Business of Owning a Practice - Growth
Mar 19, 2022
It’s a given that all dental practices will be consistently trying to increase their number of new patients. Most dentists I encounter would say that for a dental practice, growth can be defined by an increase in patient numbers. However, I want to suggest that from a profitability standpoint, this may not be the best way to measure growth.
The way I see it, true growth in a dental practice is related more to an increase in profits, rather than an increase in new patients. Sometimes these two things go hand-in-hand, but I have seen too many dental practices begin to rapidly increase patient numbers only to find that their profits are remaining nearly the same, despite the increased time and effort they are pouring into their practice.
Think about it this way–what does it take to accept a new patient and care for them well over time? Large increases in patient numbers often lead to hiring new staff, purchasing more or new equipment and tools, and bigger overhead costs. Not to mention there is a cost in time and emotional energy that you, as the leader, are increasingly expending by running around and trying to care for your new team and patients.
Now, don’t hear me wrong–I am ALL for the growth of a practice. But let’s make sure that your profits are going to truly be what’s growing at the end of the day. So, before you jump headfirst into new patient initiatives, why not consider the cost both financially and emotionally. I want to make sure that growth in your practice doesn’t lead to hurt for your relationships, personal goals outside of dentistry, or mental and emotional health.
That’s why I wrote my book “Profit First For Dentists” – to help you utilize a profit-first system to ensure healthy growth. You can visit my website to learn more and even download the first two chapters of my book for free.
I would love to talk more with you about this if you have questions or want to learn more. You can schedule a call with me at call.barbstackhouse.com. I look forward to hearing from you!
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