Grow Your Dental Practice with a Joint Venture
Strategic joint ventures can be a very effective way to grow your dental practice. A joint venture is a business agreement between two different entities to work together to achieve specific goals. Joint ventures don’t have to be permanent, and the participants remain independent. Joint ventures, also called JVs, are flexible and can be a creative way to give your dental practice a measurable boost while helping another health care provider or business in your area to do the same.
Ideas for JV partners
Here are some examples of good partnerships: A pediatric dentist can partner with a pediatrician. A prosthodontist who specializes in elderly patients can partner with a geriatric specialist. An orthodontist can partner with a local dance club or gymnastics center that is filled with pre-teens and teens. If you and your team put your minds to it, you can come up with one or more options that may prove to be successful for your dental practice.
What might a partnership look like? You could give a free educational talk to your partner’s patients, students, parents or customers. You could co-sponsor a community event, or co-host a group event to which you’d invite your respective patients or customers. You’ll find that the possibilities are many.
Your partner would experience all the same benefits you do by offering additional services to their patients or clients while expanding their reach to a broader potential audience.
Finding good partners
As with any good partnership, be sure to look for win–wins. Don’t just look for ways to benefit your practice, but consider how working with you will be an asset to your JV counterpart. You’ll need to think this through before presenting your idea to a prospective JV partner. The partner has to understand what his or her practice or business will gain in order to give the idea a try and work to keep it going.
A tip on picking a great JV partner: Ask for help in identifying which partners are great to work with and have excellent reputations in your community. Ideally, a senior representative from the practice or business should be a patient of yours. Be sure to pick a partner who understands how to build a reciprocal relationship and isn’t simply looking to benefit him- or herself. There are good partners to be found in every industry, but you have to be cautious and strategic in seeking a perfect fit to help you build your dental practice.
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