When Your Dental Practice Won’t Fund Your Retirement

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Patient Attraction Episode 1066

If you’re a dentist who’s been in practice for many years, you’ve probably made some provision for your retirement. Many dentists include the sale value of their practices in their retirement plans. That doesn’t always work out, as many baby boomer dentists found out during the Great Recession of 2009. They had to put their retirement plans on hold while their practices recovered lost value. Another recession is coming, so the time to ensure that your practice holds its value is now. I’ll be right back to tell you more after the break.

– I’m Colin Receveur.

– Thanks for watching the Patient Attraction Podcast™.

– I know thousands of dentists, and overall they’re realizing different levels of success with their practices.

– Some have a very upscale market, and they’re able to charge premium rates for some services.

– Others operate in smaller, solidly middle-class markets, and they get the occasional high-value case.

– And some are in smaller rural areas where the average case value is lower.

– There are exceptions to all those examples.

– But what’s important is that the economics of the market in which a dentist practices can have an impact on their retirement.

– There are buyers for virtually every practice at every level.

– You want the highest price possible for yours.

– Most dental practices have barely recovered from the hit they took during the Great Recession.

– How is your practice performing relative to your competition?

– You might be doing well now, but how would you fare in another recession?

– That’s not an idle question, because the next recession is actually overdue.

– It’s not a question of if there will be another downturn, just when it will hit.

– If you’ve been in practice for 10 years, you’re looking at having to weather 2 economic crises.

– But if you’ve been in practice for decades, you could be looking at having to put off retirement.

– Unless you take action now.

– There’s a way to safeguard your practice against the coming recession and boost its ultimate sale value.

– And that’s to market to better patients.

– Now, every patient deserves quality dental care, but not all patients represent the same lifetime case value.

– You need and want patients who will stay, pay, and refer – better patients.

– That’s the opposite of the one-and-dones, price shoppers, and insurance-driven patients that fuel most dental practices.

– And your better patients aren’t motivated by the same things as your lower-value patients.

– 20 percent of your market has the ability and willingness to pay more for a dentist they like, trust, and can relate to.

– They’re all about the experience they can expect while they’re in your practice – and the trust-based relationship they can establish with you.

– They’re not living paycheck to paycheck.

– They don’t need to defer dental care.

– Insurance and price are very minor considerations to these prospects.

– So if you’re going to attract better patients, you need a different marketing approach.

– Your marketing has to establish you as the relatable, trusted dental expert.

– You have to become the only logical choice, in their minds, to solve their dental problems.

– You’ll need a systematic approach to your marketing to position yourself as the go-to dentist.

– Every part of your marketing has to work toward that goal.

– That means your website, your blog, your social media posts, your doctor and patient testimonial videos, and all other aspects.

– Creating that systematic approach takes time and a lot of effort, but the results are well worth it.

– These better patients are your insurance policy against another economic downturn.

– Of course, you won’t make any money while you’re completely revamping your marketing and establishing a system to attract better patients.

– You make money by actually seeing patients and solving their dental problems.

– So if you’d like to continue doing what you trained to do and what you love to do, here’s a suggestion.

– Visit www.PatientAttractionBlueprint.com today and schedule a Patient Attraction Blueprint™ call.

– You’ll learn what a Patient Attraction System™ can do for you.

– We reserve these phone calls for serious dentists, the kind who want to double or even triple their practice.   

– Remember – it’s not if the next recession will happen, it’s when.

– Your practice has to be ready.

– Join me for our next podcast.

– Until then, keep moving forward.




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About the author
Colin Receveur is a nationally recognized speaker, author, and dental web marketing expert who has pioneered the way dentists market themselves online for the past decade. Since incorporating in 2001, Colin has established a rock solid track record with his dentist clients and turned SmartBox into a stalwart of proven results for hundreds of dental practices.