Does your Internet Dental Marketing Allow Your Dental Practice show up on the Local Internet Search For Google, Yahoo, and Bing??
Internet Dental Marketing doesn’t have to be like pulling teeth, check out our site on how you can Get Your Dental Practice listed on the first page of Local Search on Google, Yahoo, Bing (MSN) Maps.
Did You Know!!
- 97% of consumers use online media to research products and services in their local area
- According to Google 90% of searchers won’t look past page one of the results page
- 86% of U.S. households now use the Internet as an information source when shopping locally
- 85% of local searchers will follow up with a phone call or visit to the listing that stands out best
Graig Presti and LocalSearchForDentists.com will review and teach you How Your Dental Practice Can Generate A Flood Of New Patients by Dominating the Top of Local Search on Google, Yahoo and Bing! Don’t Let Your Dental Practice Get Left Behind in the Local Search Engine Game!
With everyone hoping that 2016 will be a better year than last year – even if 2015 was a great year for you – it’s important that you base your measurement of success on the right factors.
If you want to get a clear idea of how well your practice is doing, here are seven key factors you should be tracking. This will not only help you see how you are doing, it will help you identify the best opportunities to make big leaps in profit.
#1: Number of new patients each month
The first thing you need to measure is the number of new patients you are bringing in every month. This is crucial because you always need to be feeding the funnel with new patients. Your patient base is one of your most valuable assets and the key to your success is a steady flow of patients coming in your door then staying and building a relationship with your practice.
One of the major benefits of bringing in new patents is that you’ll find the people who are newer to your patient base are going to be more responsive to your offers. If someone has been with your practice for ten years and you’ve never sent them a patient newsletter or asked for a referral – even though they’ve been a good patient who comes in every six months – they’re not likely to respond to your new offers.
On the other hand, someone who joined your practice more recently – after you started sending out newsletters – has always been asked for referrals and is more likely to respond.
So, the new blood in your practice is very, very important. While it’s important to put a lot of effort into marketing to existing patients, you need to keep getting new blood into your practice.
The first key to measure is how many new patients are you are bringing in a month and what’s your goal?
#2: Cost of acquiring a new patient
The second thing you need to know is what it costs you to acquire that new patient. This is also called cost of acquisition. Acquiring a client/patient is usually viewed as an expense but you need to shift your thinking to start seeing that new patient as an asset to you.
A lot of people look for the cheapest way to acquire new patients. But this is not the best place to be cheap. The way you dominate a market is to be able to spend more than your competition on acquiring patients. It might cost $50 or $150 to acquire a new patient. But if that patient is worth $500.00 in the first six months or $1,500 in the first year, what is that person worth to you?
If you count how many referrals they send to you and how much they spend with you on their own or their family’s dental care, they could easily be worth between $3,000 and $5,500 in a three to five year period.
Sometimes the value is higher and other times lower. But where else in the world can you spend $50 to $150 on acquiring an asset that can bring you back $500 to $1,500 in less than a year?
That’s a 7 to 10 times return on investment within a 12 month period. You can’t get that anywhere else. So, when you’re in the growth mode, you should be investing as much as you can in growing your existing practice. Once you know the cost of acquisition, you understand how much money you’ll need to get to your new patient goal.
Then, as we’ll cover in a moment, when you start bumping up the referrals, the cost of acquisition gets cut in half. To start measuring your cost of acquisition, simply total your marketing expenses over the last month or three months. Then just divide that figure by the number of new patients.
So, if you brought in 50 new patients and spent $1,000, that’s 1,000 divided by 50 or just $20 per new patient. If that’s your cost of acquisition, you can be a lot more aggressive on a referral rewards program or sending out offers to your existing patient base. You could be a lot more aggressive with some other strategies. $20 per new patient is low, and I would suggest you’re either not marketing aggressively enough or you’ve got a great referral program going on.
As well as looking at the average cost of acquiring a patient, you should look at cost of acquisition by source. You need to know if it costs more via direct mail or the internet so you want to know the cost for each method.
