It is difficult to convince a dental professional to retain an expert and then suggest that the dentist pay for the preparation of a practice valuation. Many practice transition brokers tell the dentist that they will produce a valuation for free.
Attrition is devastating to a practice, and not for the reason most practitioners think. Many assume that they are only losing revenue from one patient, and that there is always another new patient around the corner to make up the difference. However, loss of patients not only results in revenue loss but also in added expenses in marketing and onboarding new patients so the practice can maintain patient flow.
Why would a five-provider dental practice throw away over $300,000 in state subsidies that they were eligible to receive? Probably because they weren't aware of a federal program administered by individual states that has been around for five years now and has distributed over $30 billion to mostly medical practices while many dental practices have stood on the sideline.
It seems almost every day patients leave the practice to “think about” needed dentistry. Patients’ Path to Dental Care Purchases study surveyed patients who had made, or were planning to make, a dental care purchase that required an out-of-pocket investment. The study findings can provide insight into patients’ decision-making process and how dental teams can help patients accept needed dentistry without delay.
This article will discuss national trends such as average gross revenue and collections in private dental practices, focusing on the widening gap between the revenue due and the actual dollar amount that is collected by the practice for services and products.
Because each dental practice is unique in how and where they are located and plans can vary widely in fee schedules, it is difficult to understand when plans are negatively affecting your patients and your practice.