How to Maximize Your Marketing ROI

By Sarah Woods, Core Dental Solutions

Recently, I was on a dental forum and a dentist posted that he was looking for some help with his marketing. In the thread, a disgruntled dentist stated, “Marketing consultants are the worst, they will promise the moon, but leave you with crap.” I was taken aback by his comment, and was even a little insulted. However, I wasn’t surprised by his point of view — measuring marketing return on investment (ROI) properly hasn’t been clearly defined to many dentists. I’ve been in practices where their only marketing ROI measurements were monthly production or the number of new patients that come into a practice every month. These are the absolute worst ways to measure whether a dentist’s marketing efforts are working. Many factors outside of marketing affect this data. For instance: Was the prospect’s call answered? Did the team member use proper sales techniques to solidify that the patient would be seen in the office? Was the prospect scheduled within 24 to 48 hours?

Understanding the key performance indicators (KPIs) and the life cycle of marketing are both vital to accurately determine how effectively your practice is achieving its marketing goals.

Data from KPIs should be collected monthly and include:

  • Sales revenue: again, many factors outside of marketing can affect this data
  • Cost-per-lead: cost of marketing campaign and the production from each lead of the campaign
  • Traffic-to-lead ratio: how much traffic is going to your website, social media and other marketing tactics, and how many calls from each
  • Lead-to-customer ratio: how many calls turned into patients
  • Number of calls (leads): the number of calls generated from marketing efforts
  • Patient retention percentage: patients deactivated of total active patients
  • Patient reactivation: how many patients were reactivated
  • New patient source: this is VERY important and must be tracked accurately!

Understanding how to accurately measure whether your marketing is working will help when creating and adhering to your overall marketing strategy. These numbers will determine which marketing tactics are working and which are just a waste of money!

 

Sarah Woods is a marketing consultant and president of Core Dental Solutions, a full-service dental marketing agency that provides digital, traditional and inbound marketing to dental practice owners meeting them where they are in their life cycle. They approach dental practice marketing with a “holistic” mindset. Rather than incorporating “set-and-forget” marketing tactics to generate revenue and address shortfalls, they turn a dental practice into a well-oiled machine. Sarah can be reached at Sarah@CoreDentalSolutions.com.

 

Timing Your Next Real Estate Transaction

By Ken Jorgenson, Carr Healthcare Realty

Every commercial real estate transaction has an ideal time frame to begin the process. Most dental professionals understand that starting a new office or relocating an office doesn’t happen overnight, but many are not aware of the ideal time frames for each type of transaction. Different types of problems arise when starting a transaction too early or too late, and both need to be avoided.

Too Early

If you start the process too early, it creates a scenario where you spend your valuable time looking at properties and evaluating options, working with lenders and other members of your team, only to find out the landlords or sellers won’t negotiate with you yet. Many landlords and sellers won’t take their spaces off the market for extended periods of time while waiting for the tenant or buyer to be ready to transact because there is too much time before the transaction will take place.

Or, if they do negotiate, they won’t be willing to offer you even close to their best terms since they are going to lose income on holding a space vacant for an extended period. On the other hand, if they will put forth reasonable terms, it is predicated upon you moving forward immediately, which can leave you stuck paying for a space you can’t occupy for a period of time or paying unnecessary rent on your former space if you leave early.

Too Late

When starting a transaction too late, an entirely new set of problems arise. To start, most people underestimate how long a commercial lease or purchase transaction takes. They imagine it is similar to buying a home or leasing an apartment, which unfortunately is not the same as a commercial transaction timeline.

Simply identifying the top options and then negotiating a mutually agreeable deal can take several months. The legal process of reviewing contracts and finalizing details with lenders, architects, contractors, and equipment and technology providers comes next; this portion also can take months.

This is followed by the build-out process if renovations are required. While you can build-out a new space in six to 10 weeks depending on the size and scope of the project, you first have to design the space, then get construction documents and engineered plans created, then submit for and receive permits to start the build-out. After construction, you need to leave time for installing furniture, fixtures, equipment and technology, final permitting and approvals, while also leaving room for uncontrollable delays and change orders.