#3: Referral Ratio
Many doctors say they’re getting a lot of referrals but often they don’t know exactly how many or they’ll say they’re getting about 10 a month, for example. Now, 10 a month might sound great to some and it might not be great to others so you need to figure it out from your own perspective.
If you’ve got 1,000 active patients and you’re getting 5 referrals a month, you’re looking at 60 referrals a year from an active patient base of 1,000.
That’s a 6% referral ratio. That’s not very good but can easily be improved. For example, here are some quick ideas that you can apply right away for improving the referral ratio.
- Have a ‘Care to Share’ program in your office.
- Send out a patient newsletter monthly.
- Hold at least one patient appreciation event a year.
So, start by measuring your referral ratio. If you’re at 6% now, set a goal with the team to get to 15% or 20%. You’ll notice that new patient flow and cost of acquisition get affected positively by what we do with the referral ratio.
#4: Conversion Ratio
Your conversion ratio is the proportion of the patients who come in that accept treatment. If it’s 50%, for example, that suggests your new patient experience is not working properly.
Your system should identify the problem for the patient, agitate the problem and then your team should adequately educate the patient so that you just wrap up the presentation and see how the patient wants to proceed. If case presentation is done properly, 80 to 90% of patients should be accepting some kind of treatment.
When you present cases using the terms ‘mandatory’, ‘elective’ and ‘cosmetic’, patients can start moving forward without needing to have the whole $5,000 case up front.
#5: Sale-to-cash Cycle
The next key factor you need to track is your “sale to cash cycle.” When you are doing a lot of marketing, you can be hitting your acquisition goals but the problem is that your overall cost of acquisition is going way up. Even if it’s only $50 to acquire a patient, if you double the amount of new patients, you could be spending an extra $6,000 a month acquiring new patients.
So clearly you need to know your referral ratio and your conversion ratio. But you also need to know your sale to cash cycle. This is the amount of time it takes between that person coming in as a new patient and you having positive cash flow in the bank.
If you’re spending $12,000 in marketing and its taking 60 days to get that money in your bank account, you go negative $12,000. If you do that two months in a row, you are negative $24,000. Then, what happens if it’s a 90 day cycle? What if it’s one of those cycles where you have a really bad conversion ratio and low case acceptance?
You’re left hoping that in six months you’re going to have enough money in the bank. So you need to look at how much money you are putting in the bank after six months with every new patient who walks through your door.
For example, in July of every year, pull up all the clients you received in January. Have someone open up every person’s file and find out how much treatment was planned and how much cash was actually paid. Then just create it as an Excel sheet with name, cash and treatment plan. You can do the same in January for new patients from the previous July.
This tells you how much money is actually in the bank account based on what was planned. Many business owners inflate these numbers unless they are actually holding themselves accountable.
#6: Percentage of Patients Keeping Six-Month Appointment
Another important metric is the number of patients keeping their six month (or 12 month) appointment. This is important as it will show you the reality of how patients are responding to you. It’s about accountability. It measures how well you’re doing at the front desk and how you’re doing at getting patients back in.
#7: Daily Production
Last but not least, you should be tracking how much each area of your practice is producing per month and per day. You SHOULD do this for hygiene. This can be a great leverage point for your practice. If this is working well, it opens up a lot of opportunities. You should also be tracking how much you are producing per hour and how much each doctor & associate in your practice is producing per hour. It’s really important for you to understand what your own time’s worth. And when you know what your hygienists and associates are producing, you can look at what you need to do to bump their numbers up.
So, that gives you the seven key metrics you should be tracking in 2016. The key to all these metrics is that just making 5% or 10% improvements in a few of them leads to monumental overall growth in your practice. By knowing exactly what to measure and how to improve the results, you could make sure this is your best year yet.
If you’d like to learn more about how to attract more high qualified patients WITH MONEY…click here for a proven game-plan => http://localsearchfordentists.com/game-plan
IN THE NEWS: Former Oklahoma dentist Scott Harrington, accused of infecting patients with HIV, now accused of Medicaid fraud
Scott Harrington, the Tulsa dentist previously accused of infecting patients with HIV and hepatitis, has entered a guilty plea for federal money laundering charges.
