Can I Run My Practice Like Other Small Business in Other Industries?
Dental practices are small businesses that are focused on optimizing oral health for their patients. However, there are many “best practices” that dental practice owners can adopt from other businesses in different industries to enhance their patients’ experiences and improve their profitability. In this video, Timothy Brown, CEO of ROICorp, shares some of the lessons he has learned over his decades of experience.
- Customer experience is a key indicator of success – customer comes first
- Follow-up and attention to detail by the team is paramount to success and builds loyalty
- Don’t be shy to ask patients to refer friends and family
- Business valuations are consistent across all industries, in general, and utilize EBIT multiples
- Know and understand your statistics – analyze the business – don’t just work in it
- Manage your overhead effectively
- Look at the business with an outsider’s business – make a list of what needs to be improved – this will improve the overall profitability and value of the practice
Full Interview (9.22″)