Why Dental Teams and DSOs Should Prioritize Same-Store Growth
In this competitive climate, it’s about making the most out of what you have.
Same-store growth may seem like a buzzword these days, but dental leaders are making it a priority, and for good reason. Below we talk through how you can embrace the model to improve business outcomes.
What is same-store growth?
For dental teams, same-store growth is the primary focus on maximizing efficiencies and cash flow across existing practice locations compared to the previous year, rather than working to drive growth through new practice acquisitions.
How to understand your same-store growth rate?
You’ll first want to select a time period. Then identify comparable stores. These are locations that have been operational within that time frame. Consider avoiding comparing locations that have undergone significant changes. Then calculate total sales (revenue) for each store using the formula below.
The results are calculated as a percentage to indicate the positive or negative impact of practice results on revenue.
Why should same-store growth be prioritized?
Prioritizing same-store growth is paramount for several reasons. While the possibility of expanding into new locations may seem like an effective way to fast-track growth, a disproportionate reliance on this strategy could deter future investors, raising concerns about your practice's ability to retain a loyal patient base and operate efficiently.
Additionally, dental teams are now facing economic pressure that’s slowing acquisition-led expansion, indicating the need to establish a healthier approach to future revenue generation.
Where to find existing avenues for growth?
Simplify scheduling to keep chairs full
Streamlining your appointment booking process can significantly enhance patient satisfaction and practice efficiency. Modern scheduling software eliminates bottlenecks and allows patients to schedule appointments based on their availability, while automating form submissions, appointment confirmations, and keeping waiting lists to help fill last-minute cancellations.
Identify patients with unscheduled treatment
Practices lose thousands of dollars each year to unscheduled treatment. Implementing targeted communication strategies, such as personalized reminders and follow-ups, can encourage these patients to book their appointments. It also helps to hold your team accountable by defining clear goals for this process.
Improve the speed of collections
Consider integrating electronic payment options, such as online payment portals or mobile payment apps, to offer patients a convenient way to settle any balances and improve revenue cycle management. Automating communication regarding payment reminders helps to ensure that outstanding balances are addressed immediately.
Make dental care more accessible
Most dental practices have hundreds, if not thousands of uninsured and inactive patients who avoid care and treatment due to lack of access to dental coverage. Working to bridge the coverage gap through implementing a subscription-based membership plan is a huge opportunity for dental teams. It not only ensures patients can access essential care, but fosters a level of loyalty that moves patients closer to your business, leaves decisions about care and treatment up to you, and generates scalable, recurring revenue independent of insurance.
Get your roadmap to mastering same-store growth
Our latest ebook, "Mastering Same-Store Growth," uncovers actionable insights to elevate your same-store growth strategy, avoid costly pitfalls, and propel your practice forward.
About the author
Lynnea is a Demand Generation Analyst at Kleer and Membersy, specializing in the B2B SaaS industry. With a prior background in content marketing, Lynnea works to create strategic content for dental teams designed to improve business outcomes.
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