The dental practice marketplace is a competitive industry in Canada. According to the Canadian Dental Association, in 2013 the number of dentists in Canada stood at over 21,000. With the increasing amount of dental graduates who have emerged from universities over the past number of years, this figure has likely grown in number since then.
As more dentists are graduating from universities, it creates an increasing amount of competition for dental practices to attain new patients. A study carried out by the Canadian Dental Association discovered that there are now 1,622 patients per dentist, as opposed to 1,742 in 2005. This indicates that it is increasingly difficult for dentists to attract new patients to their practice. Dentists need to be more imaginative and more intuitive to attract new business.
The cost of establishing a new practice has soared due to this level of competition. At one time, it was a norm that a dentist would have the ability to establish their own practice once they had completed their necessary training. However, the reality is much different today. The cost of establishing a new dental practice could cost a dentist anywhere in the region of $1 million, especially if they hope to set up their business in a dense urban area such as Toronto. This is before a dentist will see their first patient sitting in a chair.
The cost of establishing a new practice is not the only debt for those aspiring for a career in the oral health industry. An average graduate can expect to emerge from university with $250,000 worth of debt. This amounts to dentistry as being one of the most expensive courses for students, and they emerge into a market that is already heavily saturated. The number of dentists in Canada today means that they will have to work smarter to increase their chance of success.
It is no wonder, therefore, that many practices are looking to new dental marketing methods to gain a foothold in their local area. Dentists now have to be experts in online digital marketing or avail of the services of a dental marketing company, to promote their business online. There is little doubt that without effective online marketing, there is little chance of a new practice uncovering new clients.
Traditional marketing methods are now secondary to the forces of search engines and social media. Not only do dentist have to become proficient in their medical field, they also must know be experts in dental marketing. This places a large burden on dental practices, especially those who are just emerging on to the scene within their communities. The best means they have of appearing on the first page of Google search results within their target areas is to produce consistent content about their company, a challenge for any professional industry, but especially one such as dentistry.
Many dental practices are now taking up offers from dental acquisition firms. These groups take a share in the dental practice, managing aspects of the business such as attaining new clients and online marketing, which many dentists can find burdensome. There are several companies operating in Canada presently, but perhaps the most well-known group is 123Dentist. As an organization, they have extensive experience in working with dental practices to increase the number of new patients every year. As every business knows, without an increase in new patients and referrals, it is impossible for a business to grow and evolve.
Growing any business involves a certain degree of stress, such as finding resources, marketing and hoping that enough patients will walk through your door to ensure that your business is successful. Dentists only know too well the impact such pressure can have. Numerous studies have highlighted the mental and social conditions which dentists endure. Coronary disease levels and high blood pressure are over 25% more prevalent among dentists, compared with the general public. Dentists also are twice more likely to develop a psycho-neurotic disorder.
123Dentist offers its partner clinics a wide array of non-clinical support functions such as accounting, payroll, human resources, marketing and supply & equipment purchasing. It offers a unique model that is tailored to the specific needs and desires of each partner dentist, allowing them to have autonomy in their patient care philosophy while retaining an economic interest in their practices going forward.
Building a Business
The most important aspect of a dentists profession is to care for the patient in their surgery. However, dentists must often juxtapose this with the tasks of running a corporate entity. It is little wonder that many dentists are seeking out new methods for generating new customers, whether that is by working with a third party dental marketing company or seeking out opportunities with a dental corporation.