4 Ways to Grow Your Dental Practice

Incremental improvements in phone skills, scheduling, and practice management can make a significant impact on your bottom line. In our recent Dental All-Stars podcast, Alex Nottingham, JD MBA, talks about the All-Star Business Growth Formula™.

Resources:

About Alex Nottingham JD MBA

Alex is the CEO and Founder of All-Star Dental Academy®. He is a former Tony Robbins top coach and consultant, having worked with companies upwards of $100 million. His passion is to help others create personal wealth and make a positive impact on the people around them. Alex received his Juris Doctor (JD) and Master of Business Administration (MBA) from Florida International University.

Episode Transcript

Transcript performed by A.I. Please excuse the typos.

00:00

This is Dental All-Stars, where we bring you the best in dentistry on marketing, management, and training. Here’s your host, Alex Nottingham. Welcome to Dental All-Stars. Our topic is the All-Star Business Growth Formula. And basically, there are only four ways you can make money in any business, let alone just dentistry. So in order to begin this business growth formula, we need to have an influx of patients.

00:29

That’s going to come from marketing, whether it’s internal marketing or external marketing. And the other option or area is insurance if you take insurance. So once the influx of new patients come, you have to convert the phone call. The patient has to show up. Hopefully they accept treatment and we hope that they refer and the end result is revenue. That’s the business growth formula. Let’s assume that 35% of calls convert into appointments from phone calls.

00:59

85% of patients show up, 60% of patients accept treatment, and 15% refer. All these numbers are based on call tracking research and practice management research that we found, and these are conservative estimates. Let’s use a $1 million practice as a model. So with a $1 million practice, you actually need five million in opportunities to get to a million, and here’s how it works. So you have that five million.

01:30

In call conversion, which is the big issue, this is where we lose a lot of money here and why phone call conversion is so important, is you started with 5 million, now you go to 1.75 million because you’re only converting 35%. Then of those, 85% show up, 1.5 million, 60% accept treatment, 900,000, 15% refer, that’s 1 million. That’s how we got to a million from 5 million in opportunities.

01:58

What if we can improve each area by a net 5%? So the call conversion goes up to 40%, so from 5 million to 2 million call conversion. Then 90% show up, so we drop to 1.8 million. 65% accept treatment, 1.2 million. 20% refer, 1.4 million. So by improving each area of the business growth formula by 5% net.

02:27

we went from $1 million to $1.4 million. That’s a 40% improvement. Now let’s be bold. Let’s say we wanna go for each area and improve it by a net 12%. Well, we still have those 5 million in opportunities. 47% from 5 million is 2.4 million. 97% show up, 2.3 million. 72% accept treatment, 1.6 million. And…

02:56

26% refer, $2 million. So you went from a $1 million practice with $5 million in opportunities to a $2 million practice. So you doubled your practice improving each area by a net 12%. And what this demonstrates is that incremental phone and scheduling training can have a huge impact on your bottom line. You can double your practice with the same amount of opportunities. You could lower your marketing budget or

03:25

get rid of your marketing, external marketing, still do internal, you could take less insurance or move to fee for service, move to add a network. And the bottom line, the point is, you are being more productive. You’re getting paid more for your worth. You’re being more efficient and effective. And now you are armed with the business growth formula and you can utilize this to focus more.

03:51

on phone skills, on scheduling, on practice management training, you can see from these incremental steps, you can improve your business dramatically. I like to share with you a free webinar that we do called Dental Practice Excellence. You can go to allstardentalacademy.com backslash webinar. And in there, we go into more depth about phone skills, scheduling, and some of the areas that we saw in the business growth formula.

04:20

So check out that webinar and until next time, go out there and be an All-Star. We hope you enjoyed this episode of Dental All-Stars. Visit us online at allstardentalacademy.com.

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