Posted on April 19, 2017
As competition in the orthodontic sector has become fierce, independent practices are feeling the squeeze. Pressure comes from saturated local markets which now include dentists venturing into orthodontic services; it also comes from corporate dental practices and national providers. Today, independent orthodontic practices struggle with resources to effectively compete on their own, which is why OrthoSynetics’ new Elevate program is so timely. With Elevate, independent practices will now have access to insights afforded by big data.
“Our Elevate package of services combines practice trends with big data to offer a clear picture of area demographics and behavioral trends within a local patient base,” explains Angela Weber, CMO of OrthoSynetics. “We’re now offering clients the same type of data and strategic thinking that Fortune 500 companies use for expansion plans and go-to-market strategy.”
Thanks to proprietary consumer research surveys and specialized analysis provided by an expert research firm, OrthoSynetics has developed revealing information on current orthodontic customers, potential customers, and consumer preferences regarding orthodontic treatment. This invaluable research and insight is something private practices couldn’t commission on their own.
OrthoSynetics uses its data to help orthodontic practice owners identify underserved markets in their areas, decide where to locate new offices, hone specific marketing messages, and determine which marketing channels yield the highest ROI. These and other insights lay the foundation for strategic plans that will guide growth strategies for OrthoSynetics’ clients.
Elevate’s data-centric approach also encompasses monthly financial and practice trend analysis. The approach of annually checking key practice metrics is dangerous in the current competitive environment which requires continuous monitoring and optimization.
“If production goals are not set and closely monitored, the practice owner will not only have a hard time holding on to their customer base, but they will also have a hard time reacting to any eroding practice fundamentals in a timely manner,” says OrthoSynetics Director of Practice Financial Management, Houssem Aouididi.
Elevate establishes both quantitative goals, such as revenue and production levels, and strategic approaches, such as the best allocation of resources, personnel and potential growth opportunities. An in-depth annual roadmap lays out goals and strategies for the year, and quarterly reviews allow for fresh analysis and well-timed opportunities for adjustments.
The Elevate program consists of five key services: marketing, consulting, patient collections and insurance, procurement and financial analysis. From driving starts and increasing conversions to boosting the bottom line, the Elevate program will take orthodontic practices to the next level of success.