- Harrington forfeited his license in 2014.
- He was accused of exposing patients to HIV hepatitis
- Hearing in federal courthouse in Tulsa on Wednesday
- Harrington entered a guilty plea for money laundering
Federal charges of money laundering were filed against a former Tulsa dentist previously accused of infecting patients with HIV and hepatitis.The attorney representing one of Harrington’s former patients said the latest federal charge comes as no surprise.
Scott Harrington is accused of Medicaid fraud that took reportedly place between January and June 2012.
Court documents said he over-billed Medicaid patients costing nearly $30,000 and he forfeited his license in 2014.
Harrington entered a guilty plea for money laundering on Wednesday.
Harrington reportedly charged for anesthesia services he did not provide.
The U.S. Attorney’s Office declined to state whether they believed Harrington continued to commit fraud after he was forced to stop practicing dentistry.
Harrington is facing 10 civil lawsuits after allegations surfaced against him.
The first of those civil lawsuits goes to trial in September.
Harrington’s attorney said, “He looks forward to resolving the matter and putting this chapter of his life behind him”
The U.S. Attorney’s Office said the Muskogee office will prosecute the case after the Tulsa office recused themselves. He plead guilty at a hearing on Wednesday.
The lesson learned here is that no matter how good your ethics are you can
never protect yourself ENOUGH online.
You MUST See This FREE Information…
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Want to learn more about how Dr. Hawkins achieved this great success?
Click here to see => http://localsearchfordentists.com/game-plan
Our clients are consistently reporting record months:
“Thank you for all your help. We’re kicking a$$ at our office! We did $101,000 in collections last month and had 81 new patients. All-time high for new patients and just a few dollars short of breaking a collections record.” Dr. Christopher Hawkins DDS PC
Don’t like to watch video? Just read the transcription below….
Dr. Hawkins: Local Search For Dentists has taken a lot of the effort of trying to market for my practice. I’ve spent tens of thousands of dollars over the years with different companies, who have over promised and under delivered. I can tell you without equivocation nothing has worked this well. I sleep great.
As far as my stress level, it’s way down and our new patient numbers are up and it’s just been incredible. It’s unbelievable how much Graig has helped us.
Local Search For Dentists; they just stress the content of a Google review. One night I was at home – this was last year February 2015 and was watching one of his webinars. He said some things that really hit home with me. I thought he was on to something.
I realized that this was a no-brainer in terms of what you’re required to do. After they set up your Google account, they show you how to ask people to leave reviews right there in the office.
It’s absolutely crazy how well this has worked. My wife doesn’t believe that it was as easy as it was. It’s been wonderful and I love Local Search For Dentists; I honestly want to come down and shake Graig’s hand and just thank him personally for how much of a difference he has made in my life. I’m just ecstatic.
I pulled out my numbers from last year and five of the seven months in 2015, we collected over $90,000, which is insane. It’s like I’ve never, ever done that. And one month it was $100,000. I have a one-doctor practice with two hygienists, so that’s pretty busy.
As a result, I’ve had these incredible months. I’m seeing 16-18 new patients a month. We’re trying to get my wife (also a dentist) down here to help me because I can’t keep up with the demand. It’s great.
I feel like I do very little now in marketing. I just show up and I shake peoples’ hands.
How Has This Influenced Your Patients and Prospects?
Graig said something on one of his webinars that when people Google you, they’re already looking for something so they want to buy whatever it is that you’re selling.
When potential patients read your reviews and they see that you’re good, they already trust you…so it’s not as hard.
Before I started working with LSFD, a lot of times people would come in and sit there all gruff, like, “Convince me why I should pay you money for you to hurt me.”
Now with Local Search For Dentists, patients come in and they already want an implant or a bridge, etc. They’ve got their money and they practically just hand it over.
Yesterday this guy walked in and he needed an implant. He coughed up $4,000 cash, on the spot, paid in full. So it’s wonderful – almost every day something like that happens and it’s been just crazy. I’m super thrilled and I just can’t say enough good things about Graig.
