Dentist

Your patients are your most valuable asset as a dentist. It's not just about bringing in new dental patients. To successfully start a dental marketing campaign, it is important to know the value of each patient to your practice. Your dentistry business can be made or broken by the total profit delivered over time by these patients. If you want to keep a steady number of patients and grow your business, you need to know what makes them happy.

Many Irish people now choose to have their cosmetic dental treatment abroad in countries like Turkey, Spain and Portugal. 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.

Value of a New Dental Patient

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 is a given that marketing dollars spent to attract a new patient should not exceed the lifetime value of that patient to the dental practice.

Calculating the value of new patients is therefore a crucial component when determining how to allocate your marketing budget. However, marketing experts, have a widely ranging estimate when it comes to a new client's long-term value. 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. This way, you can structure and market your practice strategically with the goal of maximizing revenue and taking your business to the next level. 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 Smile Design Studio Relationship: Total duration that an average patient spends at your dentistry.

• Average Annual Value (Average annual revenue): The amount of revenue generated annually by each patient.

• Client Referral Value : The average number of patients referred by a client.

The following formula can be used to calculate the lifetime value of a patient on average:

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 won't want to spend more money on acquiring new dental patients than they will bring to your practice over their lifetime.

You can also set a client target that you need to exceed when you know the current value of each new patient. If, for example, you think the new customer is worth $500 and you have invested $5000 in a patient postcard campaign, then, for you to consider your campaign a success, you will need to bring over 10 new patients.

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 accept, for instance, less than $400 as payment? In all probability, you would ask for more.

Often, dental patients who need emergency services tend to return to their regular dentist. In such a scenario, when calculating patient value, consider how you can convert that emergency patient into a regular one. 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. The Customer Lifetime Value measurement methodology helps you in assessing the profitability of specific marketing and promotional efforts. It guides in highlighting which promotional efforts should be abandoned or kept. If you can increase the lifetime value of every dental patient, then your practice will see steady profits over time.

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 way of looking at what dentists do. Imagine going to the office with bad breath, or attending a party while your teeth are showing visible cavities. You can see that dentists play a very important role in our lives. However, going for a dentist check-up when you have a problem with your teeth is not good enough. What you need to do is to see a dentist more 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. This means that dentists can take corrective measures before any pain sets in. They can also fill cavities or clean your teeth. Dentists can also address other issues such as halitosis with require dental checkups.

- Dental Checkups save You A Lot of Money

Dealing with dental issues and diseases once they come up is quite expensive. These problems and diseases can also be very inconvenient. 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. You can avoid similar situations by visiting the dentist more regularly. 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.

Regular checkups are important for many reasons. They do not cost much nor do they take up much of your time. They are quick, convenient and practical. Remember, many unnecessary hassles come with avoiding regular checkups. Now that you know the importance of dental checks, you don't have to deal with any of these inconveniences. Let a dentist diagnose any problems and treat them if they exist. Call today to schedule your dental checkup.