3 Keys to Dental Practice Growth
With both Start-Ups and Practice Purchases, practice location will have an enormous impact on your ability to grow a practice. Well located practices produce 2x- 4x times what an average practice produces which can increase your net income by $1- 2 Million in 10 years.
Analytics including population to practitioner ratios should be based on radii and drive times, not zip codes. The value of an existing practice is based on future income stream estimates. So for an existing practice, review a seller’s patient mapping to determine what target marketing opportunities may exist.
Determine drive times and distances of patients to a practice location. The Growth Potential Score (GPS) for any address can and should be determined before you start or purchase a practice. Surround yourself with good advisors.
Source: Bob Brooks, Practice Realty www.practiceendeavors.com