Like everything else, dental practices aren’t what they used to be. Today, dental patients are no longer limiting themselves to the few local practitioners that accept their insurance.
Nowadays, patients are willing to pay a premium price for state-of-the-art technology and innovative treatments. Not everyone is looking for the cheapest dentist or a discount price. Americans who have the money want talented dentists who can provide a higher quality of services than their peers.
This means that the value of a dental practice is based primarily on the skills of the dentist operating it. Of course, dentists practicing closest to affluent and financially solvent patients fare the best. There are some areas where urban blight, poverty, and high unemployment rates can limit the potential for premium services.
How to Position Your Practice for Success
If you are an up and coming dentist who is looking for a new location, there are numerous factors to consider. Tech-savvy dentists don’t have to purchase a turnkey operation or golden property.
A turnkey operation maintains a steady flow of fully insured patients who accept a standard quality of work. While turnkey practices may be the solution for a traditional family dentist who wants to relocate, there are alternatives.
New dental practices are distinguishing themselves from competitors by investing in technology. They invest in innovative methods and tools to provide their patients with top-of-the-line treatments:
- 3D digital imaging equipment
- CNC machines to manufacture ceramic inlays and crowns in-house
- High-definition digital displays
- Computerized digital mapping probes
- High-definition photography
- CAM-CAD dental restorations
In addition to technology, these new dental practices are offering a comfortable spa-like experience. Patients are more concerned about the overall ambiance and vibe of a business than ever before. Helping patients to relax and feel comfortable is more important than maintaining a cold and impersonal business tone.
This means that modern-day dentists seeking to purchase a running practice have numerous options. They can transform just about any property into a regional hotspot that attracts affluent customers. By offering in-house financing, they can also reach a broader class of workers who can’t otherwise afford premium dental care.
Situating your practice close to big cities that attract young talent is the secret. Setting up your practice outside of New York City, Denver, Portland, Austin, Seattle, or any other area that has large pockets of affluent consumers is a smart strategy.
The reason is that many U.S. dentists have no incentive to upgrade their equipment because insurers won’t pay for premium treatments. And this makes it easy for foreign dentists who offer digital CAM-CAD dental restorations to attract business. If you follow their business model, you can turn almost any established practice into a major success story.