Increase the Value of Your Dental Practice
Whether you’re looking at retiring or just get out of the business, there comes a time where you start considering selling your dental practice. In truth, you should have retirement in mind from the very beginning—meaning that you want to receive the biggest payout possible for your dental practice when the time comes. As a result, you’ll want to look at ways at increasing the value of your dental practice throughout your career as a dental professional. ADS Transitions has provided some tips below that can help increase the value of your dental practice so that you can receive that big pay day when you finally retire!
Tip One: Create a Website
It might seem simple, but you would be surprised at how many dental practices out there don’t have a website. A website is important because it starts to build a web presence for you and your dental practice. It is a way to reach out and attract new patients to your practice as well as connect with your existing dental practice. By creating a website full of educational content, online forms and scheduling, and a list of services, you’ll make your dental practice that much better.
Tip Two: Utilize Social Media
As mentioned above, having a strong web presence can do a lot for your dental practice. In that way, you can reach out to new patients and connect to existing patients by utilizing popular social media forums like Twitter, Facebook, and LinkedIn. You’ll want to keep these social media forums updated a few times of week to build an online presence—it is a great way to interact with your patients who will keep your practice in mind while surfing the web.
Tip Three: Online Reviews
Staying in line with tip one and two, there are numerous websites out there where patients can leave reviews on dentists. If you don’t follow these review websites, you could be unaware of what patients really think of your practice. Just one bad experience can make it difficult for a dental practice to recover—as new patients who are looking for a dentist will read those reviews. When finding a negative online review of your practice, you can provide a quick and professional response in an attempt to mend the concerns of the review. This’ll allow patients to see that you acknowledge feedback and attempt to resolve issues or problems.
Tip Four: Office Professionalism and Décor
Many dental practices begin to look worn down or drab after years of operation. You want to keep your dental practice look slick and modern with a professional and welcoming look. An interior decorator can help provide advice on how to make the best use of your space and make your dental practice look appealing to patients and potential buyers.
Tip Five: Business Plans
Your goal should not only be to provide excellent service for your existing patient base, but you should always have new or inactive patients in mind. By creating a business plan that is designed to draw in these inactive or new patients, you’ll increase your profits by generating this new business. A financial advisor or marketing expert can help you develop a business plan, but it can also be as simple as working with active patients who can help refer their friends and family to your dental practice.
Tip Six: Put Technology Front and Center
Many patients view dental practices as potentially archaic or sadistic—thinking only about the metal tools used to clean their teeth and the pain associated with that. By showing the various machines and techniques that your dental practice, you set your modern practice apart from older practices that don’t have the same technology. Great technology attracts many patients who’re looking for convenient and painless treatment options, so put your technology in the forefront of people’s minds.
Tip Seven: Create a Great Team
When selling a dental practice, the buyer typically keeps the existing staff on. This is because the staff knows the operations of the dental practice. You can, however, also make this a method of increasing the value of your dental practice. By offering continuing education services for your staff, as well as cross-training between the front and back operations, you’ll create a well trained team that is hard to find elsewhere. The education and skill set of your team plays a factor in pricing your dental practice.
Tip Eight: Increase Revenue
Increasing your revenue is easier said than done, but this is an aspect that all buyers will be looking at seriously. A buyer wants a successful practice after all. There are numerous ways to approach this idea—including exercising effective marketing, setting production goals, and offering incentives for your staff and patient referrals.
Tip Nine: Increase Profitability
Increasing your profitability shows that your dental practice will make your buyer money in the long run. You can seek out several ways to increase your profitability. For example, you can talk to dental suppliers and see if you can receive a discount for them, or seek out a supplier where you can purchase materials cheaper than you currently are. Finding a way to increase your profitability anywhere can help your bottom line.
Tip Ten: Be Likeable
Ultimately, your dental practice will live or die based off of how much the patients like you and your staff. In that regard, you need to create a warm and welcoming presence. Connecting with your patients whenever you see them and making them feel like a part of your dental family will ultimately yield great results that will reflect in the value of your dental practice.
We're Here To Help
We want to help you reach the maximum value possible for your dental practice, that way when you go to sell it, you’ll receive the most bang for your buck! By following some of the tips above, as well as utilizing the experienced brokers at ADS Transitions, there is no telling how far your dental practice will go. If you have any questions on how you might increase the value of your dental practice, of if you’re looking for an experienced dental practice, please get in touch with ADS Transitions as soon as possible—we’re here to help you!