How Are All These New Patients Finding You?
LSFD has really made me aware of the Google presence; your placement on Google and how many reviews you had.
Before I started with them, I think I had four reviews and two of them were terrible. It’s hard to keep track of your online reputation, but with this focus as he proposes, you can really take control of it.
From what I’ve observed and obviously from what Graig has researched and taught me, the way people are looking for products is with their smart phones – they’re searching on their mobile phones and that’s exactly what I can attest to personally from the last year of what he’s helped us with.
When I watched the webinar he even started saying that the doctor that has the most Google reviews in your area is getting all the new patients. I’m really close to my limit as far as what I can handle every month.
How is Customer Service?
Customer Service been good. If I have an issue, I email or call Danny. He gets right back with me promptly, so I’ve been very happy. He’s really responsive.
Do You Trust LSFD?
I’m one of the most skeptical people you’d probably ever meet in terms of convincing me to spend money with a company for a service. One night I was just really desperate and stressed out. I signed up and started doing what he told me to do. Like I mentioned, five or seven months last year we topped $90,000 or even $100,000. It’s crazy.
I just want to impart to you whoever is reading to give him a chance, I trust this guy implicitly. Like I said, I’ve spent tens of thousands of dollars in other areas of marketing, and nothing has worked this well. I promise you that, so give him a chance.
How Has LSFD Given You A Competitive Edge?
Patients come in and they already trust me. So, I don’t have to struggle to get them to spend money. As far as competition goes, so many people when they call, look you up on Google and they review you and everything, you have by far the most Google reviews in the area. So I feel like I really have a strong market pull.
I definitely have a presence and Graig has certainly helped us bolster that to make us really competitive. People implicitly will trust you as a provider when they see your online reputation and your reviews. That’s usually the closest thing they have to do an honest evaluation of the doctor aside from having a personal experience with him themselves.
Sometimes I’m busy to the point that people are just begging me to get their work done.
How Has Working With LSFD Affected Your Home Life?
My wife is a dentist and we graduated from Dental School together. About a year and half before I met Graig, I just struggled and struggled to pay the bills. But since working with LSFD, I’m so busy that I built a second suite next door here. I’m really getting close to needing another doctor.
LSFD has taken a lot of stress off of my wife, too; she’s not worried we’re going to go belly up or whatever. She’s happier, and I feel peace about the business. I would say it’s the best word to describe it. I feel peace about coming to work and there’s going to be bread on the table for me to draw from. It’s really nice to just focus on patient care and everything else sort of take care of itself.
So in a few words, LSFD really helps reduce my stress, makes me busier than I ever thought I could be and also allowing us to make money that I didn’t think we could ever make. So I’m absolutely happy with Local Search for Dentists.
Any Final Thoughts About Local Search For Dentists?
This is directed at the dentist who is watching and probably sitting home at night after work, stressed out to the max. What Local Search For Dentists has done for me, it’s almost indescribable. I mean my accountant was blown away – we set a goal last year to $840,000. We ended up collecting just over $980,000. We outperformed my goal by $140,000 because of this. Working with LSFD is the only thing that I’ve been really doing differently. This is really the only thing that’s been like a magic bullet.
When you watch Graig, he’s kind of a little zany and out there. But I finally decided just to give it a shot…and he’s right! He’s absolutely right! He’s done his homework, he spends a lot of time and resources obviously researching Google and the way those metrics work and is changing all the time.
If you’re one of those guys trying to do it all by yourself, you can’t. You can’t keep up with your personal life, your practice life and everything else and successfully figure out how those algorithms change (and they change all the time)!
So I can unequivocally say if you trust him, if you trust this company – Local Search For Dentists will benefit you if you do what they tell you to do. I want to shake Graig’s hand and personally thank him.
If you’d like to learn more about how LSFD helped Dr. Hawkins attract dozens more highly-qualified patients WITH MONEY…click here for a proven game-plan: =>http://localsearchfordentists.com/game-plan