By Dr. Tom “The Gems Guy” Orent
PENTAGON SIDE NO. 3: MARKETING
In Part I of this article, I alluded to the prediction of well-respected economists (ref WSJ) predicting that 2020 will mark the beginning of an economic downturn. If they are right and you fortify your practice with the “Pentagon,” you’ll be better able to weather the economic storm. If they’re wrong and you’ve strengthened your foundation anyway, 2020 could easily be your best year ever! If you missed Part I, I’d recommend reading it before you continue reading below. If you no longer have your hard copy print version of the December 2019 “New Frontiers in Dental Practice Success,” all issues are available for members to read online. Go to www.InsidersCircle.com SITE MAP NEWSLETTERS New Frontiers of Dental Practice Success 2019-12 December New Frontiers Cover Article. In Part I, I made a rather bold promise. It bears repeating here. If, during the next 12 months, you do what I’m about to recommend in this article, you’ll increase your practice revenue by at least $100,000 per full-time Dentist in your practice. Solo Doc? Easy six-figure increase if you follow my lead and effectively deploy my “Pentagon Strategy.” Two Docs in your practice? You may enjoy a $200,000- plus increase. BOLD PROMISE REPEATED
One of the most successful and well-known direct response marketing copywriters, Gary Halbert, once said, “There are very few business problems a great sales letter couldn’t help you solve.” Translation: Adding more customers, clients, or in our case, more new patients, can make up for a lot of other business shortcomings. Of course, Gary’s concept does have limitations. You wouldn’t want to add 30 additional new patients per month to an otherwise chaotic, dysfunctional, upside-down practice. It would be like adding gasoline to a fire. Just burns faster! But let’s assume that, although not perfect, you own and operate a reasonably well-run dental practice. "With eight more recall visits, you could add over $200,000 in annual practice revenue (hygiene plus restorative fees)." You wouldn’t need to add 30 additional new patients per month to your practice to make an enormous positive difference in the math. In fact, let’s look at the financial impact of adding just 2–3 additional patients per week, or roughly 10 extra new patients per month.
Telemarketing.” They are two areas that are woefully underutilized in our profession. They are areas of opportunity greater than most Dentists could possibly imagine. When I was early in practice, struggling and frustrated, I hated the math of dental business. Folks always seemed to make it way more complicated than I was inclined to understand. Fact is, it doesn’t have to be complicated at all. If you hire one person who is paid by commission (check with your local HR attorney) and dedicated solely to making recall calls even just two nights per week, you can add eight extra recall visits per week more than you’re currently seeing. With eight more recall visits, you could add over $200,000 in annual practice revenue (hygiene plus restorative fees). The other side of the “Pentagon” we discussed was ILTF (Internal Long-Term Financing). A one-Doctor office may be losing $150,000, $200,000, or more due to your inability (unwillingness) to offer financial options the patient can afford. See Part I for details on the first two sides of the “Pentagon.”
The first two sides of our “Pentagon” were “Finance” and “Call Center Outbound
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