As with any new business venture, the best way to add a new service to your dental practice is to start with goals and a plan. If you want to increase practice production, consider ways that adding a new service will benefit both current and potential patients. How will this service amplify what you already offer? Here’s how to introduce a new service while adding value to your dental practice, especially in light of a transition.
Transition
If an ownership transition is already on your radar, ensure new systems are in place and the service is profitable before handing over the proverbial keys. It takes six months to a year to see a benefit to added costs. So, if the new service requires more personnel or supplies and labs, make sure the revenue supports it and can be tracked over time.
Tracking
No matter what service you’re adding or how close you are to a transition, you’ll want to track your costs, revenue, time and acceptance rate from day one to see what key performance indicators (KPIs) need to be evaluated. You should set goals for production, current versus new patients, and the number of referrals. Consider how this new service will affect the level of efficiency, production, profit and income of your dental practice.
Inventory
Will launching a new service also mean investing in new equipment to get the service off the ground? If the equipment makes your practice run more efficiently, gives you a competitive edge or increases the number of services kept in-house, it may be worth the investment. Will your systems need to be updated to account for the change? Plan your time and space accordingly lest a relocation is also on your radar.
Buy-in
Before spending time and money to become educated about a new service, get buy-in from your whole team. If your employees are excited about the new service and see a need, they will be more likely to communicate it to current patients. This will be especially important as the industry moves away from solo private-practice specialty providers toward collaborative multispecialty practices.
Marketing
A new service will only garner new patients if a buzz is created around it. This starts with promoting it internally with presentations and ways to bring the new service to current patients. Then, external marketing efforts can be implemented to attract a new — perhaps untapped — demographic to your dental practice, including by using your website and social media. The real message here is that your dental practice is up-to-date and cutting-edge regarding technology.
Bottom line
There’s more than one way to grow a successful dental practice. Contact the experts at Professional Transition Strategies to determine the best way to increase your value ahead of a transition.