How Much Are Your Patients Worth?

Recently the most valuable and expensive pair of shoes ever sold in an auction for nearly $1.5 million. They were a pair of 1984 Nike basketball sneakers worn by Michael Jordan.

Health and relationships are the most valuable assets and prized possessions we have in our lives.

However, the things you spend the most money on are often things that can be replaced. For example, cars can be repaired or traded up. Homes can be rebuilt or repaired after a flood or fire. But your health, wellness and the relationships you have with your family and patients simply cannot be replaced.

The question to ask yourself is how much are your patients worth to you? And how much is confident smile worth to your patients?

For many, avoiding pain, anxiety, fear of the dentist or worry about losing a front tooth is enough for someone to put themselves into quarantine away from people who they may feel self concious or embarrassed around.

Don’t ever forget this. And when you set up membership plans or update your savings club, remember how much a confident smile is worth to your patients. Although you may not be able to put an exact number to this, never sell yourself short. Always remember how valuable the services are that you provide.

Don’t let insurance companies dictate the way you treat your patients and never make it the first point of conversation in a case presentation discussions, or it will outright undermine the value you provide.

To learn more about improving the memberships in your practice, listen to this week’s podcast here.

Have a great week!

Dr. Tyler Williams

Less Talk, More Treatment

When your new patient responds with “I’ll think about it,” what do you do next?

The best part about dentistry is that you never need to “sell“ anything!

Simply respond with “no problem at all” anytime you run into that, and then practice the fine art of shutting up and listening.

It diffuses the pressure, which they are trying to put back on you for cost, no sense of urgency, etc.

I like to follow up with something like “what remaining questions do you have in your mind I may not have answered for you, so I can be sure I cover everything that you may be thinking of.”

Now go practice this and role-play it with your team so that it feels comfortable to you, and so that helps you and your team show your genuine concern and compassion for your patients.

Plus it’s one of the secrets we’ve used to consistently double our case acceptance (75-100% higher) than the national average.

To learn more and join our 4 week, Double Your Practice Profits mastermind, visit YOUrpracticegrowth.com/double today (limited spots remaining this month).

G.R.O.W. Like CVS


Here is a prime example of a subscription membership program I read recently that specifically involves healthcare. You can learn a lot about this on how you run your own practice, grow your profits, and most importantly meet the needs of your patients where they are.

“CVS, the drug store chain, has 4-Million people in its subscription programs, and CVS reports* that those customers buy 25% more stuff than other customers i.e. each one worth 125% what the non-subscriber is worth. 

They also have 74-Million as “ExtraCare Members,” although that per-customer value differential isn’t clearly reported. 

…members are worth more. CVS acquired 8-Million new – customers (customer data records) via Virus-testing. The number gained by administering vaccines had not occurred in time for their annual report…Let no crisis or ANY opportunity to collect useful customer or prospect data go to waste! 

…Financial Independence is from what you OWN, not what you DO….”

-Dan Kennedy, July 2021 Letter

Think about IPV = Individual Patient Value. How much is a new patient or referral worth to your office?

Have a relationship and a financially profitable week!

PODCASTS UPDATE

For more growth tips for your practice and personal life, listen to our Free, recent podcasts here. Recent interviews include: Malpractice pitfalls, Practice Profits, and Botox.

What’s Working in Dentistry NOW?

Recently Dr. Williams interviewed Dr. Howard Farran of Dentaltown on our podcast for practice owners The Practice X-Factor. Here are a few highlights we’ve paraphrased from Howard’s input on the topic of what practice owners need to be successful in the turbulent environment of dentistry today:

  • There are 168 hours in a week but most dentists are available only for 32 of them! What if a person feels pain in their molar tooth and the dentist is not available because it is the weekend or their appointment time is over? What if a person gets hit on a car or falls off their bicycle and immediately needs dental help due to severe toothache? You need to find a way to offer emergency hours or have someone at your office on call after hours to help these patients while creating great opportunities for trust and growth in your practice. 
  • There are 4000 endodontists in the U.S.A. They work five days a week, they work 50 weeks a year, and they’re doing about six and a half, or seven molars a day. That’s 19% of their week. Instead of spending their profit and earnings to make their practices better and keep their services updated, they are mostly spending it on vacations, buying a huge house, new cars, or Jet Skis. Is this the true essence of professionalism?
  • Dentistry isn’t primarily about making money, it’s about helping others – which is the real job of any dentist or doctor. Even if you are the wealthiest or best doctor in your area, you should not let your practice stagnate or decline. You need to continually implement new techniques, advanced technology and provide more options to help your patients.
  • If a patient can benefit from just a minor treatment such as a composite filling in one tooth, or possibly it can be treated with simply a routine cleaning or changing their routine of brushing, is this still being offered? Instead, many patients are being told to buy expensive “packages” such as removing their teeth or implants just to make an extra buck. Is this in the best interest of your patients?
  • Dentists should focus on better treatment of patients (the person more than the teeth) and build a strong relationship with them. This is of critical importance for a successful career and long term practice growth. Building a strong relationship with your patient is the real measure of success and your unique advantage in dentistry.
  • If you treat your patients well, you will gain the trust of these patients and their families, and you watch them grow up, and then their friends will come to you too. If you’re truly there for them, to fix their root canal pain or broken teeth, it will go a long way. 

We’d love to know your thoughts about this topic, post your comments below on our blog or email us at twilliams@yourpracticegrowth.com 

P.S. Are you looking for the latest proven techniques to make your practice membership or savings plans attract well qualified patients so you don’t have to rely on insurance? Join the G.R.O.W. Your Practice Monthly Implementation program for just $147/month. ($100 savings this month only). Apply today by emailing us at twilliams@yourpracticegrowth.com with “GROW” in the subject line. 

Is Insurance Getting In the Way of Your Treatment Plans?

Many practice owners have asked, “why is insurance such a pain to deal with?” But many who complain about the hand that feed them are also some of the most insurance driven offices I know of.

Don’t knock it if you are the one who chose to sign on the dotted line.

Today, at least 7 out of 10 people are suffering from some form of dental disease. According to the ADA, many people avoid dental treatment due to perceived high expenses. But when you drill down the the real issue, it really comes down to lack of perceived benefit or no sense of urgency.

Recently on a podcast with my friend and Periodontist, Dan Thunell, he explained: That one thing I always try to keep in mind whenever a patient sits down in my chair is I am not just treating the patient, but I am treating the doctor that is associated with that patient. And so, if I keep that in my mind, it sure helps me to make good decisions and, stay out of trouble.

As you know, dental insurance really isn’t insurance at all. It is a $1000 or $1500 prepaid benefit. If you want deeper relationships with your patients, don’t think about the insurance as the primary concern. DO think about the person, their needs and values, and working with their other medical providers as needed.

In my humble opinion….
Should you be insurance driven, no. Should you be insurance friendly, yes!

It means a lot to (some of) your patients to have insurance, but it shouldn’t be the main focus in a PPP (PrePaid Practice).

THE KEY to a PPP
Get rid of insurances that are not profitable. Offer flexible financing and stop letting your team (and your own verbiage) be dictated solely by insurance.

You reap what you sow. If the first thing your hygienist says is “insurance doesn’t cover it,” then what do you think the patients reaction will be? Flip that around to “we offer…” or “have you heard of…” and shed positive light on what you have to offer.

Good relationships with patients and referring offices are the key to growing your profit and your patient loyalty.

Until next time!

Dr. Tyler Williams