2 of the following 12 Demographic Reporting Tools, if combined, can make or break new dental practices.
Can you guess which ones?
The importance of these 12 Demographic Criteria boil ALL the census data down to the key elements that are relevant to dentists and their new dental practices.
1) Population – The number of people who reside live in that specific area. This number should be a minimum of 2000 people as you will be attempting to attract people to your dental practice within the searched area. Smaller towns are OK but you must have access to at least a population of 2000 within 5 miles.
2) Population Change 1 year – This is the anticipated change in population growth for the year following the date you gather the demographics data. This predictive number is a wonderful tool that should not be overlooked by new dental practices.
3) Population Change 5 year – The five year growth rate is also important, especially for those dentists who plan on leasing their office space.
4) Population Change 10 year – The rationale for analyzing the 10 year population change is very similar to the previous population growth categories but this category has the power to help carry your practice well beyond the first extension on your lease.
5) Income – Per Capita – Per capita Income is a measurement that calculates the total amount of income throughout the town, divided by the total number of people who live in that town.
6) Income – Household – Household income is exactly what it sounds like. It adds all the income available, on average, for each residential address in the town. The process of analyzing this number is similar to per capital income (comparing to state and national averages) but it also gives you an accurate estimate of the number of people in a family. Important for new dental practices looking to target families!
7) Income – Disposable – Disposable income is important to dentistry because of the shift in patient interests toward more cosmetic care and the looming changes for employers’ offering of dental insurance benefits for employees (I write and speak about this topic and its relevance for dentists often because the topic could change our dental community dramatically, even if the laws don’t directly mention dentistry – this topic will be even more important for those areas who we anticipate being most affected by the Affordable Care Act).
8) Mass transit – The existence of mass transit, bus and rail lines bodes well for most towns and cities.
9) Average Age in local Population – The average age and median age for any location is very important in your Location Decision. I would highly recommend finding a community with an average age between 35 and 50.
10) Owner Occupied Housing – This is the number of or percentage of people in the community who own their own homes. The stability and life-priorities that are typically associated with renters and home owners may not be politically correct but in this case, the stereotypes are important to acknowledge, are relevant and often accurate.
11) Employment Rate – The importance of this metric is rarely disputed unless new dental practices focuse on state-provided dental care, in which case it can be argued that higher unemployment may be a better fit for that practice’s business model.
12) Number of Dentists – This may be the most important of all the criteria. Why? Well, for starters, it’s your profession and it’s good to know how many competitors you’ll have to face when marketing for new patients. Some locations have the right mix of existing practice, others have surprisingly too many and others have too few.
Do this NOW…Don’t forget…
I’ll send you a FREE copy of my latest book …in it, you’ll find the answer to which ratio could determine your practice’s success.
To get the FREE book, do the following:
1) email me your best guess on what the important new dental practices ratio could be. The email must have the word “ratio” in the subject line…
2) include in the email, your address so I can mail you the book
3) I will only do this for the first 100 responses so do it NOW !!!
(email: freebook@HowToOpenADentalOffice.com)
By Jayme Amos
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