In this blog I want to have a brief, yet very important conversation about where your money comes from.
This boils down to simply analyzing your business…i.e. your numbers. When was the last time you sat down and looked at sources of referrals? What about IDing your top 100 patients? (HINT: Gift them, and gift them several times a year!) What about IDing your bottom 20% of patients? What about WHERE those top 100 have come from? What’s their average spending?
You see, by knowing the answers to these questions, you can begin to assemble an intelligent internal and external marketing plan.
I’ll give you an example: Dentrix prints off a referral report showing every patient and the source of referral. It includes about 20 sources. For me, the more the merrier. Diversity leads to stability, but that’s a somewhat different topic than today’s.
Anyway, back to the referral report. It shows me tx plan total (let’s me know how much more there is to do on a given pt), and total $ spent by patient.
These are extremely valuable stats and are available with a few keystrokes.
My challenge to you is to spend time and analyze your practice numbers. See just who is spending what and where they are coming in from. Look at the most-often accepted tx plans you and your staff complete. Is it heavily weighed in one area or another? Or, do you present and treat across the board?
Why is that important? If you are doing more crowns than anything else, must be the office is doing something right in that dept. Either the referrals are really high from that procedure, your price is too low, or ??? What can you possibly conclude from that?
If you are NOT the highest price guy in town and all I seemed to ever really do was crowns, I’d quickly (as in yesterday) increase my fees.