There’s never been a better time for your dental practice valuation. With Marketwatch.com projecting a compound annual growth rate of 2.4% over the next five years for the Cosmetic Dentistry market, practices are on track to significantly increase their value. Even with all that growth, there are steps you can take to really make your practice shine. With these tips, you can greatly increase the value of your dental practice.
Keep your website polished
In this digital age, your online presence is often the first thing a potential patient or buyer will see. If your website is outdated or difficult to use, visitors may just get frustrated and click away. Keep them interested in your practice by having a clean, usable website. Online forms are also a plus, as it makes the process of setting up an appointment much easier for patients.
Utilize social media
Your online reach shouldn’t end with your website. An accessible tool with a wide reach, social media can work wonders when it comes to marketing your dental practice. Establish Facebook and Twitter accounts so that patients can connect with your practice while also staying up to date on any changes. By crafting professional and polished social media pages, you can show potential buyers that you prioritize establishing connections with patients.
Reach out to new patients
Acquiring new patients is a necessary step to increasing the value of your dental practice, but it can be a tricky task. One way to attract new patients is by being visible to the community through marketing efforts, such as increased signage or promotions. Another plan of action is to establish a referral plan leveraging active patients. There’s no better way than through word of mouth by happy patients. So, to get new patients, treat your existing patients with the utmost care.
Establish goodwill with existing patients
Hard to quantify but easy to sense, never underestimate the power of goodwill. Being held in high regard by your community adds priceless value to your dental practice. Continue to foster goodwill by reaching out to the community, keeping your staff happy, and always treating your patients like family.
Amp up your interior
While dental professionals may know the surefire, technical signs of a high-quality dental practice, most patients won’t have that inside knowledge. Instead, they’ll have to go off of what they see. A well-designed, modern office exudes an air of professionalism that will set your practice apart. Even something as simple as updating the paint color in your practice works wonders on its value.
Lead by example
When patients or potential buyers step into your dental practice, they can spot stress a mile away. To have a practice that is truly thriving, you need to lead effectively. A well-managed practice is one that is pleasant, thriving, and makes patients feel confident. By setting a good example and maintaining a positive and professional attitude, your team members are sure to follow suit.