Dental and Orthodontic Practices: Sales Statistics to Watch and Improve!

May 17, 2012 at 9:28 pm

In terms of sales and new patients, the best practices monitor and cultivate a few critical areas knowing how important they are for a more successful practice. Like any business, there are certain factors that YOU should be looking at on a weekly basis. These are called “choke points” or “critical junctions” in a business. Here are the ones that matter:

1. How many new Prospective Patient Consultations/Appointments do you set?
2. How many of those Appointments show up?
3. How many become Patients on the initial visit/consult?
4. How many become Patients overall?
5. What percentage of Patients utilize financing?

Now that we have brought these critical factors or choke points to your attention, what should the numbers and percentages look like in a thriving practice? You may be surprised.

1. 100+
2. 95%
3. 60-75%
4. 90-95%
5. Can vary wildly depending on your finance procedures and options but the saturation number here is 90% minimum. Note that using services like Care Credit alone will result in much fewer patients as these services make decisions based on algorithmic computations, or what is commonly called DU, and not practical or circumstantial factors that would approve more qualified patients. (More on that in another blog)

How does your practice hold up to the optimum numbers?

If the numbers are not holding up, you need to look at each and every choke point and determine what needs to be done. Unfortunately, the expertise in this area of sales is sorely lacking from nearly all dental/medical consultants in the field today. While a number of consultants understand the relevance of these points, even they do not know how to effect the changes necessary to achieve results. Sales expertise is a lifelong pursuit and deals with what is happening in the “trenches”. It is a highly specialized form of consulting.

Another point to consider is that the entire process of running a dental or orthodontic practice has been irrevocably changed by new media and the power of the internet. This change means that sales expertise may not have been very important to dental and orthodontic practices in the past but is CRITICAL going forward. Next, you have to pair this critical way of thinking with new media. Movies on your website that match the practice process are not only critical but an ABSOLUTE REQUIREMENT. These movies must be customized so they work in conjunction with your practice procedures, style, goals, and direction and resonate with your prospects.

If you embrace this requirement by working with a company like Creative Network that has the real world practical experience necessary to make your practice thrive, you will get results. The Creative Network specializes in Sales Consulting and Movie Production, the two critical areas of your practice in the 21st century. We are expert at bringing your practice to optimal profitability. Please feel free to email or call us for a FREE consultation.

Edward J. Loew, National Sales Director

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