How to compete as a solo practice
As the number of DSOs grows and the dental practice landscape shifts, you might start wondering how you’re going to succeed as a solo practice. Here are some ideas to differentiate yourself from large corporate offices.
Compete on your terms
Big corporations have the scale, capital, systems and processes to run highly efficient businesses and provide services at a low price.
Focus on the patient experience
Consumers these days are willing to pay extra for a positive. Craft a patient journey that anticipates your patients’ needs at every touchpoint. As a solo practice, you have the flexibility and agility to incorporate outside the box ideas that big practices can’t easily match.
Attracting a steady flow of new patients is a must for any dental practice. People move. Attrition happens. You can’t survive on your loyal patient base alone but focusing on building solid relationships with your current patients will pay big dividends if you do it right. If a patient likes you, and your prices are reasonable, it’s not likely they’ll shop around just to save a few bucks. Patients always prefer to receive treatment from someone they trust.
Promote your story
You have a genuine relationship with the community. Market your practice’s story and paint a picture of how you fit into the fabric of the community. Try to focus marketing on your services and experience, not on your price.
Keep your finger on your KPIs
Measure and track key performance indicators. The stiffer the competition gets, the more you need to make sure you’re not losing productivity unnecessarily. Track cancellations, referrals, treatment acceptance, collections and production. Set targets in your daily huddles and hold team members accountable when numbers aren’t reached.
Keep a positive attitude
There is room in any marketplace for a more boutique experience. While 50% of dental practices are predicted to be DSOs by 2030, this still leaves 50% that aren’t. Not everyone will be happy with the type of experience corporate dental can provide. Keep doing what you do best. Patients won’t want to leave a dentist who treats them well.