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Who

Growing Patient Base

Since 2007, many practices have seen an increase in the number of male patients seeking cosmetic dentistry, bringing the ratio of female to male patients to 60% female and 40% male.  Although 31 to 50 year old individuals make up close to half of the cosmetic dentistry patient lists, the AACD 2011 survey found that their patient group of 20 years old and younger has grown significantly to 17% in comparison to the 5% seeking this service in 2007. 

Although this age group is known for very low to non-existent income levels, it is vital to realize that they have extensive purchasing power within their households meaning that they have a lot of sway over what mom and dad spend their money on. This younger demographic is also up and coming to the work force (or new to it) with minimal financial obligations, which makes them prime prospects for becoming patients of cosmetic dentistry.

How to find these Patients

With the growing fascination surrounding pop culture and celebrities it does not come as a surprise that most individuals cited their appearance as being the leading factor when deciding on a cosmetic dental procedure. Everywhere that we look we are struck with advertisements that feature an idealized look of perfection, one that many young 20-something year old men and women strive to have.

So how do you reach these perfection seeking individuals? One extremely effective way that is growing in popularity by potential patients is through the internet.  AACD found a 25 point increase in the use of internet by patients who are seeking information and benefits on cosmetic dentistry. By having a high ranking website on Google search, you can make your cosmetic services available to these individuals who are seeking them and become front of mind as the provider. (Read CCADS April 25, 2012 post on Growing your Practice with SEO & Blogging to learn how to increase your search ranking)

How to Make the Final Sell

Aside from a personal fear of lying in the dentist’s chair, some individuals do not move forward with their desired cosmetic treatments due to the cost. Results from the AACD survey show that in 78% of reported cases, patients made their way to that “yes” decision due to financing options made available by practice.  If money comes down to being the no factor, then help eliminate this barrier by offering financing options at your practice too.  Doing so will allow for a win-win scenario.

If you are interested in Cosmetic Dentistry yet feel you could benefit from some more experience with it, visit Our Programs page to learn how our Core Excellency Series can let you expand on the services your practice has to offer.

How Google & SEO Works

URL

• the name of your practice (www.smithdentistry.com)
• real words instead of coded numbers; www.smithdentistry.com/98764576&_3453blog is not acceptable, www.smithdenistry.com/blog is much better

Keywords

• relevant to the post
• your practice & patients
• used 3-8 times depending on the post size

Page Title

• be 75 characters or less
• contain a keyword or phrase (Dr. Smith’s Smile Blog)
• communicate one complete and readable thought

Meta Description

• be 150 characters or less, that includes spaces
• contains 3-5 keywords

Headline Tags

• different font size
• different color from body text
• summarize the information in that section

Image & Video

• using a proper file naming format (e.g. photo_whitesmile)
• give a brief description of what the image or video is beneath it (e.g. Before and after video of patient’s smile makeovers)

Links

CCADS Tips to Populating your Blog

CCADS Checklist Blog for Management

• Plan out your posts so you have a variety of topics ‘‘put away’’ to write about
• Schedule blog posts so they become a daily, weekly, or bi-weekly ritual
• Share the responsibility with you staff to ensure blog content does not dry up
• Include relevant and valuable outside links to articles that your readers would be interested in
• Reply to comments in a timely fashion and thank users for them
• Incorporate social media sharing buttons
• Write for your audience in a conversational tone, ensuring that you avoid the me voice  

I’ve met a number of associates who are frustrated that their careers are put on hold, because they cannot buy into the practice as initially discussed with the practice owner. The principal either keeps putting then off or giving them unacceptable purchase conditions. Dr. Bob’s situation is a common one.

Dr. Bob joined the practice five years ago as a new associate. The verbal agreement was that he would be able to purchase a one-half interest in the practice in 2 – 3 years, once he built up the patient base from a one day per week volume to a four-day full-time practice. He poured his heart and soul into building the practice and within two years he was busy four days a week, billing a respectable $50,000 per month. Having fulfilled his side of the bargain, he asked the principal to make good on his word and sell him 50% of the practice.

