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Wednesday, September 11, 2013

Buying A Dental Practice? (Part 1)

By: Dan Pisek

Use Marketing to Deliver the Success That You Desire.

Congratulations on the purchase of your new dental practice. You've pulled together the financing, worked with your accountant to incorporate your business and the lawyer has gone over the contracts. You have the keys and a nice patient file to get you started. You’re all set to go… but are you? What’s your game plan for success?

Think like an entrepreneur

It’s one thing to buy an established practice; it’s another to make it work and keep those patients coming back. You have chosen to be a health care provider, and that means caring the best you can for your patients. But you’re also an entrepreneur and you need to think of your bottom line. Thinking like an entrepreneur starts with a clear vision of the success you desire. Successful entrepreneurs see spending money on a marketing program as important as the services of their accountant or lawyer. It’s an investment in your practice and one that I promise will give you an excellent return.

Marketing is much more than just handing out flyers.

I’ve worked with many dentists who call me six months after buying and opening their office, wondering why their business is not rolling the way they expected. They sent out an introductory form letter at the start, but that was all. Just because you purchased an existing practice with a list of 1,000 active patient accounts, this doesn't guarantee those patients will stick with you. Loyal clients are the lifeblood of any successful business and you need to do much more to build on these new patient relationships.

Prioritize your business goals.

When opening a new dental office from scratch, your one business goal is to attract new patients. Purchasing an existing practice is a different thing completely and includes three areas of focus:

1. Maximize patient retention
2. Increase the value of the patient file
3. Attract quality new patients

Continue Reading: Buying A Dental Practice? (Part 2)

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