Welcome to the latest installment of our Orthodontic Practice Growth Series! If you’ve been following along, you know that we’ve already covered the efficacy of training your scheduling coordinator to respond to leads promptly and effectively (in Book 1: Front Desk Secrets), as well as how to build a stellar treatment coordinator who ensures those consultations turn into starts (in Book 2: The Ultimate Treatment Coordinator). With those crucial elements in place, it’s time to focus on making headway on your production goals.
What Growth Looks Like Numerically
When it comes to sizing a practice, there is no standard industry definition; however, most people make a rough estimation that runs something like this: small practices do up to three million in production; medium-sized practices do between three and eight million in production; and larger practices may do more than eight million in production. The question then becomes not just how big you want your practice to grow but also what size suits you best (which may or may not correlate with the size of the practice). For example, an orthodontist who works alone may find running a medium-sized practice with an associate more manageable than running an eight-million-dollar practice as a sole owner. On the other hand, if you’re confident in your abilities and thrive under pressure than going for success at any scale could be possible for you.
The Boutique Practice
Embarking on the journey to build a successful orthodontic practice can be both exhilarating and daunting for new graduates. The stakes are high, with mounting debt and an increasingly competitive field. Often, orthodontists begin with a modest boutique practice that is infused with their unique personality and approach to patient care. Whilst these practices can typically generate around 1.2 million in production, with the current landscape, it can be a struggle to sustain growth and profitability.
Boutique Practice to Business
The transition from a boutique orthodontic practice to a fast-growing orthodontic business requires a shift in mindset and an openness to change. Recognizing the areas where you may not have all the answers and embracing the support of others are crucial steps in this process. As you embark on this journey, remember to stay focused on the core values that brought you into this field—providing excellent patient care and helping individuals achieve their ideal smiles. By addressing both the clinical and business aspects of running an orthodontic practice, you’ll set yourself up for sustainable growth, and ultimately, long-term success.
While following the concepts in the first two books of the Orthodontic Practice Growth Series will put you on the path to success, determining how much you want to grow and setting the right business strategy is crucial to achieving your goals. Assessing your current situation, setting growth objectives, analyzing competitors, catering to patient demands, and remaining aware of market forces are key steps toward sustainable, successful growth. No matter the size of your ambitions or the unique attributes of your practice, having a clear and adaptable plan will help steer your orthodontic practice toward the growth you envision.
For full access to the book, you can email Anastasia@hipcreativeinc.com to receive a printed copy or access the audiobook here. Otherwise, stay tuned for each chapter to be released via the podcast every week!