What Makes a Dental Practice Valuable?

What drives the value of a dental practice? The answer goes beyond the assets you can see: the new technology, the recent remodel, and the updated software. Your most important asset in an intangible, a relationship you have with patients, which we refer to as goodwill.

When your goodwill is strong, patients trust you, and you can see that trust translated through high treatment acceptance and production. In addition, your goodwill keeps patients coming back year after year in addition to motivating them to refer friends and family. If you move the practice to a new location, for example, goodwill ensures that patients follow you instead of choosing a nearby colleague.

Dentist and patient 2

How then do you maximize goodwill? Start with an assessment of your patient retention. How many patients did you lose last year or mark as inactive in your practice software? Did your recall patient base grow as compared to the prior year, or are you stagnant or in decline? The results are often eye opening, identifying a slow decline or minimal growth when you assumed the opposite.

The good news is you can take a number of steps to improve patient retention, starting with fine-tuning all aspects of the patient experience. Also ask if your patients need alternatives you are not currently providing, such as extended hours or payment plans or sedation options. In addition, consider how you can incorporate phraseology that builds value for treatment and recall recommendations.

Dentist front desk

Finally, what do you do to build your connection with patients? Consider how you can spend more time listening and asking questions to learn what matters most to people.

The more trust and loyalty you earn from patients, the more you build goodwill. And the stronger your goodwill, the more you will increase the value of your dental practice.

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