After long years of hard work, your practice has finally got it made: lots of loyal patients, plenty of profit, and a dedicated staff that runs the office like a well-oiled machine. Naturally, you start to wonder whether it’s time to expand.
Is growing a dental practice right for you? It might be. Expansion can be appealing, but you don’t want to bite off more than you can chew. Below, you’ll learn whether you’re ready for dental practice expansion and how to do it the right way.
Want to learn how to meet your dental office goals with Dental Intelligence? Reach out to us today!
Understand Why You Want to Expand
Nearly every dentist dreams of dental practice growth. They picture a spacious, airy office, perhaps situated in a high-rise building or by the water. They imagine serving dozens of patients a day and reaping so much profit that they’ll finally be able to buy that fancy house or car they’ve always wanted.
That’s a nice fantasy, but is it a dream your practice can make come true? That all depends on why you want to expand in the first place. Without a strong “why,” the “how” falls apart.
Ask yourself:
- Is your waiting room so tiny that you’re often limited to standing room only?
- Do you have plenty of patients but not enough staff to handle all of them?
- Would you like to buy cutting-edge equipment but lack the space for it?
- Are you sick of having to refer patients to other practices for services yours doesn’t offer?
If you answer “yes” to any of those questions, you might be ready for dental office expansion.
Signs Your Practice Is Ready to Grow
Growing a dental practice isn’t as simple as shopping for new office space. Before you start making a plan, determine whether you’re ready and able to grow.
You’re Doing Well Financially
Going over your key performance indicators (KPIs) with a fine-tooth comb can be kind of boring, but you’ll need to do it if you’re planning on expanding. That’s because if you lack the cash to expand or your practice is in serious debt, you’ll want to put your plans on pause until you’re financially in a better place.
Consider:
- How much revenue does your practice make every month?
- What do your profit and loss statements look like?
- What’s your collection rate?
- How much are your overhead expenses?
You’ve Got a Steady Flow of New Patients
Bringing in new patients is a good thing, which is why practice owners can never rest on their laurels. Dental Economics magazine says that, ideally, you should bring in 10 to 25 new patients a month1.
Is your practice hitting those numbers? If so, great! But if you’re too busy and can barely keep up with the influx, that’s not so great. You may need to consider hiring another dentist or two for your practice to maintain a manageable workload.
You Know How to Retain Existing Patients
Dental practices live and die by the loyalty of their existing patients.
“I can always find new patients,” you might say. That’s true but doing so can feel like running on a treadmill that never stops. You can’t focus on practice development if you’re always worrying about where your next patients will come from.
Ideally, patients should stay with your practice for at least 18 months. If you have very few regulars, you might not be ready for business growth just yet.
Do you know how to keep patients coming back time and time again? Does your practice have a loyalty program, for instance? And are you sending friendly appointment reminders? If not, try these strategies and watch your patient retention rate skyrocket.
Tips for a Successful Dental Practice Expansion
So, you’ve decided that you’re ready to expand your practice. Here’s how to do it:
- Increase your office hours. Consider offering extended hours on the weekends and on certain weekdays.
- Hire more staff to keep up with all your new patients and lower the risk of employee burnout.
- Draw in new patients with advertising (local ads and pay-per-click advertising work well for this).
- Move to a bigger office if yours isn’t large enough to accommodate all patients and staff.
Grow Your Practice with Dental Intelligence
Growing a dental practice is far from easy, but Dental Intelligence can help! With our software, you can send appointment reminders, request online reviews, offer same-day dental services, and so much more. Ask for a demo today!
