With 2024 right around the corner, now is the time to explore options to enhance your retainer replacement program and add tens of thousands to your bottom line for next year.
STAY FOCUSED IN 2024
The orthodontic industry, like many others, is not immune to the effects of economic slowdowns. As practitioners face challenges during these periods, it becomes crucial to make informed decisions to safeguard their practices and continue providing quality care.
We've compiled both the top revenue drivers and the top lessons learned of what NOT to do to drive more success in the coming year.
TOP REVENUE DRIVERS OF 2024
1 : Manage Staffing Turnover Practices that neglect staff training and motivation may experience decreased productivity and patient satisfaction, ultimately impacting the bottom line. Investing in ongoing training programs, recognizing staff contributions, and fostering a positive work environment are critical to maintaining high-quality service, growth and patient satisfaction.
2 : Implement a Smile Care Plan™
On average, a Retainer Club Smile Care Plan can increase your practice revenue by $100,000 annually. A Smile Care Plan is a customized membership plan you can offer your patients. It includes 2 additional sets of retainers and gives your patients 24/7 access to their online portal for online retainer ordering and free home delivery. Your Smile Care Plan can be set up and running in less than 3 days.
3 : Increase Pricing
Many offices are feeling consumer pressure to hold their pricing or even reduce it. How can a practice grow in this environment? By offering a retainer replacement plan like the Smile Care Plan™ from Retainer Club, you can realize higher income while still keeping your treatment fee the same. Additionally, focus on enhancing and improving the overall patient experience.
WHAT NOT TO DO:
1 : Neglecting Marketing Efforts During the 2008 financial crisis, many practices significantly cut marketing budgets, resulting in reduced visibility and patient acquisition that took years to recover from. Orthodontists must resist the temptation to slash marketing expenditures. Instead, consider proven and cost-effective strategies such as social media campaigns and referral programs to maintain a strong online presence and attract potential patients.
2 : Ignoring Technology Investments Practices that resisted adopting digital systems during previous economic downturns found themselves struggling to keep up with competitors who embraced technological advancements. Take advantage of slower times by implementing efficient tools and training staff to enhance patient experience and streamline operations.
3 : Overlooking Patient Financing Options Many orthodontists experienced a decline in patient volume during economic downturns due to financial constraints. Failing to offer flexible payment plans could result in potential patients seeking more affordable alternatives. Implementing patient-friendly financing options can help attract and retain clients, making orthodontic treatment accessible even during challenging economic times.
JOIN THE RETAINER REVOLUTION
Our co-founder and President Blair Feldman has been a practicing orthodontist for over 20 years. We have built our program with first-hand industry insights to support the needs of practices and DSOs from the ground up. From on-boarding and client success planning to tech-enabled marketing solutions to support new patient growth, Retainer Club has you covered.