As a dental practice owner, it’s important to ensure your practice is continually improving, helping patients, and increasing your profit margin year over year. While insurance companies typically control the price for most general dentistry procedures, there are services and practices that you have more control over the price you charge. But how do you increase the price of advanced and emotional dental procedures without receiving a resounding ‘no, thank you’ from your patients?
In this episode, I explain how to create firm financial arrangements in your dental practice and the impact that categorizing your patients into three key components can have on scaling your business. I explain what a firm financial arrangement is, why it’s critical for pivoting your practice into a modern-day dental business, and how developing an internal payment plan can help you increase your prices while making your services affordable for your patients. I also explain the difference between no-treatment patients, minor treatment patients, and major treatment patients and how understanding how to categorize your patients into these three components can help your practice run more efficiently.
“We can continue to do what has traditionally been done – or we can make a decision that it’s time to really change the game and be more modern.” – Tarun Agarwal
This week on T-Bone Speaks Dentistry Podcast:
- What it means to create firm financial arrangements and why it’s critically important for scaling your dental practice
- What is a financial menu and how it impacts your practice’s financial arrangements
- The benefits of developing an internal payment plan
- The consumer’s mindset around price vs. affordability
- How firm financial arrangements and internal payment plans help you raise your prices while making them affordable for your patients
- What it means to pivot your practice by categorizing your patients
- The difference between no-treatment patients, minor treatment patient, and major treatment patients
- How categorizing your patients helps you establish a system for your team – and your practice – to run more efficiently
Our Favorite Quotes:
- “People of the past have said that payment plans don’t work; that internal payment plans don’t work. They don’t work if you set them up with no rhyme, reason, or thought process.” – Tarun Agarwal
- “Too often, when somebody says ‘it’s too expensive,’ we think it’s a price issue. Really, it’s an affordability issue.” – Tarun Agarwal
- “One of the side benefits of firm financial arrangements and the concept of it – especially with internal payment plans – is we are able to increase our price on advanced & emotional procedures and make it more affordable for our patients.” – Tarun Agarwal
Discover the Keys to Pivot Your Practice
Do you want to do more of the kind of dentistry you love? Want to learn how to achieve your goals, increase your revenue, and find financial freedom without seeing more patients? Are you ready to create the life, freedom, and happiness you desire? Then you need a copy of my free book: The Dental Practice Pivot. Discover how to increase your revenue, create a more balanced lifestyle, and gain a competitive advantage in the highly competitive dental industry.
Visit the Dental Practice Pivot website to claim your free copy and begin your journey to achieve true happiness and financial freedom.
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