If you are relocating from a previous office and you don’t vacate your former space prior to the lease expiring, you’ll likely pay between 125 to 200 percent of your last month’s rent based on a provision found in most leases called a “holdover.” This allows the landlord to charge you a higher month-to-month lease rate as a penalty for not vacating or signing a new lease.

Just Right

If you only had two choices, starting too early is definitely better than starting too late, but it is by no means your top option. Fortunately, there is an ideal time frame to start each type of transaction and you don’t have to choose between the lesser of two mistakes. You can set yourself up for success by understanding the requirements of each type of transaction and how long each process takes.

Although there are many additional details needed to ensure each type of transaction is handled properly, let’s start with the correct timing for the primary types of transactions that health care professionals will engage in:

  • startup or new office: 10-12 months in advance
  • relocation: 10-12 months in advance
  • purchasing an existing building or condo: 10-12 months in advance
  • buying land to develop a new building: 18-24 months in advance
  • buying a practice and getting a new lease or purchasing the building: 60-90 days in advance

Every type of transaction starts with a specific approach and detailed game plan that is aimed at maximizing the opportunity. Getting the best possible deal and terms is extremely important, but so is making sure you don’t waste valuable time that could have been spent in your practice. If you lose the equivalent of 20-30 hours of your time — which is what an average commercial real estate transaction requires to be handled properly — how much money would that cost you in lost production?

Equally as important as saving time and money is avoiding costly mistakes that people make all too often when they don’t understand the nuances of health care real estate. The old adage, “If I knew then what I know now …” can easily be avoided by hiring licensed professionals who specialize in real estate for health care practices. The reason patients come to see you is because you are trained in a specific skillset that offers skill and expertise that they require and that few people have. The same is true for real estate professionals who can help you identify your top options, negotiate the most favorable terms, save you a substantial amount of time and avoid common pitfalls.

The first step to maximizing any commercial real estate transaction: Start the process at the right time.

 

Carr Healthcare Realty is the nation’s leading provider of commercial real estate services for health care tenants and buyers. Every year, hundreds of medical, dental, veterinary and other health care practices trust Carr Healthcare Realty to help them achieve the most favorable terms on their lease and purchase negotiations. By not representing landlords or sellers, Carr Healthcare Realty can strongly advocate for health care providers and avoid conflicts of interest while saving their clients hundreds of thousands of dollars. Carr Healthcare Realty’s team of experts can assist with all types of real estate transactions, including lease renewals, expansions, relocations, startup offices, purchases and practice transitions.

 

FDC2017 Was a Huge Success!

The 2017 Florida Dental Convention (FDC), “Get Connected: Team to Technology,” was held June 22-24 at the Gaylord Palms Resort and Convention Center in Orlando. More than 7,000 dental professionals, including more than 1,500 Florida Dental Association (FDA) members, came together for abundant learning, networking and buying opportunities.

This year featured more than 130 courses on topics such as botulinum toxin and dermal fillers, forensic dentistry, lasers, communicating with patients and much more! The Exhibit Hall thrived each day with attendees learning about the latest technologies and buying products from more than 300 leading dental vendors. Each day was concluded with a vibrant family-friendly social event. On Thursday, attendees had the opportunity to sing karaoke to their favorite songs with a live band. Dr. Reza Ardalan and his team were the hit of the party, singing the 90s classic, “Jump” by Kris Kross. On Friday, live music from Florida’s own Tobacco Rd Band stole the show with a country concert featuring high-energy, sing-along tunes. Then, on Saturday, FDA members honored their fellow colleagues at the FDA Annual Awards Luncheon surrounded by cohorts, family and friends. Click here to view photos from every FDC2017 moment.

Each year, FDC is a memorable event — and 2017 was no exception! Plan to join us for FDC2018, “Elevate your Game,” on June 21-23. These dates do not conflict with Father’s Day weekend! Click here or call 407.586.2000 reserve your hotel room at the Gaylord Palms today!

 

 

ADA Website Accessibility Compliance: How to Protect Your Practice

By Officite

The focus of “ADA compliant” websites has become a hot topic of discussion lately. You’ve likely heard of the issue by now, but perhaps you’re not entirely sure what it means for your practice. Is it really true that a few simple mistakes can land you in legal hot water? In this short guide, we’ll explain the basics of how the ADA pertains to websites so that you can take the appropriate steps to provide the best care to your patients, and to protect your practice from unnecessary litigation.

