Virtual Reality (VR) experiences are becoming more and more available. A simple definition of VR is that it is a computer-generated scenario that simulates a realistic experience. As we see more and more of this it got us thinking about how we can use the insight of virtual reality in our businesses.
As business people we must take care of our top line revenue. In simple terms increasing revenue means our fixed costs become proportionally lower, and our profitability should improve.
Conversely, if top line revenue falls then your fixed costs become a proportionally bigger part of your cost base and profitability will likely decline.
Dentists top line revenue is primarily driven by bringing on board more patients, providing more services to your existing patients and ensuring your patients return with appropriate regularity. As we remind vendors, profitability is a significant factor in determining the sale price of a dental practice.
Back to VR. VR experiences can transport you to another place and time as well as give you the experience of being someone completely different. A train driver, a diver, an airline pilot a prince or princess. The insight of virtual reality can do all these things.
Imagine if VR could put you in the place of your client / patient?
The more we know about the people who pay us, the more helpful we can be. We believe you can apply the principals of virtual reality to business.
Imagine you are your model patient. Retailers do this all the time to help them adjust their offer.
What might you be looking for from a dentist?
- Named patient referrals on your website, or social media platforms.
- Up to date website which reassures me that all the staff are fully trained.
- Early morning and evening appointments for working people.
- Good provision for emergency appointments?
- A dentist who is accessible even before you decide to attend for treatment.
- A dentist who can treat all your family.
- A well-maintained environment. Clean, tidy and organised.
You can probably put together a more detailed list of considerations than this, but I am sure you get the picture.
This exercise will help you discover some gaps in how your patients may view your business, so you can work towards closing them.
If you would like to speak to one of our team about buying or selling a dental practice please tap on this link