Committing the principal to a meeting was like “pushing rope”. Bob kept pushing for a year and it was not until after threatening to leave the practice that the principal and Bob met. The principal suggested that as a starting point for further negotiations, Bob should get a practice valuation done at his own expense. The report valued the practice at $1 million. On Bob’s instructions to the valuator, the report did not include his annual production of $600,000. Bob felt that it was not fair to include his billings, because he was the one who brought the patients into the practice and looked after them. The principal disagreed and the revised valuation showed a practice value of $1.5 million that included Bob’s production. Shortly thereafter, Bob left this practice, not prepared to pay a $250,000 penalty for bringing new patients to the practice.

While the associate is itching to become an owner with more income and more control over the practice, many owners like to keep the dentist as an associate for as long as possible. They love the cashflow the associate generates, in particular when they have a high producing associate like Dr. Bob.

Here is what Dr. Bob generated for his principal:

Monthly production (net of lab fees)                                $50,000
Less his compensation at 40%                                        (20,000)
Less direct expenses for CDA, supplies, etc.                  (10,000)

Net cash flow to principal                                             $20,000

The principal basically generates $20,000 a month without lifting a finger. In addition, the net hygiene revenues generated by Bob’s patients, after hygienist salaries and supplies, amount to an additional $10,000 per month. Why would the principal rush to make Bob a partner in the practice, when he can make $30,000 a month from his service as an associate?

How can the associate make sure that he will become an owner of the practice?

Have the principal commit in writing to the practice transition at the start of the associateship.  There are four parts the written transition agreement should address:

The Associateship

There usually is a trial period of 3 – 6 months, the ‘‘getting to know each other’’ phase. During this time the associate can leave the practice without any strings attached (for example, no restrictive covenant and or any deposit). Likewise the principal can terminate without any repercussions. Once the trial period is over, the associate then pays to the principal the agreed-upon deposit and enters into a restrictive covenant agreement. The associate term can be fixed or flexible, where the associate would have the option to trigger he purchase after a certain date.

The Purchase

The agreement also fixes the purchase price, which is usually supported by a practice valuation. It is crucial that the purchase price be determined at the time the associate starts in the practice as to avoid the deal breaking issue of asking the associate to pay for his/her own production later.

The Cost-Sharing Agreement

Both parties should have an agreement that in the event the purchase is completed, how hygiene revenues and common practice expenses are to be shared.

The Buy/Sell Agreement

The last component of the transition document should deal with the event of a dentist leaving the practice, and how the dentist should be compensated. The typical triggering events of one dentist departing are death, long-term disability, retirement, suspension, or voluntary withdrawal. The financial arrangement for each of these events needs to be addressed.
Preparing the documents looks like a lot of work and legal fees, but it is money well spent, as it commits both parties to the practice transition process, and deals with all the issues up front. And that is a key for a successful associate-to-owner transition.

Contacting a Lawyer

The thought of having to contact a lawyer can be overwhelming.  It’s hard to decide where to start and who to trust.  In cases such as these, pun not intended, a fantastic starting point is with your Province or State Lawyer Referral Service.  The lawyer referral services allow you to find a lawyer specific to your profession and need.  This service, managed by the government and bar associations, offers reduced costs for lawyer fees such as $25 or free half hour consultations. For more information on this great resource see below for California or Canada based services.

California
Phone: 415-538-2250 (out of state)
Phone: 1-866-442-2529 (toll free in Cali)
Email: LRS@calbar.ca.gov
Website: www.calbar.ca.gov  

Canada-British Columbia
Phone: 604-687-3221 (Lower Mainland)
Phone: 1-800-663-1919 (BC only)
Email: lawyerreferral@bccba.org
Website: www.cba.org

Introducing Google Places

Google Places Benefits for Dentists

Visual Aids & Case Presentation

Co-Diagnosis & Treatment Planning with the Patient

The Importance of Your Team

Financial Options

• CareCredit
• Springstone
• CapitalOne
• Chase Health Advance
• WellsFargo
• Local Banks

Phased Treatment Plans

For Mac Users