Maximize Ortho Profitability With Invisalign
Orthodontists should be approaching the most profitable portion of their careers. I know we are planning on it. Although private equity is closing in, Smile Direct Club Smile Shops are opening rapidly (did you see the ad during the Oscars?!), and Invisalign has taken the next step toward self-referrals with their “patient concierge” service, many smart orthodontists are on the verge of the most profitable years of their practice.
In many of our markets, we are yet to experience considerable price pressure even though we are gaining significant efficiency. With aligner treatments now, we can treat a patient in only a few visits. With near certainty, we know how much the case will cost and our exact ROI. Additionally, our patients are willing to pay a premium for the efficiency!
This is the perfect example of what the author of Blue Ocean Strategy calls value innovation.
In the next year or two, we will be able to continue to charge a premium price for lower cost clear aligner treatments because of the lifestyle convenience while simultaneously increasing the perceived and real value of the treatment. Win-win-win.
Higher margin aligner treatments allow you to both “cash-in” on an immediately higher ROI and position you to compete more fiercely as corporate price pressure mounts. If you aren’t doing a higher percentage of predictable, cost-efficient treatments over the next few years, you will be sunk. How else are you going to stay afloat when you have to charge $3499 for treatments?
By positioning your practice to compete on a $3499 price, you will reap HUGE rewards today and will create a sustainable, durable model you can use to compete over the next ten years. Carpe Diem.