To summarize, here is what I recommend you do to “sell” dentistry:
- Seek to understand what your patient wants to accomplish, including asking uncomfortable questions, and keep record of their answers. ...
- Seek to understand where your patient currently is clinically by performing a comprehensive exam.
- Give the patient the one recommendation you would give to yourself if you were in their shoes and assuming you want what they want.
Full Answer
What do patients want in a dental practice?
Mar 02, 2017 · To summarize, here is what I recommend you do to “sell” dentistry: Seek to understand what your patient wants to accomplish, including asking uncomfortable questions, and keep record of their answers. How well do you want to take care of your teeth (i.e. what is your standard of care for your own mouth)?
What are the most valuable assets in a dental practice?
Marketing: Continue both internal and external marketing efforts for your dental office. Maintain your website presence and continue to ask your patients for referrals. It is easier to sell a thriving practice than a dying practice. Systems: Most dentists have the intentions of getting their systems in order at their office, but never find the time. Have your staff clean up the accounts …
How can i Improve my dental practice?
Showcasing your practice to interested buyers always includes a review of staff, their hours, their pay, and benefits packages. Be prepared to explain any anomalies here. Part of the value in a dental office is the staff’s ability to retain the patient base for the new owner.
What makes a good dentist successful?
Follow these insightful ways to sell the most to any dentist. Be Flexible. Sales professionals have previously been known to drop into a dentist’s office at any time of the day. The daily routine of patient care of dentists is disturbed from sales reps cold calling dentists.
How do you present a dental treatment plan?
1:306:26How to present dental treatment plans and why this presentation is so ...YouTubeStart of suggested clipEnd of suggested clipAnd purses and handbags okay so that's the first thing the second thing is to don't worry so muchMoreAnd purses and handbags okay so that's the first thing the second thing is to don't worry so much about impressing the patient talking doctor talk like using big words use.
How can I promote my dental products?
2. External marketingLocal News. A great place to start is with your local press. ... Referral Programmes. Once you've established your business as the dental specialist in the area, you could also create ties with local lifestyle brands. ... Advertising. ... Social Media. ... Dental Practice Website.Apr 20, 2017
How do you price a dental practice to sell?
It takes the prior year's net income (or the average of the last few years income) divided by a capitalization rate to determine the fair market value of a dental practice. The industry standard cap rate ranges anywhere between 15% to 30%, but closer to 25% to 31% on average.Jun 5, 2020
How do you get patients to accept treatment?
The following six strategies can help practices quickly increase case acceptance:Use Value Creation Scripting™ ... Improve New Patient Experience. ... Do Not Focus on Technical Facts. ... Treat Every Patient As an Individual. ... Ask the “Commitment Question” During Every Case Presentation. ... Implement a Comprehensive Follow-up System.
Do dentists sell products?
Some dental offices sell products to patients at cost or slightly above cost. If this makes the dentist feel better, I can support this approach because it helps the patient obtain high-quality products at below-market prices.Aug 31, 2000
What is dental marketing?
Dental marketing is the marketing strategy and marketing tactics dental practices and dental clinics use to attract and retain new patients, as well as increase awareness of their brand. The main goal is to get potential patients to make a phone call or book an online appointment.
What percent of collections is a dental practice worth?
Using a Rule of Thumb for Dental Practice Evaluations The dental practice is worth 70% of gross revenue.
What is a good EBITDA for a dental practice?
A current client has as successful practice that generates $5.1 Million in revenue, but Aligned Dental Partners calculated their EBITDA to be on 13%. A practice of this size should have 24% clinical EBITDA.
What multiple do dental practices sell for?
Dental practices and DSOs are commonly sold for a multiple of EBITDA that ranges from 4 times EBITDA, to (in some rare cases) 15 times EBITDA or more. Based on today's dental practice and DSO valuation multiples, every $1 saved on procurement can add $5 – $15 to your practice's value.Aug 30, 2021
How do you increase case acceptance in dentistry?
7 Effective Ways to Increase Dental Case AcceptanceCreate a positive experience.Build an emotional connection.Identify potential roadblocks.Deliver information based on the patient's personality type.Help patients overcome concerns about cost.Give the right message at the right time.More items...
How do I track my dental case acceptance?
The simplest way to calculate your case acceptance is to divide the amount of dentistry accepted into the amount of dentistry treatment planned for a given period, let's say for the last 90 days. Once you have a baseline percentage, monitor on a monthly basis.Feb 5, 2015
How do you convince a patient?
Effective Ways to Help Convince Your Patients to Follow Through With Treatment PlansGive Patients Time to Consider Their Options. ... Educate Patients. ... Create a Professional Environment. ... Avoid Surprises As Much As Possible. ... The Right Treatment Always Requires the Right Dental Tools.
How long does it take to get a good valuation?
It takes due diligence, planning, and time — often taking several years. After all, you want to get the best valuation possible, which means, as a seller, positioning yourself in the best possible light for potential buyers. Here are several metrics and criteria to pay special attention to as you begin planning your transition.
