Determining the True Return on Investment for Marketing Efforts.
Marketing is going through a renaissance, with practices maximizing their online spending for an internet presence, website, SEO, mobile applications, Facebook, linked in, twitter, email, texting, blogging. Although internet is a needed strategy in your marketing plan, I was left reflecting on past tried and true methods that worked in the past and to research where they fit into to North American dental practices.
and you shall receive New Patients…
Without constantly acquiring new patients, a dental practice will slowly shrink as patients are lost each year. This varies from practice to practice, but according to the ADA, the average practice loses over 30% of its patients each year.
Of all the possible dental marketing strategies in North American dentistry to attract new patients “word of mouth” still ranks head and shoulders above all others. It yields the highest return on time (ROT), return on effort (ROE) and has the lowest cost.
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March 03, 2014 | Posted Tuesdays With Transitions
Metrics of Success…
Of the five key elements of every successful dental practice – team, revenue, patients, expenses and capacity — the last one is by far the least understood.
Capacity is all about numbers: what combination of dental providers,patients, operatories and scheduled hours is optimal to generate production, billing . . . and, of course, great dental health for everyone who
walks through your door. Let’s examine them one by one.
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5 Ways To Increase Collections NOW..
February 24, 2014 | Posted in Tuesdays With Transitions | Be the first one to comment
Take charge of Your Dental Practice Financial Sustainability
Dental practice financial sustainability is inevitably dependent on how much money is deposited in the bank via Collections. If collections have decreased as a percent of production, then cash flow suffers. This means there is an immediate need for change in how and when you collect. What can be changed?
1. Designated Financial Coordinator
If everyone is responsible for collections, then no one is accountable. Assign, hire or train a key designated administrative team member to be accountable for operational collections of financial arrangements, insurance claims, accounts receivable, statements and making goals for progress in the project to collect old debt.
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