The Rise Hire Candidate Assessment has been scientifically
proven to predict job performance of dental staff.
THIS IS A REALLY TOUGH QUESTION.
When a dentist buys a practice, all
expenses need to be examined, including marketing expenses. We rec-
ommend that a new dentist-owner does not immediately make any major
changes. It takes 12 to 18 months to become really acclimated to the practice
and comfortable with the expenses, operations, and marketing.
In this day and age, a website and practice branding are very important.
I would highly recommend taking a look at the website to make sure the
information is current and useful. The marketing should match the personality of the new dentist and be tailored to the types of patients the new
dentist wants to attract. Most importantly, it should be possible to track
the marketing to ensure that the expense and effort are worthwhile.
After the initial transition, sometimes it makes sense for the new
dentist-owner to engage a dental consultant who specializes in marketing
to make a complete assessment of the existing marketing strategy, and
to discuss the strategy moving forward.
A dental CPA can create a thorough cash flow projection so you can
predict the effect a change in marketing would have on your bottom line. If
there is no effect, eliminating that marketing approach might be worth it.
CREATE AN INTERNAL AND EXTERNAL MARKETING PLAN
Does your marketing plan include a budget and a clear strategy for
attracting both internal and external patient growth? A clear marketing
plan should be designed with the assistance of a dental marketing
expert. One expert, Grace Rizza, says, “Cutting new-patient flow can
be incredibly damaging and difficult to get back.”
ANGELA BAKER, MBA, is vice
president of the Professional Practice
Group at Village Bank & Trust, a Wintrust
Community Bank. She has been working
with dentists for more than 15 years,
helping them with financing for their
practices. She has a master’s degree in
business administration from Dominican
University in River Forest, Illinois.
Contact her at (847) 385-7011 or
KATE WILLEFORD, CPA, is the owner of the Willeford Group, which uses a
multidisciplinary approach to accounting and profitability consulting focused on
creating a substantial impact on the quality of life and income of select dentists. She is
the vice president of the Academy of Dental CPAs and a member of the Academy of
Dental Management Consultants and the Speaking and Consulting Network. Reach her
at email@example.com or (770) 552-8500.