What is mature practice?
Commonly found in mature practices are revenues that have leveled off or are in slight decline. At the same time, expenses run a bit high for sacrifices that have not been made. As a result, net income falls at a greater rate than revenues.
What does it mean to go with your instincts?
With over 20 years of managing all types of employees in all types of roles, I can truly say the old adage of “going with your instincts” usually holds true. Once you get the feeling an employee is not right for the role — or the practice, or the patients — things will remain the same until you make a change.
Who is Rex Plamann?
Rex Plamann, is a dental industry veteran who represents ddsmatch in Greater Chicago and the northern lllinois market. With more than 25 years of experience, Rex brings a passion for the dental profession. During that time, Rex has built a strong knowledge base of how a dental practice operates by studying thousands of practices and practitioners. He is a licensed Business Broker in the state of Illinois and is ready to uncover opportunities for clients he serves in the Chicagoland area.
What is the importance of dentistry?
Dentistry is one of the important branches of the health care system. Dentists are one of the major pillars of this system. When selling to dentists , you may face a multitude of difficulties when you begin to sell to dentists. You may find multiple challenges at times which can prevent you from succeeding in your new role of selling to dentists ….
What to do if you have a bad day?
If you are having a bad day, then you may want to avoid conducting meetings with potential future customers. Remember, First Impressions Matter in the Medical and Healthcare Industry. If having a bad day, it is best to utilize the day with working in your office.
Why is scheduling appointments important?
Scheduling appointments is very important when initially attempting to sell to dentists. Some sales professionals have been very successful with cold calling. Successfulness will depend on territories, receptiveness of the office staff and how busy the practice is.
Is flexibility important in sales?
However, flexibility is still important for the experienced, proven and valued sales professional.
Is it important to be knowledgeable about your products?
Be Knowledgeable. Yes, this is crucial. You need to be knowledgeable about your products and offer marketable products or services beneficial to the practice for improving patient care. Likewise, at MedCepts, we are very selective in the opportunities we allow vendors, manufacturers or physician inventors to post.
Can a dentist drop in at any time of the day?
Sales professionals have previously been known to drop into a dentist’s office at any time of the day. The daily routine of patient care of dentists is disturbed from sales reps cold calling dentists. Scheduling appointments is very important when initially attempting to sell to dentists. Some sales professionals have been very successful with cold calling. Successfulness will depend on territories, receptiveness of the office staff and how busy the practice is.
What is intention in medicine?
According to the Encarta Dictionary, the word “intention” is defined as “aim or objective and quality of purposefulness.”. For the office to achieve a higher level of treatment acceptance, a doctor needs to share his or her purpose and direct practice efforts to meet those intentions.
How to be confident in your work?
1 Believe you can. Confidence is the air you have about you that’s bred by preparation. Prepare with education. Acquire the skills to become proficient in your work. Preparation and education will breed self-confidence. The best part about confidence is that it’s contagious.
What is a patient greeting?
1. A personal greeting. Patients need to know they are more than just a number to you. Before a team member calls the patient, make sure he or she knows some personal information about the person he is calling. For example, the patient’s occupation, children, pets, etc.
Can you schedule an appointment on the same day you are diagnosed with an oral health problem?
Even though they completely understand their need for dental work, they may not be prepared to schedule their treatment appointment on the same day they were diagnosed.
Asset v. Stock Transactions
- First, it’s important to understand the deal structure. There are two types of transactions – an asset transaction and a stock transaction. An asset transactionis the simpler of the two. In this type of transaction, you sell some, or all, of your dental lab’s assets to the buyer. This might include your physical assets, such as milling machines and alloys. Most likely, though, it will inco…
Customers and Employees
- Your customers and employees are the lifeblood of your lab. And, compared to other industries, they’re far more unique. Certain dentists require specific case handling, and you’re well aware of that. In fact, that’s probably one of the main reasons why your customers are loyal to you. Additionally, your office managers and lab technicians likely understand each customer so well t…
Integration
- In order to complete the sale of your dental lab, you’ll need an appropriate integration plan. Most transactions involve some sort of holdback or earn-out, which creates mutual success in the short-term — up to 36 months after closing — between you and your buyer. When you successfully execute the integration plan, you ensure that you realize the full value of the agreed-upon transa…
A Win For All Parties
- Four primary constituents exist when you sell your dental lab: You (the seller), the buyer, your customers, and your employees. It is vital to keep all four groups in mind as you start the process. For you, it’s important to understand your exit strategy, your value expectations, and how to best preserve the value of the business you’ve built. Want to stay on as an employee or partner after t…
Bringing It All Together
- If you’re looking to sell your dental lab, it’s important to consider all of these factors. It’s also critical to find the right buyer – someone with experience in successful acquisitions and integrations of dental labs. The right buyer will be upfront with you, and will be able to clearly explain processes and expectations. Because of that, you’ll experience a smooth transaction. Int…