Patients and Profitability
There is a positive correlation between focusing on patients and profitability. The more you can focus on the needs of your patients in unique ways, the better return you will see down the line. In practical ways, this makes sense: dental practices make their profits from the services they offer. If you have a consistent and solid relationship with your patients, especially if it’s built on mutual trust and respect, you can expect to see increased profit over time. Here are three ways that patient satisfaction and profitability are connected.
TRUST AND RELATIONSHIP
Every good relationship is based on trust. The same is true with business, especially dental practices. When it comes to establishing trust with a patient, start slow. Get to know your patients during their hygiene appointments. Learn more about them if possible before rattling off the services they might need. You can even introduce yourself quickly while a new patient is in the waiting room before their appointment. These small gestures can go a long way in building rapport and trust with your patient over time.
What’s the difference between a dental practice that’s thriving and one that’s merely surviving? In many cases, it’s the repeat business from the same patients, or who share about their experience via word of mouth or on social media. Repeat business is valuable for several reasons. The first is that a patient’s willingness to return to your practice over another shows that they trust you. Secondly, it does give you the opportunity to provide profitable services as necessary over the course of many years. If your practice treats both adult and pediatric patients, the value of established repeat patients is obvious.
NEW TECHNOLOGY AND SERVICES
It’s a good idea to keep on top of any trends or services that your competitors might offer. For example, many dental and orthodontic practices offer Invisalign as a service for patients who want to improve their smiles. If you only offer traditional braces, you might lose out on potential business from patients who want the newest and up to date products and dental technology. The same goes for services like digital video and images to give your patients a glance at their mouth in real time. These kinds of products and offerings put you in a unique position to get ahead of your competitors while providing your patients with state-of-the-art, beneficial services that include them in the process.
The relationship between patient services and profitability is clear. If you focus on your patients and their needs, you will see an increase in your bottom line. The important thing is to remember that your patients are ultimately what drive your success. For more in-depth information on how to measure your dental practice’s profitability and growth, book a consultation with Dr. Coughlin today.