This is by no means a comprehensive guide, nor is it meant to provide legal advice. If you find yourself facing an ADA-related claim, you should consult an attorney. Nevertheless, by the time you’ve finished reading this, we hope to reduce some of the fear and misinformation swirling around the issue. First, let’s cover the basics.

What is the ADA?

The Americans with Disabilities Act (ADA, sometimes AwDA) is a federal law passed in 1990 that aims to protect the rights of disabled people to ensure they are not discriminated against due to their disability. This is the same law that requires real-world public locations (referred to by the ADA as “places of public accommodation”) to be accessible to disabled patrons by offering accommodations such as wheelchair ramps and handicapped parking. The law is well-intentioned, and largely effective at improving the lives of disabled people. Unfortunately, however, the law did not account for the growing dependence of the internet, and did not provide specific language to cover any differences or similarities between physical locations and a website.

What do the Recent ADA Lawsuits Claim?

Until recently, many of these lawsuits had been in relation to actual physical locations. But over the past year or so, some dentists have received letters from lawyers claiming that their websites do not comply with The Americans with Disabilities Act, and thus have not provided the necessary accommodations for their clients. These letters often threaten legal action unless the practice agrees to pay an amount of money to settle the dispute outside of court. In order to prevent a potentially long and costly legal battle, many of these dentists have agreed to the settlement.

What Does It Mean to Be “ADA Compliant”?

If you take only one thing away from this guide, it should be this: as of today, there is no legal definition for an “ADA compliant” website. The current ADA regulations, which are enforced by the Department of Justice (DOJ), do not specifically mention websites and their accessibility requirements. The DOJ has stated that official regulations for website accessibility will not be released until at least Spring 2018. Until that point, all we have to work with are suggested guidelines, not hard-and-fast requirements.

Although there is no specific language (as of the date of this publication) within The Americans with Disabilities Act regarding website requirements, there are arguments that can be made that the language of the law insinuates websites as a place of public accommodation. Because of this lack of specificity, different state courts have different views, which can range from:

  • Websites are not required to be accessible to people with disabilities.
  • Only websites that have a connection to an actual brick and mortar location must be accessible to people with disabilities.
  • All websites must be accessible to people with disabilities.

Immediate Steps to Take

If you are a current client of Officite, then your website meets the current suggested ADA accessibility guidelines. In addition, Officite will keep all of its clients’ websites updated to meet these guidelines without any action required by its clients.

If your website is not hosted by Officite, you should take a moment to familiarize yourself with the basics of website accessibility. The DOJ has suggested the WCAG 2.0’s ‘Level AA Success Criteria’ as the best accessibility standards to follow. Again, these are suggested guidelines; they are not currently laws. Nevertheless, this checklist is a good place to start. If you can check every box of the Level AA Success Criteria, you are in the best position to defend your website from any “non-compliant” complaints you may receive.

Next, it’s a good idea to run your current website through an automatic evaluation tool that will help to reveal some of the most common potential accessibility problems.

Further Complications

Even if you have checked your website against the suggested ADA website accessibility guidelines and run the automatic evaluation tool, if you or your office staff add or modify content on your website, regardless of whether it is written or visual, it is difficult to guarantee that these changes fall within the suggested ADA website accessibility guidelines. If you do make changes to your website, it is best to use a website hosting company that meets the suggested ADA website accessibility guidelines and have their customer service team make the changes for you.

Additional Information

For health care practices that do not currently host their websites with Officite, Officite provides a complimentary ADA accessibility review to help gauge where your website stands in relation to the currently suggested ADA accessibility guidelines. To get this free evaluation, please call 888-700-3971 between the hours of 8 a.m.–5 p.m. Central Time, M-F or visit www.OfficiteFreeADAReview.com to schedule an appointment.

As the leader in website hosting and web presence solutions for healthcare practices, it is Officite’s goal to help all health care practices prosper and remain equipped for success in the future. Please feel free to share this FAQ document in its entirety. You also may direct additional questions to Officite’s team of Web Presence Advisors who can be reached at 888-700-3971.

 

This article was originally posted on Officite’s blog on July 19, 2017.