5 Upgrades to Consider Whether You’re Buying or Selling a Dental Practice | Dental Office Brokers
Dental Practice Sales & Transitions
Whether you are thinking about selling your practice or buying one, it’s important to think about improvements. To stay competitive, a practice needs to make investments that will boost profitability and promote patient loyalty.
Here are six dental practice investments that are worth considering.
Invest in New Technology
Upgrading your equipment is one investment that can make a significant impact on your practice’s worth. Cutting-edge technology enables more accurate diagnoses and increases treatment choices.
Innovative technology like intraoral cameras, digital radiography, 3D CAT scans, dental lasers, and more can attract a greater number of patients. This investment can also save time, increase productivity, and grow revenues.
Add Office Amenities
Sometimes it’s the little things that count. Choose soothing colors, modern flooring, and smart decor. A large aquarium or TV can take patients’ minds off treatment.
You can also make your patients more comfortable with a beverage bar, weighted blankets, and neck pillows. Some practices are even using aromatherapy, massage chairs, and other spa-like amenities.
TVs on the ceilings in the operatory, complete with headphones and Netflix access, can offer a safe distraction while your team works.
Reevaluate Your Dental Insurance Coverage
Many patients are turned off by the idea of visiting a dentist who is out of network and whose pricing is not clear. Whether you decide to be in-network with more plans or join the fee-for-service movement, you can open the door for many potential patients who otherwise would go elsewhere by creating a membership service.
This billing clarity will help build patient flow and transparency, and can be a selling point.
Sponsor Community Events
From holding canned food drives at the office to open houses, community events boost recognition in the market and foster goodwill. There are many ways to do this, such as giving away teeth-whitening or a set of braces as a silent auction fundraiser, a smile makeover to a deserving person who made the news, or sponsoring a sports team.
This advice works whether you are thinking of selling or if you are trying to get a new practice off the ground.
Bolster Your Online Presence
The Internet has limitless potential. Reaching out to prospective patients in your area through social media and your website allows them to learn more about you and your office, to easily schedule a visit, and to ask questions. In today’s modern economy, internet marketing is critical.
Keep your practice ahead of the curve. Follow the trends that will build momentum in a new practice, and build value into the one you plan to sell.
Want to learn more? Contact us today to discuss how to plan for upgrades with our dental brokerage office in Towson, MD.