Uncovering Hidden Revenue Opportunities in Your Practice

November 28, 2022 by AACD Executive Office

A big complaint among cosmetic dentists is not getting enough high-ticket cases and struggling to find the right patients.

The knee-jerk reaction is to throw money at paid ads and hope for the best.

But you want a profitable business, not fruitless traffic and leads. 

Fortunately, there’s a guaranteed way to inject cash into your practice WITHOUT putting all your eggs into ad spend.

In this article, we’re going to talk about finding and capitlizing the revenue that’s hiding within your existing practice management system.  

There’s hidden revenue sitting in your practice

The hard truth: Most practices have $300K-800K sitting in their patient database. 

That's relationship capital you can leverage to get an influx of cash with minimal cost or effort.

Why? Because these are your current patients. 

They already know, like, and trust you.

They have a problem that you can solve, making it much easier for them to say “yes” to treatment.  

Identifying revenue opportunities in your existing patient base

The first step is knowing your numbers.

You want to dig into the data and try to find the “low-hanging fruit” - the revenue opportunities that are the quickest and easiest to take advantage of.

You can do this through:

  • Running specific reports from your PMS 
  • Using dental software specialized in digging out those numbers (we LOVE Dental Intel)

Once you identify your unaccepted treatment cases, it’s time to reach out to those patients. 

Getting patients to say “yes” without taking your team’s time

Consumers need between 5-12 communication touchpoints before committing to a purchase. 

That applies to dental services too!

  • Maybe they need to go home to explain it to their spouse
  • Maybe they just need to think it over

But many practices only talk to their patients one time about a treatment recommendation. 

… Maybe two times. 

There’s not a system in place for nurturing these leads proactively.

So, what’s “lead nurturing?”

It’s continuing the conversation with your patients outside the dental chair. It’s building a relationship and trust.

But: Having your team follow up 5-12 times with hundreds of patients isn’t realistic. 

It’s better to create automated follow-up systems via:

  1. Text messages
  2. Email

These messages don’t have to be salesy. The key is for it to be friendly and conversational! Just the same way you’d communicate with the patient in person.  

Here’s some ways you can do this:

Provide a simple, non-salesy offer

Some great offers could include:

  • Free whitening after completing treatment
  • A gift card to a favorite local restaurant
  • A fun goodie bag (traveled-sized dental kit, branded apparel, etc.)
  • Credit toward treatment
  • $1000-$6000 “gifts” toward treatment

Share educational material

You could:

  • Answer top FAQs and send them to a blog post
  • Reassure patients to address their barriers and show you care
  • Share a case study 

Lead nurturing is a powerful tool.

We did a nurturing campaign with one of our clients and got in touch with their patients with unaccepted treatment. 

They got $300K of high-ticket cases in less than 3 months.  

Leverage your relationship capital.

You could be sitting on a gold mine, and it’s so simple to snatch up.

Before you spend another dollar on ads, talk to Roadside Dental Marketing and see if you have the opportunity to gain this valuable capital. 

In just 30 minutes, you’ll see your real practice numbers and the leverage you have to scale and grow your practice. 


Get your complimentary practice assessment here.



Featured Stories


 
bookend 1 of 2 noun book·​end ˈbu̇k-ˌend  1 : a support placed at the end of a row of books marble ... Read More
Howdy y’all. It’s Greg Wright again. Let’s talk a little bit more about Grapevine, Texas, the site of our next annual sc... Read More
Ever feel stressed at work? This new course on AACD CEntral online learning platform will help you define stress, pressu... Read More
by Frank Milnar, DDS, AAACD Candidates pursuing Accreditation must demonstrate clinical excellence and knowledge of the ... Read More

Facebook Feed


 
 
 

Twitter Feed


 
Connect with Us
American Academy of Cosmetic Dentistry
200 River Place STE 150
Monona, WI 53716
United States of America

Toll-free:800.543.9220
Phone:608.222.8583
Fax:608-222.9540

Contact Us
© 2023 American Academy of Cosmetic Dentistry

This website uses cookies. Cookies are little files placed on your device that help us keep members signed in, help members access their member benefits, help us understand how visitors use our website, and help us provide relevant marketing messages. Read more about our cookies policy here. By using our site, you consent to our use of cookies