In a recent webinar led by Sarah Ruberg, CEO & Founder of Our Thrive Tribe, and Tracy Swanson, EVP of Sales at Membersy, they discussed the importance of a modern patient experience and provided a deeper understanding of same-store growth, its significance within the dental industry, and strategies that can elevate same-store growth within your dental practices.
Watch the full recording here:
Understanding Same-Store Growth
Same-store growth refers to the process of improving revenue, patient growth, and overall profitability in your existing dental offices, rather than acquiring more offices. This growth is measured by evaluating the financial performance of the practice while keeping the physical location unchanged. In the webinar, they emphasized that while many practices may consider practice acquisition and aggregation as the primary means of expansion, same-store growth is a crucial aspect of sustainable practice development.
Redefining Growth Strategies
The webinar challenged the conventional notion that growth in the dental industry primarily involves acquiring new practices. Instead, Sarah and Tracy encouraged dental professionals to think differently and consider maximizing the potential of their existing locations, specifically through elevating the patient experience. They pointed out that most dental offices often operate below their full capacity, highlighting the need for practices to assess their operations critically and make informed decisions to drive further growth and improvement.
A few key takeaways:
Evaluate Your Current Situation: Assess the performance of your dental practice(s) and identify areas that need improvement.
Seek Feedback: Gather feedback from both patients and your dental team to gain insights into areas of improvement.
Differentiate Your Practice: Determine what sets your practice apart from others in the market.
Invest in Staff Training: Recognize the critical role that staff training plays in delivering exceptional patient experiences.
Reevaluate New Patient Specials: Consider the effectiveness of new patient special discounts and make adjustments if necessary.
Consider Membership Plans: Explore the benefits of implementing membership plans to enhance patient access and loyalty.
Get Creative with Digital Marketing: Understand the power of social media and digital marketing in expanding your practice's reach and attracting new patients.
To learn more about what a dental membership plan could look like for your practice or DSO, schedule a demo with us!