“Owning a Dental Practice” Seminar Roundup
Our recent seminar, ‘Owning a dental practice (for those thinking of becoming an owner)’, was well attended and we look forward to continuing the series. In May/June, our next seminar is, ‘Maximising the Value of your Practice and the Sale Process – who will you sell to?’
- Mark Robinson (Santander) explained the process of obtaining funding from Santander and he acknowledged the process is similar to other institutions.
- Tim Whiteside (Just Dental Marketing) gave an excellent overview of all the factors to be considered in a comprehensive marketing plan. His beautifully presented slides obviously came from their excellent graphic designers!
- Illona McClay (Illona McClay Communication Training) used many practical illustrations to introduce various aspects of good patient communication
- Richard Pearce (DentistryNI) stressed that a clear offer to patients i.e. the brand proposition is so important and suggested that no-one can be “all things to all men” and still be profitable. He highlighted the practice performance numbers that an owner might want to think about and gave suggestions as to how the Practice can be effectively managed
One question which was asked was, ‘Can an independent practice compete with the growing number of corporates?’ Our answer was a resounding, ‘Yes’!
- The independent can tailor their offer to their local environment and provide long-term patient relationships
- They can make decisions quickly and focus on patients (there is no management hierarchy and waiting for decisions to be made by people who have never owned and successfully run their own dental practice)
- Dentistry is not like opticians or vets – most patients know this and many, many of them will want that long-term relationship and personal care and importantly, will be willing to pay for it
- The corporates have been growing fast and they are not organised enough (yet?) to deliver outstanding patient care (note: ‘mydentist’ has currently halted acquisitions and is closing underperforming Practices)
- Corporates spend significant amounts of their resources on management and so less on practice development and clinicians (all those area managers and Head Office staff (and their travel/meetings/offices) have to be paid for)
We can help independent practices grow and become more profitable, just email firstname.lastname@example.org)