Bentson Clark reSource is now available. Each quarter, the reSource publishes articles focused on the business of operating an orthodontic practice. The newest edition includes six non-clinical articles. The lead article is the highly anticipated valuation review containing data that is often used by doctors to benchmark his/her individual practice. This edition also rounds out a 5-part series focused on marketing to Millennial mothers, a 2-part series concerning insurance benefits and a 3-part series regarding personalized marketing/branding.
Looking Back at the Practice Valuations of 2016
By: Chris Bentson & Doug Copple, CVA
As a tradition, the first quarter edition of the Bentson Clark reSource begins with the annual review of practice valuation metrics seen during the previous year. This year marks the eleventh consecutive year Bentson Clark & Copple, LLC has published this data set. The information presented within this article is compiled from several high-level statistics extracted from the orthodontic valuations completed by the company during the 2016 calendar year. The averages addressed in this article include net collections, practice income, overhead rate and practice value.
Management of Insurance Benefits – What’s to Like? – Part 2
By: Tina Byrne
In part two of Tina Byrne’s article, she discusses the remaining three “P’s” of an insurance system – preparation, process and punctuality (part 1 focused on plans/participation and practice policy). Tina offers insurance tidbits regarding practice management software utilization, insurance forms, patient education materials, verification of benefits, claim submission, benefit payments and the urgency of handling delinquent patient receivables. Identifying and addressing internal deficiencies will bring about positive change for the practice and patients while assisting the insurance coordinator in handling patient benefits.
Financial Mountain Climbing: What is the Goal?
By: Mart McClellan, D.D.S., M.S. & Tim Streid C.L.U.
Ascending and descending a mountain with a Sherpa is a perfect analogy when it comes to understanding financial success. When orthodontists focus on their own financial efficiency, they will reach their maximum financial potential and make it back to financial base camp successfully! Dr. McClellan and Mr. Streid provide insights in understanding efficiency as it pertains to financial decision-making. Efficient money decisions allow orthodontists to accelerate their wealth and not simply accumulate it. These advisors are the only firm in America who utilize a macroeconomic model for financial decision-making and have an orthodontist as an advisor.
Choosing an Orthodontic Site in a Competitive Environment
By: Scott McDonald
Orthodontists need to think more strategically than ever about what makes a good, bad or simply acceptable site for an orthodontic practice. There are many important variables that factor into selecting a location. Some of which include the following: median household income, educational attainment scores, type of housing, family culture, population growth and competition rates. After examining hundreds of orthodontic offices throughout the United States, Scott McDonald discusses evaluating the metrics of acceptable locations. All of these issues can be operationalized through psychographic data that will define in a rational way what makes one community more “ortho-friendly” than others.
Be You-nique, Not Just Unique: Establishing a Brand-Centric Culture
By: Adam Mead
While being unique sounds great and easy enough to do, it’s actually quite difficult in practice. It really takes guts to give yourself permission to be unique. Adam Mead, founder and owner of brand strategy agency yogg & brand design agency KARV, speaks about branding, the importance of making it unique and how it represents you and your practice’s culture. When used correctly, branding is a “relationship development tool rather than simply a marketing tool.” His experience with orthodontists and many other industries offers eye-opening ideas for doctors to consider.
Reaching Millennial (and All) Moms in 2017 and Beyond
By: Maria T. Bailey
Did you know that less than 15% of Millennials and only 19% of GenX mothers want to actually speak on the phone to a customer service agent (i.e., scheduling rep or office manager)? To maximize mom engagement efforts and get the most out of an $11 billion annual market, Maria Bailey offers tips to consider when marketing to a Millennial Mom. Using significant research and data, this article dives into upgrading customer service options, social media mantra, social listings and audits.