Group Dental Practice vs Private Practice
In this article, you’ll learn about a proven loophole in the battle of group dental practice vs private practice. You’ll discover why it’s possible to create tremendous success with startup practices and why – with a proven loophole – the window isn’t closing for the opportunity of startup practices.
This is Part 2 of the 3 Part Series on Group Dental Practice vs Private Practice.
(If you missed Part 1, read it here)
The Loophole is a topic that, when used properly, will yield hundreds and even thousands of new patients. A new dental office that uses these tools (be it a group dental practice or a private practice) will be poised for fantastic growth.
In Part #1 – We Discussed Professional Freedom
We examined the pros and cons of professional freedom in Group Dental Practice vs Private Practice. (click here to read Part 1)
Now, in Part #2 – We’re Discussing A Proven Loophole
How any StartUp Can Compete with the Best
Later, in Part #3 – 6 Patient Grades
How patients see Group Dental Practice vs Private Practice
The Loophole for StartUp Practice Success
The answer lies in a proven loophole we’ve seen work over and over, in areas all around the country.
The Proven Loophole
The great debate of the group dental practice vs private practice revolves around a valid fear: will one squash the other? For startup practices, there is some very good news that you can count on.
The loophole requires explanation but, in short, it boils down to a practice opening in right location and being the first practice to open there.
Savvy doctors will use proven tools to open their new-practice doors in a location with the highest chances of success and new patient flow. (Like these)
Why is it that some practices, even in today’s economy, are seeing 1000+ new patients in their first year of opening?
The answer is that the first practice to open in the best demographically positioned towns will make huge leaps in new patients. And new patients equal practice growth. The practice who opens first, in the right town, poised for the best growth, will win.
If you choose your location properly, patients will come, they will stay and they will be yours.
If you don’t open in that town right now, those patients will go to the practice that does open in that town.
The concept is called the “first mover strategy” and, when your strategic location is chosen with the right team to help your open your practice on time and on budget, you can create tremendous success.
Your practice can be the savvy, successful practice! But to get the benefits of the best town, you must be the first mover.
When a private practice is open in a town before a corporate dental group arrives, the private practice will win the new-patient game. Every time.
That is part of the power and importance of the group dental practice vs private practices battle to win the best towns first.
Hardware Stores VERSUS Dental Offices
It’s tempting to see the debate of “Group Dental Practices vs Private Practices” in the same light as the corner hardware store who was shut down by the “corporate” hardware store.
But make no mistake – DENTISTRY IS DIFFERENT.
Remember the corner hardware store you went to as a kid? It doesn’t exist now because the “corporate” hardware store opened up. The whale swallowed the fish.
But dental practices with at least 2 years of patient loyalty won’t be swallowed up.
Dental offices who want to remain “private practices” will never end up like the hardware store.
Why am I so confident?
See, dental practices have tremendous trust built with patients.
If you own a practice and you develop a bond of trust, loyalty and care, your patients will stay with you. In nearly every case, patients will not leave. Sure, every doctor has a few examples of patients who left for a financial issue or an insurance issue. But in 95%-99% of the patients from a private practice, you will see deep loyalty.
This is why dentistry is far, far different from the corner hardware store.
The corner hardware store could never retain 9 out of 10 customers. You can.
And you will if you open up in the right town, using The Loophole.
The Bad News
However, the part that scares me, the bad news, is for the new dental practice that opens in a town that is also the recent home of a group practice location. Have you ever watched Mike Tyson fight Mickey Mouse? Any private practice who opens in a town soon after a group practice enters that same town is in for a painfully lopsided fight.
Without the right preparation and planning, starting a dental practice can be very bad news.
But, done right, startup dental practices can explode with growth – like one client we worked with who recently hit his 4 year mark at $1.7 million in production. He won the group dental practice vs private practice battle. Learn more here
The power comes here:
IF your new practice opens with the Loophole strategy we discussed above, you’ll retain those patients. The beauty of attracting large numbers of new patients early on is that you’ll keep them in your practice – no matter how many other start up practices open in the same town. In more than 9 out of every 10 patients, you will earn trust and their loyalty to you and your practice will be secured.
This is far, far different from a hardware store. And if you remember this, you’ll enter into practice ownership with a well-earned level of confidence to help you open your new office.
Examples of fantastic startup practice success are all over the country – but each has come with intense planning and structured effort.
Why Now Is Better Than Any Time In History
Right now, more than any other time in dental history, startup practices can take off with growth. This is true, especially in the conversation surrounding Group Dental Practices vs Private Practices.
Here are 5 simple reasons why:
1) Faster Growth: There are dozens of tools to grow your practice faster than ever in history – like using a proper Google SEO strategy, or active social media campaign.
2) Higher Profit: There are more resources to profit more on the same number of hours (per hour production can be FAR higher in today’s dental practices with the right tools and training).
3) Better Research: There are more proven strategies to use in your practice that will create better clinical and financial outcomes (check out Jared Thomson, who uses tax and financial tools to get you higher profits on the same production! www.DoctorsPersonalCFO.com
4) Better Tech: There are more technologies available to offer star-trek like clinical care for lower cost to the patient and higher profit to the practice.
5) Leverage Through PPOs: PPO insurance broadcasts your practice name to tens and hundreds of thousands of potential patients – and you can profit well if you negotiate well (see our article on PPO negotiation here )
New dental offices can thrive unlike any other time in history. Even in today’s economy.
But opening a new office must be done right or the mistakes can be horribly costly
Follow the Loophole Strategy – regardless of your “side” of the Group Dental Practice vs Private Practice debate.
Check back next week and don’t miss the third and final installment of this series.
In Part #3 we’ll discuss 6 Patient Grades you Must Know.
These are the grades that patients are using right now as they consider the benefits ofGroup Dental Practice vs Private Practice.
Are you prepared for the changes that the group dental practice vs private practice debate will create?
Prepare for your future new practice now.