You already do the dentistry. Now turn the profit faucet on By Robert Powell. July 20, 2016.
Incredibly, 80 per cent of dental practice owners don’t know how their business is performing and 60 per cent don’t know where to find the information.
A further 42 per cent claim not to worry about practice performance and 27 per cent fail to measure the most basic business metric — practice revenue.
Yet, as you probably already know, performance reporting is proven to deliver high return on investment. Actually, the results are rather stunning: the top 10 per cent of dental businesses using it see on average a 41 per cent increase in their gross hourly earnings and a 61 per cent revenue increase.
The data above is taken from a white paper by SOE: Performance Monitoring — The Gateway To Sustained Practice Growth.
Dental practices everywhere, like all other businesses, have additional revenue generating potential. All a consultancy group like Fine Company does is identify your business’s untapped potential and help you realise it — the different products and services we offer, like performance reporting set up and support, are simply cogs in the wheel to make this happen.
We also keep an eye on the broader market to help you allocate your resources in the best growth areas. Take, for example, the latest tranche of data from WhatClinic.com (January 2016):
- Enquiries for non-surgical cosmetic treatments to UK clinics increased by 23 per cent in 2015
- Dermal fillers enquiries rose by 113 per cent
- Lip augmentation enquiries rose by 114 per cent
- Platelet rich plasma fillers enquiries rose by 152 per cent
Both sets of data I’ve mentioned above suggest there’s an incredible volume of latent profit in the dental sector. That’s precisely why Fine Company is operating in this space, so if you’d like some help accessing that profit with your dental practice, we can help.
“The top 10% of practices using performance reporting see a 61% revenue increase”
Robert Powell, performance reporting director