New Patient Growth and the Profit First Model
May 13, 2024
Every clinic wants to increase its patient base, but how do you manage that growth effectively without stretching your resources too thin?
When it comes to growing your practice, it’s vital to have a clear target for the number of new patients you can accommodate. This target will vary depending on your practice's size and the number of providers. If your practice is in a phase of rapid expansion, you might find yourself hiring more staff and dealing with increasing costs for supplies, lab fees, and marketing. This rapid influx of new patients can lead to higher expenses and a busier schedule, yet the increase in profit may not always match up with the increase in workload.
Think about what it really takes to integrate a new patient into your practice. Beyond the initial visit, consider the ongoing care they'll require and the additional manpower needed to provide that care. While it’s natural for a practice to experience some patient turnover, for most dentists, the total patient count tends to grow steadily. This means not only keeping up with the care of existing patients but also seamlessly adding new ones into the mix. You’ll need to assess the impact on your expenses, cash flow, and ultimately, when you'll see an increase in profits.
I believe in pursuing growth that focuses on increasing profits, rather than just boosting patient numbers. Although these two aspects usually correlate, they don't always have to. It all comes down to what you want to achieve. How does your vision align with your lifestyle and the amount of time you want to dedicate to your loved ones? Take into consideration your stress levels and how the expansion of your practice will fit in with your personality. Are you aiming to build deeper connections with your patients and team? How will you manage to make time for this while still keeping your practice profitable? Think about these questions as you plot out the path to growth.
These are important questions to ponder when generating a flow of new patients. Before you dive into expanding your patient base, consider the financial and emotional costs of growth. There's always a price to pay for expansion, but the real benefit should be gaining more freedom—whether that's time or money.
I assist dentists in achieving this freedom through the Profit First system. If you’re curious to learn more about balancing profit and growth, visit www.profitfirstdentist.com and tap the 'Free Resources' tab to download the first two chapters of my book for FREE! Don't forget to check out the latest YouTube video on my channel here. Let’s explore how you can grow your practice wisely and sustainably!
-Barb Stackhouse, RDH, M.ED.
Mastery Profit First Professional
"I’m Barb Stackhouse, author of Profit First for Dentists. You might recognize me as the professional behind the Profit First approach for dental practices. I’m passionate about helping dentists implement this effective cash flow system, which is why I wrote the book. My goal is for more dentists to read it and integrate this system into their practices because it genuinely works."
-April Stroink, BComm, RHU, EPC, PFP
Advanced Profit First Professional
With over 25 years of financial expertise, April Stroink helps in transforming the financial health of dental practices across Canada. As an experienced Profit First coach, April is committed to helping you increase your profits, optimize your cash flow, and achieve financial peace. She believes that your business should enrich your life—enabling you to create the life and business of your dreams without compromise.
