5 Ways To Increase The Value Of Your Dental Practice

Even if you have no intention of selling your dental practice any time soon, it never hurts to get a valuation and understand how much it’s worth. And once you know how much your practice is worth, you can take steps to increase its value, grow your business, and make it even more appealing to a buyer in the future. 

Wondering how you can increase your practice’s dental value? In this blog from Tooth & Coin, we’ll go over a few simple steps you can take to give the valuation of your dental practice a big boost. Let’s get into it!

1. Refresh Your Website And Keep It Updated

If your website is starting to show its age, it may be time to invest in a redesign. A new website is a big investment, but it’s worth every penny. While things like referrals and traditional ads still work, the majority of patients today find dentists through websites, digital ads, and search engines.

So if your website is hard to use, loads slowly, isn’t mobile-friendly, or isn’t updated with current information, this can actually drive away customers. On the other hand, a polished, intuitive website with features like online bill payments, digital scheduling, and paperless forms can make your practice much more appealing, particularly to today’s “digital native” patients.

2. Expand Your Online Presence Beyond Your Website

It’s also a good idea to maintain some kind of social media presence on Instagram, Facebook, or even Twitter. Patients often find social channels when they search your brand, so staying active helps build a more positive perception of your practice. You should also keep an eye on reviews of your business on Facebook, Google My Business, Yelp, and other review websites. Reading and responding to reviews (whether positive or negative) can also help build a better online presence.

3. Build Your Connections To The Local Community

For most dentists, the most valuable part of their practice is not their office building, dental equipment, or any other physical asset. Instead, it’s “practice goodwill.” Basically, this is the value of the patients that come to your practice regularly for dental care.

Because of this, it’s important to build a strong connection to your local community. Beyond providing excellent dental care that keeps patients coming back, there are lots of other ways to build your bonds in the local community, too. For example, you could sponsor local festivals and sporting events, get active in community organizations, and volunteer with local charities.

4. Invest In Dental Tech And Modernize Your Office Decor, Too

For obvious reasons, investing in new technology will increase the value of your office. It can also expand your service capabilities. For example, a CEREC machine allows you to offer crowns in a day, which means you can provide faster, more convenient treatment for your patients.

You may also want to take the time to modernize and redecorate your office, too. First impressions matter. And whether it’s a new patient who’s coming to your office for the first time, or a dentist who is interested in buying your office, having a clean, sleek, streamlined space is very valuable.

5. Develop A Strong, Loyal, And Competent Team 

Finally, it’s also very important to invest in your front office team, dental team, and dental partners, if applicable. A dental office with talented, skilled, and loyal team members will run smoothly, provide excellent patient care, and be much more valuable compared to other practices that may not be run as well.

This is easier said than done, of course, but taking the time to build your leadership skills, find the right people for your practice, and investing in your colleagues and employees can be very valuable in the long run.

Take Control Of Your Practice’s Performance And Value With Tooth & Coin

At Tooth & Coin, working with dentists is our specialty and our passion. If you’d like more insights into the profitability, value, and overall performance of your practice, our accounting team is here to help. Led by Jonathan VanHorn, we serve dentists throughout the nation with expert dental accounting, profit advisory, and tax services. Schedule a consultation with Jonathan VanHorn today, or give us a call at (877) 265-2121 to set up your appointment.