Less New Patients = Lots Less Revenue
Dr. Guy Gregory – Case Study #321
Dr. Gregory is a client of McKenzie Management and has experienced significant growth in his practice over the past 12 months. At the same time, due to the economic downturn and the effect it is having on his new patient numbers, he isn’t as productive now as he was 8-9 months ago. He wanted to know why. Let’s see what is happening.
Dr. Gregory’s practice statistics before MM in 2008:
Improved systems and training after MM during the first six months of 2009:
So, you may be wondering: “Wow – that is great! What is the problem?” Let’s view the statistics during the last five months of 2009:
Due to a lack of marketing protocols, the practice’s number of new patients also dropped off significantly. Was this due to the economy? I am sure that this didn’t help any, but without a consistent marketing plan to bring in new patients, eventually all of the patients’ needs will be addressed.
Fortunately, the hygiene department has only experienced a slight decline in production because hygiene needs are repetitive and ever-revolving. This is one of many reasons why your hygiene department is so valuable to you; it provides passive income that is dependable, as long as there is a recall system in place that is retaining 95% of your hygiene patients.
Why New Patients Are So Important
Another example of what happens when there are fewer new patients in a dental office would be that of a “mature” practice. Over the years, all the existing patients have had all their treatment completed. Without a healthy number of new patients, it is the hygiene department that keeps the practice alive. Again, “mature” doctors feel that they don’t need to advertise and grow their practice. However, when it comes time to sell, the numbers will not illustrate any significant growth and maybe even some decline. These statistics will not be favorable when establishing a selling price for the practice.
Market - Market - Market
Learn a lesson from Dr. Gregory. Take action - don’t wait around until your doctor chairs are empty and you have cut the number of working days to 3 instead of the usual 4 because you don’t have patients.
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