02 Jun Transform Your Dental Practice with a Business Analysis
The first step to reaching your career goals is to understand exactly where you stand right now. A business analysis is an essential component when it comes to transforming your practice to its next phase. Outside analysis can provide you with complete insight into your business, how it compares to your surrounding competition, areas of weakness, and what areas you may be able to lean into. While you know dental services through and through, it is possible that you may be missing some key information when it comes to running a successful business. Find out what you don’t know by taking advantage of dental consulting services. Our Unified Smiles Representatives can perform an outside analysis so that you can get one step closer to your next career milestone.
Understand Your Current Standing
A dental practice analysis has a variety of parameters to help encapsulate the business’s current standing. This is not a simple process and is best left to a professional who has years of experience performing business analyses on dental practices specifically. Our Unified Smiles Representatives have decades of experience working with dental practice owners throughout the country, so we are well versed on the ins and outs of dental practice analysis. There can be many reasons why a practice may be seeing a decline in patients, or a surge in specific services, or even frequent no-shows for appointments. Dental practices are unique to other types of small businesses and should be analyzed by a professional who is experienced in independent dentistry. Our team can help provide you with insight into your current standing so that you can make informed decisions for your future.
Compare to the Industry Standard
A typical dental practice analysis will evaluate scheduled patients, types of services rendered, service offerings, pricing, cost of services, quality of equipment, elective and comprehensive services, hygiene production as a total percentage of production, collection of fees owed to the practice, and more. These metrics will provide clear data of where your practice is consistently performing and where it should be compared to the market. We can provide industry standards for these metrics that we have collected based on hundreds of other dental practice analyses performed throughout the country. This will give you the data you need to succeed in your region and repair any areas of weakness. Dental consulting services can help you understand your individual practice in comparison to the rest of the industry in 2021 and beyond.
Gain an Outsider’s Perspective
Independent dentists know their clientele more than anyone, so of course you know what is right for your business. However, it is true that a practice owner may lack objectivity when it comes to analyzing the current state of affairs. Choosing to work with someone who can provide you with an outside perspective can alert you to possible unknown issues and even help you identify areas where you may be able to invest further. A proper dental practice analysis can help you reach career heights that you may not have even thought were within your reach. Our dental consulting experts can do an in-depth analysis over a period of time so that you can get consistent results. This data will help fuel your next transition, whether that be retirement and selling or expanding your business.
Take the Time to Do Things Right
A good dental practice analysis will typically take months to complete. This is because it will look at systems and functions of your practice over time to make a proper evaluation. Some months may be busier than others and could provide an inaccurate representation for the entire quarter. Our dental consulting experts recommend about an 8-month period to get a solid read on your practice’s current standing. Taking the time to do an accurate analysis the first time can save you years, or even decades, of uncertainty. If you have a specific concern or question about your practice’s function, do not try to make educated guesses. The answer may be a simple adjustment that would reveal itself over time. By choosing to let an outsider take an honest look at your business, you may be saving yourself from serious loss in the future. A thorough dental practice analysis can be a catalyst for major transformation in your business.
Make Informed Decisions
Making big changes in your business can be expensive and time-consuming. You want to make sure you are making the best possible choices before investing your time and money. Things like new equipment, offering new services, hiring or firing staff, and even a practice remodel may all have a huge impact on your bottom line. However, you may be putting your business at risk if you are not taking the time to make an informed decision. You may find that the answer to your problems is simply investing in marketing or administrative updates, which can be much more affordable than assuming the issue is something greater. Our dental consulting services can offer you some data to support your choices so that you can know completely that you are choosing the right path forward for your business.
Invest in Your Future
Dental consulting services may also help you understand where you may be able to expand further. Perhaps your practice is seeing great success in a particular area with marketing, it may be time to add another practice in that location. Or if you see an uptick in a particular service that coincides with a special promotion you used to offer, it could mean that you should expand that promotion further. Every appointment made and service performed is full of information about how your clients found you, why they chose you, and why they chose to come back. Overlooking this information could possibly mean leaving money on the table. A dental practice analysis can provide some clarity about this data so that you can identify your areas of growth.
To learn more about dental practice analysis and other dental consulting services, contact our Unified Smiles Representatives. Our team can help you maintain a healthy practice one smile at a time! Call us at 844.US.UNITE or fill out a contact request form on our site and a member of our team will get in touch at your convenience.