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
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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....
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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
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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
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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.
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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.”
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