How To Market Dental Practice – Dentistry is booming with almost 200,000 dentists employed in the industry in 2018. If you are one of these dental practitioners, now may be the time to purchase your own dental practice or expand your current dental practice if you are already a practice owner. Buying a dental practice is a huge investment of both time and money. Before making any decision, it is important that you are fully prepared to make a purchase. From clarifying your career goals to setting your budget, there’s a lot of preparation that needs to be done beforehand. Henry Schein Professional Practice Transitions (Henry Schein PPT) consultants have the expertise and tools to ensure your acquisition is smart and the process runs smoothly. With this advice, buying a dental practice will be smooth sailing.
Your career goals are probably the most important thing to keep in mind. Our Henry Schein PPT consultants know the importance of this first hand – they are all either dentists or have specialist knowledge and experience in the practice transition. They have the know-how to help you ask yourself the important questions that will help you clarify your long-term goals. You can’t get there if you don’t know where you’re going. The practice you buy should be a step towards achieving your goals.
How To Market Dental Practice
Before you can begin your search, first determine exactly what you’re in the market for. Identify what you need in a practice and what the needs are versus the wants. Carefully consider these specifications of what you want in practice. These should range from broad generalities to specifics – ultimately what matters is that your top priorities are met.
French Dental Care: A Market With Investment Potential?
You should know this in advance before starting your search. When it comes to finances, create a detailed budget that will ensure you don’t bite off more than you can chew. Knowing your budget ahead of time will allow you to look at practices with a plan instead of feeling lost and confused about what you might spend. You don’t want to find the practice of your dreams only to find out it’s out of your price range and not something you can afford.
There are many considerations for your practice, especially if you already own one or more practices. How far apart should the practices be? Too close, you’ll just move business from one site to another. Too far and it’s like starting all over again without the benefit of word of mouth. Take advantage of intelligence like Henry Schein’s site demographic analysis reports that provide socioeconomic data and business type growth patterns in the area. They can help you determine if there are enough opportunities in the proposed area to make financial sense. Our listings can help you get an idea of what’s currently on the market so you can see if certain locations would be a great fit for your personal preferences.
Once you’ve narrowed down exactly what you’re looking for and started looking at practices, it’s time to start talking to sellers. This is the perfect time to determine if a practice is truly a good fit. There are many important areas to explore, such as the work culture of the practice, the type of clients attracted and the number of new patients. If you want to stay on top of technology, find out what equipment and technology they are currently using and how up-to-date they are. Henry Schein’s PPT consultants can help gather all of this relevant information.
Given the size of the investment, you need to make sure you get it at a fair price. Henry Schein PPT Consultants will help you obtain a practice valuation to determine the fair market value of the practice you are interested in so that you can make the right offer. We’ve done thousands of evaluations in all 50 states, so we know exactly how to evaluate a dental practice. You can feel comfortable that you will get a good deal and you can focus on your newly purchased practice.
Dental Market Review
While factors such as revenue, income and expenses are important in determining value, there are also intangible factors to consider, such as the goodwill of the practice. This will be expertly incorporated into the practice assessment, but it is also useful for you to research the practice’s reputation in other ways as well. You can check practice reviews online to see if they are well received by the community and see how the owner describes the philosophy of the practice on their website. You will learn a lot of information that cannot be found in numbers alone.
As with any legal transaction, it is important to work with an attorney and your accountant throughout the transaction. Make sure you have professionals on your team who are knowledgeable about dental practice sales. Your Henry Schein PPT consultant can also provide a wealth of information, but he will not provide legal or financial advice, so be sure to consult your own advisors.
One of the biggest stumbling blocks to closing deals is often figuring out how you’re going to pay for it. Assuming you’ve calculated your budget correctly, you know you have the resources. Be sure to understand financing before you start your search. Some lenders will pre-approve you based on your credit score, the down payment you have and what you can do production-wise. So as long as you find the right practice situation, you’ll be good to go. Sometimes the current owner will take on the financing as part of the deal, which is another possible source of financing.
With the right information under your belt and the right consultant by your side, buying a dental practice doesn’t have to be an impossible endeavor. At the end of the day, you have to be prepared for such a big decision. You can trust the practical experience of those at Henry Schein Professional Practice Transitions; they will help you acquire a dental practice that perfectly matches your goals, needs and future aspirations. After acquiring a new dental practice, it’s time for the fun part – marketing your business. Although you’ve acquired an existing practice, which means there will already be patients on record, it’s up to you to make sure you continue to grow the practice. Fortunately, there are endless ways to advertise your dental practice, ranging from word-of-mouth promotion from current patients to digital marketing and everything in between. If you need a few pointers, here’s how to market your dental practice for success.
Your Most Frequently Asked Dental Marketing Questions
As a local business, the people in your community are paramount to the health of your dental practice. It’s important for patients to feel that you’re invested in your community, and there are a variety of ways you can demonstrate that commitment.
Does your local high school have a career day? If so, this could be the perfect way to reach out and make a difference. Volunteer to talk about careers in dentistry. Not only will you help establish the name of your practice, but it will also be a big help to those who are wondering what they should pursue in college. It’s a win-win for all involved.
Who says farmers markets are just for food? Nowadays, people want an excuse to get out of the house and want to see what new and exciting establishments are popping up in their community. Festivals and farmers markets provide the best of both worlds and are your best bet for reaching your community. Set up a booth, write some information brochures and create fun, branded items like stress balls or pens to give away.
Few organizations have as much of an impact on the local community as charities, so make sure you do all you can to support them. Whether it’s helping sponsor an event or donating whenever possible, getting involved with local charities will take your dental practice a long way.
Dental Practice Management System Market
When it comes to how to market your dental practice, you can’t ignore social media. From Instagram to Facebook, each platform will allow you to interact with your customers on a more personal level. Be sure to reply to comments regularly to make people feel like they’ve been heard.
Think of your online presence as your first impression; with the advent of the digital realm, many people are “seeing” companies for the first time online. And if they don’t like what they see, they may never walk through the door. To avoid this problem, you need to make sure that your website looks professional and polished.
Want to add something extra to set your practice apart? Blogs are a great way to give your customers additional information in a well-written format. It will also give your website authority in the eyes of Google, making it more likely that your practice will appear at the top of the search engine results pages.
The Internet makes finding information easier than ever, but you can make it even easier for your customers
