Centaur Insites Issue # 4 - November/December 2021

NOVEMBER 2021 | ISSUE 4

INSITES Your Centaur Bi-Monthly eMag

The Business of Dentistry

IN THIS ISSUE

It's time to stop looking at your Dental

INDUSTRY TRENDS &

Practice as just a Dental Practice - and start

INSIGHTS: TREATING YOUR

looking at it as a business as well.

PRACTICE AS A BUSINESS

From the business model canvas, to social media marketing, to analysing your net patient gain, this months issue gives you the snapshot you need to propel your practice growth by helping you analyse what might be missing.

3 KEY STRATEGIES TO KEEP YOUR PATIENTS COMING BACK TO YOU NET PATIENT GAIN: THE THREE-WORD MANTRA THAT EVERY PRACTICE SHOULD KNOW

Read through our top pick of articles and webinars related to the business of dentistry.

We hope you enjoy! And as always, we would love your feedback.

WEBINAR SNAPSHOT & WINDOWS 11 UPDATE GET TO KNOW ANA

INSITES | PAGE 1

NOVEMBER 2021 | ISSUE 4

INDUSTRY TRENDS & INSIGHTS Our pick of the 5 MUST-read articles from this year

Utilizing the business model canvas for dental practices ...Do you have a visual model for charting your business model?

Dr. Chris Salierno recommends having one, and he's done the research about how to do it for you. Here's what he does that works so well he wants to share the idea with his peers....

Instagram for your dental practice: Time to get on board ...One of the most important tools a dental practice should have in their marketing toolbox today is Instagram. The Facebook-owned app can help your practice get discovered, attract new patients, and grow relationships with existing patients. What’s not to love about that? ...

Treating patients as customers will improve your dental practice success ...Just like businesses do not take their customers for granted, dental practices should not take their patients for granted. They should treat them like customers. Frank Lisenbee, CHP, CMRP, explains what that means....

How These Two Childhood Friends Created a Multi-Million Dollar Dentistry Business ...Emmet Scott and dentist Chad Evans believe if you want to be successful, you have to experience your business through your customer’s vantage point. They created Community Dental Partners and Smile Magic Dentistry and Braces to revolutionize the patient experience within healthcare.....

All you need to know about business before buying a practice ...Many dentists buy their first practice because they want ‘clinical freedom’ or ‘financial security’. These are unusual motives to start a high-risk venture. Here are some more motives....

INSITES | PAGE 2

NOVEMBER 2021 | ISSUE 4

BOOST PATIENT LOYALTY – 3 KEY STRATEGIES TO KEEP YOUR PATIENTS COMING BACK TO YOU The Importance of Patient Retention

Focusing efforts and budget towards

Dental practice owners and staff alike all

makes sense when these are the patients

know that nurturing and retaining

more likely to invest in long-term

existing patients is essential to practice

treatment plans, and better motivated to

growth and business success. According

spend on higher-value treatment. Efforts

to Fortune 500 management consulting

in patient retention are also a valuable

firm, Bain & Company, retaining current

avenue to patient acquisition via

customers is 6 to 7 times less costly than

referrals and word of mouth.

building loyalty with existing patients

acquiring new ones. In addition, increasing customer retention rates by

So, what is the best way to keep your

only 5% increases profits by more than

patients coming back to your practice

25%.

time and time again?

Here are 3 key strategies to improve

Not only is investment in patient

patient retention at your practice and

retention less costly and more profitable

help your business thrive.

than focussing on acquiring new patients, but, according to dental management consultant Julie Parker, it’s far easier to market to, and hold on to the patients you already have.

1. Improve patient communication 2. Improve the in-practice experience 3. Reward loyal patients Read about the 3 strategies

INSITES | PAGE 3

NOVEMBER 2021 | ISSUE 4

NET PATIENT GAIN: THE THREE-WORD MANTRA THAT EVERY PRACTICE SHOULD KNOW WHEN GROWING THEIR PATIENT BASE When you start out as a new practice, new patients are of absolute importance.

Your main focus should be on acquiring quality new patients to grow your patient base and fill up your appointment books. However, dental practices often overlook the necessary

In this article, we unpack the concept of

change in strategy towards patient

Net Patient Gain rather than focusing on

retention once they have been operating

new patient or patient retention

for a few years. While it is vital to look

strategies as they can vary from practice

for new patients through various

to practice, and there is no “one size fits

advertising mediums on a regular basis,

all” approach. If your practice is a “leaky

it is equally important to nurture and

bucket” for dental patients, first, you

retain your existing patients.

need to understand how big the leak is before trying to patch it up.

Today’s dental practices spend an average of $200 per patient to acquire

For this discussion, we use the

new patients, while it only costs them a

traditional three six-monthly recall cycle

fraction of that to retain an existing

to illustrate patient churn. It is

patient. An increase of 5% in patient

important to note that, nowadays, dental

retention can lead to a staggering 25%

practices tend to tailor their recall

increase in practice profit. Most do not

strategies and intervals to align with

realise how expensive patient churn (the

their overall marketing strategy and,

number of patients who stop being

therefore, may not necessarily adhere to

patients) can become for any business.

the traditional recall cycle. However, the concept of patient churn remains true.

Read the full article here

INSITES | PAGE 4

NOVEMBER 2021 | ISSUE 4

WEBINAR SNAPSHOT & WINDOWS 11 UPDATE Watch the Analysing the Right Data for Dental Practice Growth Webinar With special guest, Dr Jeevan Sivalingam Discover how the power of data found in your practice management software can assist you in making informed business decisions in growing your practice What are the Growth Levers of a Dental Clinic Production vs Profit vs Take-Home Pay- What’s the difference?

Expenses – Which to keep your eye on Marketing – Track, track, track!

Stages of Associate Growth Clinical Metrics KPIS or Trends – What’s Important?

Front desk – The Pulse of a Clinic Current solutions

Windows 11 Update and Your Software Thinking about updating to Windows 11?

Read our FAQ here before you do to ensure the smoothest transition for your software and your practice.

INSITES | PAGE 5

NOVEMBER 2021 | ISSUE 4

THE BACK STORY Get to know our Training & Customer Service Manager, Ana Ogier Moving all the way from Brazil to Australia 20 years ago with a Bachelor's degree in Public Relations and a very limited grasp of English but with a determination to learn and grow, Ana started to build her career in Sydney by first working for a Consulting company, then eventually landing her first role at Centaur.

“I came from a family of doctors, so the Dental Industry made sense to be a part of, and I settled very well here. I embraced Dental4Windows and all the products that Centaur had to offer."

In the last 12 years working at Centaur, Ana has had the privilege of travelling all around Australia and Dubai for her work, giving her the opportunity to build very strong relationships through the face-to-face training of Centaur’s clients. Today, she is reaching hundreds of clients through monthly webinars as Centaur moves rapidly forward in the online training space.

In April this year, Ana was appointed as the new Training and Customer Service Manager. She now leads a team of 6 experienced trainers to provide the best Customer Success Experience to Centaur’s clients.

Ana’s naturally charismatic personality brings people together no matter where she is, and she is a cherished member of the Centaur team.

“I am fortunate to have a job that, even after 12 years, still challenges me. The work ethic, integrity, and value that I learned from my parents travelled with me to Australia and is something that I apply to anything that I do.”

We would love to hear your feedback!

Complete our short survey here

INSITES | PAGE 7