A practice transition is an extremely sensitive process that could be improved and supported by technologies. A sophisticated combination of both clinical and technology aspects in a dental practice management can drive a successful practice transition.
Imagine that you have successfully passed through your checklist which includes:
- Patients' records audit
- Business policies review
- Treatment planning review
- Billing and collections policies and procedures review
- Scheduling process review
- New patients' journey review
- Facility examination
- Treatment rooms check
- Lease documents audit
- Stuff analysis
Let's look closer at a new patient’s journey.
- How many new patients are coming in each month?
- What are the referral sources?
- What types of marketing are currently implemented, and what is their return on investment?
A range of digital tools used to acquire and retain dental patients could be an important success or a failure factor. If you don't have metrics, you can't know what should be improved.
I had an experience with a dental practice, there the only source of new patients was a front desk receptionist networking. She was making notes in a paper journal. During a practice transition, a new practice owner was supposed to only get this paper journal as a "clients' management system". There is no need to mention, that we recommended to integrate electronic patients' records, enter a patient's data as well as to integrate metrics before the beginning of a practice transition.
Another practice owner asked us "Why should I tell you how many new patients do we have each month?". Well, because if you are only generating new patients and you have a low patients' retention index, it's about a time to seriously rethink your approach. To see the real picture, a practice should implement data analytics tools helping to analyse a patient's structure, their referral sources, the most popular procedures and a patient's life cycle.
On the top of it, a practice should also pay a continuous attention on its marketing and an ROI (return on investment). You could be surprised with numbers, but, if you are tracking your new patients' sources as well as money invested to acquire them, you may completely revise your marketing approach.
Some practices can realise that their best patients' source is an event marketing and that all the money they have been spending on other marketing tools brought them nothing. To clearly understand what source bring new patients, a practice should thoroughly collect data and analyse it on a regular basis.
A sophisticated implementation of technologies into a dental practice routine could help its owner to realistically estimate its value and to conduct an efficient practice transition.
An implementation of technologies enhances financial stability, develops business processes that create efficient workflows and makes a significant impact on a practice outcomes.
A successful practice transition partially relies on technologies integrated into a practice management. Developing an understanding of the importance of these technologies and their implementation makes selling a practice simpler and more profitable in the long run.
Drop us a line today to know how technologies can make a difference in your practice management and transition: firstname.lastname@example.org