How Does Your Practice Compare to Others After Re-Opening?
HOW DOES YOUR PRACTICE STATUS COMPARE TO OTHERS?
Many practices have returned to normal hours but are experiencing lower than average production. Here are some reasons why:
#1 ADDITIONAL TIME FOR NEW PROTOCOLS
It takes additional time to implement new office protocols including disinfection of operatories between patients, changing PPE, etc.
#2 STAFF ISSUES
Staff issues have become a significant concern. Staff members in some practices are not returning to work for primarily two
reasons. Some staff members, especially those who may be near retirement are personally concerned about their health. Hygienists seem to be the staff members with the greatest concern.
#3 PATIENTS’ CONCERNS
Patients’ concern over their own health and safety in seeing the dentist has also been a factor in slower than normal production.
#4 PPE AVAILABILITY
Availability of PPE was a limiting factor initially but availability has improved.
Not Displayed in the ADA graphic are practices experiencing greater than normal patient volume or above normal production.
Practices that have done a good job addressing items 1-3 above and have added office hours to accommodate pent-up demand are experiencing production well above normal.
BILL MURRAY, NATIONAL SALES DIRECTOR OF LENDEAVOR, ONE OF THE NATION’S TOP DENTAL LENDERS, STATED THAT THEIR COMPANY HAS BORROWERS THAT EXPERIENCED MONTHLY PRODUCTION AVERAGING ABOVE 150% OF NORMAL UPON RE-OPENING.
Dental practice owners that are permanently closing their offices may be less likely to respond to surveys. These would be mostly late career owners with low collection practices.
This is an excellent opportunity for entrepreneurial practice owners to add new patients by purchasing charts.
The most cost-effective way for buyers to do this is pay a set amount for each seller’s patient that walks in the buyer’s office door. This also incentivizes sellers to successfully transfer patients to the buyers’ practices. Investing $200 per chart will on average generate an ROI exceeding 1,000%.
PRACTICES THAT DO THE BEST JOB OF ADDRESSING THE AFOREMENTIONED ITEMS WILL BE THOSE PRACTICES THAT WILL BE BEST POSITIONED FOR SUCCESS IN THE FUTURE.