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Build a Practice Within a Practice as a Dental Business Strategy

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Build a Practice Within a Practice as a Dental Business Strategy

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  1. BuildaPractice WithinaPracticeasaDentalBusinessStrategy WhatIsa Practice Withina Practice? Fordentalpracticesconsideringscalingandgrowingthebottomline,youmay wantto considerbuildingapracticewithinyourpractice. But what exactly doesthatmean? Weliketothinkof itasgrowingpatientsandrevenue withinoneareaof yourpractice— like Invisalign®, implants, or even aesthetics. This strategy works well for owners who offer a wide range of services. It allows you to focus on growth in a key area—which can benefityourpractice overall. This dentalbusiness strategycan open up opportunities to earn more revenue, bring in more patients, and provide a more comprehensive patient experience.

  2. What Dental Services Work Best for This Dental Business Strategy? • If you’re thinkingaboutbuilding apracticewithin apractice,getcreativeandlook at yourservicemix!Youmightbeable toidentify whichservice would work well.But toget youstarted, hereareafewideasof potentialservicesforthisdentalbusinessstrategy. • Dentures andimplants:Thesefitinsmoothly withgeneraldentistry.Andpatients whoare candidatesfordenturesare alsooftencandidatesforimplants.This opens thedoortoimplant-supporteddenturesforpatients withnoteethat all. Plus,itcan boostthepatient’svaluewithin yourpractice. • SleepapneaandTMDtreatment:Manypeople inthe U.S.havea sleepbreathing orairwayissuethatleads tosleepapnea. Andtemporomandibularjointdisorder, or TMD, is another common ailment. This type of practice within a practice could use onediagnostic systemtoidentifyandtreat bothsleep apneaandTMD. • Orthodontics:Invisalign andotherclearalignersare inhighdemand. Andif your practicecanaddan orthodonticsdepartmentandhaveadedicatedassociate, you’ll • reapthebenefits. • Facialaesthetics:Withdentistsinmany statesnowbeingabletoofferlaserand injectableservices,thisserviceisemergingasagoodoptionfordentalpractices. You candelegatethe proceduretoan associatetostart. Aspatient volume increases, considerhiringaninjectororaesthetician toincrease professionalismandexpertise.

  3. What Makes a Dental Service a Good Practice Within a Practice? • It mighthelptocheck whetheraservice wouldactually profitasapractice withina practice.Hereafewqualitiesofsuccessfulservices: • Highprofitmargins • Your existingpatient basewould benefit from the service • You couldacquirenewpatientsexplicitly forthe service • Youcouldhandofftheservicetoanotherprovider • Notoften commoditized by thegeneral public • Canbeadvertisedseparatelyfromthedentalofficebrand • You can see an increasein valuemonthtomonthwiththe service • Youcould eventuallyraisethesaleprice • If youplan tosellyourdentalpractice orDSOsomeday, considerthat profitsare valued muchhigherin themedicalaestheticsworld.Soaddinganaesthetic practice within your practicecouldhelpbuildmaximumvalue. • Steps forBuilding aPracticeWithin aPractice • Hereareafewstepstohelp yourpracticewiththisdentalbusinessstrategy: • 1.Acquire customers: Think back to when you started your practice. You likelymarketed,madeconnectionsinthe community,and trieddifferent methodsthatbrought patientsthroughyourdoors.Whenlaunchinga practicewithinapractice, youcanleverageyourexistingpatientflow. But also considerhowyoumight useyournewservicefocustodrawnew patientsin,aswell.

  4. Create auniquebrand:Thenewpracticewithinapracticemight livein yourcurrentfacility.Butithelpstocreateauniquebrand,marketingplan, budget, andcustomerexperience. Train staff:Youcanteach yourprovidersto keepaneyeoutforpatients who are good candidates for the practice within a practice. This might includescreening,educating,andreferringpatients.Plus,learnthesecase acceptancestrategies. Find GuidanceforYourDental BusinessStrategyWith Skytale AdentalconsultinggrouplikeSkytalecanbethekeytoacceleratingyourgrowth. Scaling— andeventuallyevenselling—a DSOishardwork,butourteamofprofessionalscanhelp you get there.Get in touchwithustostart theconversation!

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