow by big amounts. That gives you a lot of revenue to reinvest in a better experience.
The other thing is focusing on high transaction sizes. If you’ve got £4,000 coming in from each customer, you can comfortably afford to spend £500-£600 to buy each customer. Therefore, you have the ability to spend more on marketing than everybody else in your area, which means you can keep them out. The true competitive advantage is being able to spend more than all your competitors. If you’ve got the business systems in place to maximise customer value, you can get the most revenue per brace patient, as we discussed.
The other positive thing is you can then acquire as many brace patients as possible, because you can afford to buy them. The whole point is, every month, if you’re getting a further 6 to 8 patients coming in, giving you £4,000 each, you have the cash, real cash, in your bank to put back into advertising. This is how you scale.
The high growth orthodontic system.
Can add £100,000 to £300,000 to your practice. This is huge. We’ve achieved this in our practice, and we have done this for the people we have provided completely implemented systems to. We have seen it work time after time. The right focus can transform it. This is what gives you all the things we talked about in the beginning. Imagine feeling more confident and secure in your future. Imagine having a system that attracts new braces patients every single day.
You can work three days a week or less. You’re doing higher value cases, so that produces more income in less time. You’re getting a 20% to 30% pay rise, and you’re building a team who can also see high-value patients predictably. The framework is not about just you. With these systems in place, you can bring in your associates and specialists to help grow your practice and all reap the rewards.
If you want to have a chat to discuss how your can implement those systems book your free consult with us.
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