Dentist

Your patients are your most valuable asset as a dentist. And it's not simply a matter of new dental patients that your practice brings. To successfully start a dental marketing campaign, it is important to know the value of each patient to your practice. The total profit, delivered over time by those patients is what can break or make your dentistry business. If you are to retain a steady and growing number of patients, you must also now what keeps them happy.

For instance, considerable portions of the Irish people are now opting to receive their cosmetic dental treatments abroad in countries such as Turkey, Spain, Portugal, and Eastern Europe. Some of these countries offer their patients discounts of up to 70 percent on what Dublin can offer. These countries may offer more value to their patients, which is why your practice should re-evaluate marketing strategies.

New Dental Patients: Value for Money

Most dental practices allocate a portion of their marketing budgets towards acquiring and locating potential new patients. The amount that should go towards attracting new patients will, of course, vary substantially from one dental clinic to another. It goes without saying that the dollars going into marketing efforts geared to attracting a new patient must not exceed that patient's lifetime value to the practice.

This makes calculating the value of a new patient a vital component in determining the most prudent way of allocating your marketing budget. Marketing experts have different estimates when it comes to the long-term value of a new customer. Some have placed the estimates at just a couple of hundred dollars, while others place it well over $10,000.

A Wealthy dentist survey revealed that only a quarter of the 68 respondents had ever attempted to estimate the value of a brand new dental patient. Generally, the estimated value of new patients given by the respondents was in the range of $200 to $3,000, with per dental patient average of between $900 and $1,200.

Calculating Patient Lifetime Value

To build meaningful dentist-patient relationships, you need to have an estimate of the lifetime value each dental patient brings. You can then structure and market your business strategically to maximize revenue and take your business to the next stage. The Customer Lifetime Value (CLV) is an estimate of the total value a client brings to a company during the period of time you have an engagement.

Customer Lifetime Value is a vital marketing tool for any business. It is particularly critical for businesses that are relationship-driven like dentistry. Consider the following factors when estimating your clinic's CLV:

• Lifelong relationship: Average time spent by a patient at your dental office.

• Average Annual Value: Revenue made annually from each patient.

• Client Referral Value: Patients referred by your average client.

In calculating the lifetime value of an average patient, the following formula is useful:

Lifetime Patient Value = Lifelong Relationship x Average Annual Value + Client Referral Value

Importance of Patient Lifetime Value Calculation

You can make more informed decisions about advertising and marketing once you have an estimate for the lifetime value of a new patient. You will certainly not want to spend more resources on acquiring new patients than what they bring to your dental practice in their lifetime.

When you have a clear idea of the current worth of each new patient, it also gives you a guide client target figure that needs to be exceeded. If you invest $5000 into a patient postcard campaign and you believe the new customer will be worth $500, then you need to bring in at least 10 new patients to consider your campaign successful.

Alternative valuation method

Another method of estimating the worth of a new dental patient is by asking yourself the amount of money you would be ready to receive from another dentist were you "selling" one of your patients. Would you, for example, be willing to receive less than $400? In all probability, you would ask for more.

Often, dental patients who need emergency services tend to return to their regular dentist. When calculating the value of a patient, you should consider how to convert an emergency patient into one who is a regular. Improve the lifetime worth of your dental patients and your dentistry office will become more valuable and successful.

Conclusion

Armed with how to calculate the value of your new dental patients and why you need to do the estimation, your dentistry practice will be in a position of making marketing decisions that are more informed leading to higher Return-On-Investment. Dentist The Customer Lifetime value measurement methodology will help you assess the profitability of marketing and promotional campaigns. It helps you decide which promotional efforts to keep or abandon. If you can enhance the lifetime value of each dental patient, your practice will experience steady gains in profitability over the long-run

Many people don't know the importance of dental checksups. Many people cringe when the mention of a dental examination is made. This is a very negative view of what dentists do. Can you imagine going to work with bad breath or going to a party with visible cavities in your teeth? As you can now tell, dentists are very important in our lives. It is not enough to go for a check-up with a dentist when you have a tooth problem. You should visit a dentist regularly. Here are some reasons why you shouldn't underestimate the importance dental checkups.

- Dental Checkups Can Lead To a Proper Diagnosis in Good Time

Many people don't realize the importance of dental examinations until they experience some type of gum pain. This is quite unfortunate because you can easily avoid such pain with regular dental checkups. For example, a dentist can easily tell when cavities start to develop in your teeth or when a certain gum disease begins to spread in your mouth. Dentists can then take corrective action before pain begins. They can either clean your teeth or fill your cavities among other things. Dentists are also able to address other issues, such as halitosis, with dental checkups.

Dental Checkups Save You A Lot of Cash

Dealing with dental issues and diseases once they come up is quite expensive. These issues and diseases can be quite inconveniencing as well. For example, can you imagine a professional singer wearing braces just because she failed to visit her dentist more regularly? This kind of dental situation can affect her career because braces will affect her singing performance. By visiting your dentist more frequently, you can avoid similar situations. Do not wait until things are irreparable for you to visit your dentist. If you wait to treat gum disease, tooth decay and cavities among other dental problems, it will cost you more than necessary.

- Dental checkups can save your life and help you keep your teeth

More than 300,000 new cases of oral carcinoma are reported every year. Meanwhile, millions of people lose a tooth each day. You don't have to suffer the same fate. You can actually treat oral cancer in time if you are at a risk of developing it or keep all your teeth if you are in danger of losing them to disease or cavities. Regular dental checkups will help you to keep smiling by determining the problem at hand and then dealing with it promptly.

These are the main reasons why you should seriously consider going for regular checkups. They do not cost much nor do they take up much of your time. They are convenient, quick and practical. Avoiding regular checkups can lead to many unnecessary inconveniences. You do not have to go through any of these hassles now that you understand the importance of dental checkups. Let a dentist diagnose any problems and treat them if they exist. Call today to schedule your dental checkup.