You have successfully operated a dental practice with steady patients and a lucrative profit. As a result, you may have fallen into an area of comfort, which has caused you to stop actively seeking new patients. Too often, dentists underestimate the true value of a new patient. Although your dental practice is running smoothly, you could be limiting your growth if you are not regularly acquiring new patients. It is estimated, each new patient in worth $1,500 to $2,000. That does not include patient referrals, which further increases your bottom-line. With increased dental practice management in Maine, you will foster the growth of your practice through new patients.
What is the Value of a New Patient?
To increase your revenue and to keep your dental practice growing steady, you rely on an influx of new patients. Although you have well-established patients, there is a lifecycle of patients. Patients tend to move, pass away, or change their dentist as time goes on. If you are not actively seeking new patients to replace those who are lost, you could find yourself in between a rock and a hard place rather quickly.
Although a new patient may not see like a large amount of income upfront, the lifecycle of that patient will lead to a substantial amount of income over time. In fact, the long-term value of just one new patient is estimated to be well over $10,000.
From just one new patient, you are likely to gain even more patients. For example, that new patient is likely to have a family, who will also begin to visit your office. Those new satisfied patients will refer your dental office to their friends and co-workers, leading to even more new patients. In fact, a survey by the Wealthy Dentist website found that one new patient will refer at least one to two additional new patients.
New patients drastically impact your office as a whole. Each new patient will need to have preventive care every six months, leading to an incline in hygiene and dental production components. In addition, these patients are likely to have dental issues that need treated. After a comprehensive workup, treatment plans are created, which can also include cosmetic recommendations. New patients tend to be more open minded when listening to a new dentist. Therefore, your recommendations for procedures are likely to be followed.
How Can I Track My New Patients?
Too often, dentists do not have a firm understanding of their new patient to existing patient ratio. As a result, you may find that you are not receiving as many new patients as you had thought. While you should not view your patients as a dollar sign, the fact is, you are running a business. The success of your business relies on your ability to attract new patients.
To track your patients, use a dental service organization in Maine. At Workwell Management, we partner with dental professionals to help you focus on growth without compromising patient quality of care. We will help move your dental practice forward through happy patients.