What is the All Star Dental Academy business growth formula for doubling a dental practice?
Answered at 11:52 in Leveraging Incremental Improvement for Major Gains with Alex Nottingham · Tooth and Coin Podcast
What is the All Star Dental Academy business growth formula for doubling a dental practice?
According to the business growth formula, there are four ways to make money: marketing to make the phone ring, converting the phone call, ensuring the patient shows up, and getting them to refer. If you improve each of these areas by 5% incrementally, you will grow your business 40%. If you can improve each area by 12%, you will double your business. This concept is based on Kaizen, the Japanese principle of growth through incremental improvement.
Full answer and detailsRead the whole answer, key facts and every other question from this episode
In short
According to the business growth formula, there are four ways to make money: marketing to make the phone ring, converting the phone call, ensuring the patient shows up, and getting them to refer.
Alex Nottingham, CEO and Founder at All Star Dental Academy · Leveraging Incremental Improvement for Major Gains with Alex Nottingham · Tooth and Coin Podcast · answer at 11:52
Key takeaways
- According to the business growth formula, there are four ways to make money: marketing to make the phone ring, converting the phone call, ensuring the patient shows up, and getting them to refer.
Quote to remember
“I'm a change maker. I want to make a difference. I want to lift dentists that are like my dad, others beyond just the status quo.”
— Alex Nottingham
The full answer · about 4 min
According to the business growth formula, there are four ways to make money: marketing to make the phone ring, converting the phone call, ensuring the patient shows up, and getting them to refer. If you improve each of these areas by 5% incrementally, you will grow your business 40%. If you can improve each area by 12%, you will double your business. This concept is based on Kaizen, the Japanese principle of growth through incremental improvement.
Key facts
- $642 — average new patient value for first year according to ADA
- 135 new patient opportunities per month — average dental office
- One third (33%) — conversion rate of phone calls to booked appointments
- 87 booked appointments — from 135 new patient calls (66% missed)
- $55,000 monthly revenue — from missed phone call conversions