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How To Build a Successful Dental Practice

How-to-Build-a-Successful-Dental-Practice

How To Find Gaps and Growth Opportunities in Real-Time

When running a dental practice, simpler is usually better. It’s true with systems and processes. It’s true with messaging. And it’s true with growth.

And these days, with so much going on, the simpler the better. We have more than ever on our plates. So, simple strategies to improve our practices are even more valuable.

There are few simpler growth strategies for your practice than to use a budget and profit sheet organized by procedure. If you don’t track revenue by procedure in one place, now’s a great time to start. Without it, you’re missing out on a lot of opportunities to learn what’s working best and what might be falling through the cracks, all in one place.

Once you have that set up, all you need to do is follow a few simple steps to identify gaps and growth opportunities for your practice.

Identify top performances.

 

 

Take a look at the past twelve months and identify your most productive months. Start with your best overall month. What procedures contributed to that? What procedures stuck out as low? You might be surprised at the answer to both of those questions. Many practice leaders are.

Did any procedures spike in on or two months? When you identify outlier performances for procedures, think back to those months and see if you can identify what was going on with those procedures that month.

When I did this in my practice, I noticed my best months had spikes in sealants, perio, and even dentures. That’s important because many practice leaders don’t think of dentures as a top contributor. We think high revenue will come from crown and bridge or clear aligners. But we did more than $10,000 in denture production during our best month.

Set goals and take action based on what you learn.

There’s a saying in business that people “vote with their wallets.” In other words, while it’s helpful to listen to what patients say, it’s even more helpful to watch what they do.

So, if you see production it tells you your patient pool is interested in those procedures. Take that information and use it to grow your practice and serve your patients better. 

First, set big goals for those procedures. Several years ago, I hired a coach who challenged me to set bigger goals. It started with me setting goals. I was so proud of my goals. She was happy with them, too. But then she told me to double them. I was thinking too small, she explained. If you think too small, you act too small.

So I’d encourage you to set goals for those procedures that start at your best performing months. Set out to make your best month over the past year your lowest month over the next year. When you think bigger, it forces you to take bigger actions.

Once your goals are in place, identify the actions you need to take to make them happen. Identify patients who need those procedures. Get them scheduled. Talk with them about those procedures. 

Turn on some marketing relating to those procedures. Do Facebook Lives about the procedures. Email existing patients about the procedures. 

Talk with your team members about your goals, so they can be on the lookout for patients who might need those procedures. 

Update your sheet weekly and review results at least monthly.

Once you set goals and devise a plan to achieve your goal, have a team member take five minutes per week to input real-time results. It takes just a few minutes for a member of the team to take the production by procedure code report and input the numbers for each service once a week. Update your numbers each week so you have the most up-to-date numbers and can adjust as needed.

At the end of each month, review the results from the past month and adjust goals for the following month as needed. As you hit your goals, you might need to set even bigger goals for the following months.

Are you looking for gaps and identifying opportunities?

If you don’t maintain a sheet of revenue by procedure, you’re missing a big opportunity to find gaps and discover hidden growth opportunities. These simple steps can help you turn that simple information to high growth for your practice in any environment.

If you don't want to go at it alone, we are helping hundreds of practices during this time in our Platinum Mastermind Gold Program, and are offering special value for you and your teams!

 

 

 

Here’s How to use Checklists to Receive Massive Results

Have you ever come back from an educational conference fired up and excited, but had the enthusiasm fade in just a matter of weeks?  Unfortunately, this is all too common. Perhaps it's because we feel that we will get resistance from our team.  Perhaps, it's that we feel that we don't have the time to implement. Perhaps we simply don't know how.

The only way to get massive results is to take action!  This means writing down what you want to do, and creating a deadline of when it must happen.

I would recommend keeping a notebook or a note file on your smartphone to keep track of all of the things that you would like to do to grow your business.  This list can include action items to implement new systems, to develop your brand, or to make your business more profitable.  

Every quarter, take one day to plan, and choose 5-12 goals in each area to focus on. Then break them down into monthly, weekly, and daily goals.  The next step is to decide who will be responsible for the implementation of the goals.  Most times, this will NOT be the business owner.  One of the major roles of the office manager in my business is to oversee this checklist, and to ensure that all action items are delegated to the appropriate team member. The office manager and team member collaborate, with my input if needed, to get the job done. Also, involving the team builds value as they become vested in making the business grow.

Some early action items that I implemented were to create manuals for all positions, create a minimum quantity list to manage inventory and supplies, and to create written scripts for how we would answer the telephone, patient emails, and Facebook questions.  

A few other great systems to put into your plan are to:

  1. Implement a Weekly Lunch and Learn
  2. Create Name Tags for theTeam
  3. Create a Photo Shoot for Professional Photos for Your Website and Marketing Campaigns
  4. Gather Patient Testimonials
  5. Update Your Website
  6. Create a Coffee Table Culture Book
  7. Create Strategic Alliances
  8. Decrease Supply and Lab Expenses
  9. Determine Fixed Expenses Per Hour
  10. Determine Cost of Supplies and External Expenses (such as lab), for each service that you provide
  11. Know your Break Even Point
  12. Create a Monthly Marketing Plan that is Budget Driven

I challenge you to take action.  For it's through action that you will receive Massive Results!

Here’s How Testing and Measuring and Using Metrics Will Skyrocket your Success

Many dentists believe that metrics are our accountant's job, or perhaps something that has to be done to fulfill statutory tax obligations.  While the service that we provide is a dental service, we are also running a business. In doing so, we need to ensure that the business is growing, so that we can continue to reinvest in technology and services to better serve our patients, develop our team, purchase new equipment if we choose, give back to the community, and take home an income to provide for our families.  

The reason why we test and measure is that things that get tested improve.  We are also able to make better decisions in terms of which marketing strategies are best, if we can afford a piece of new equipment, or even if the “PPO” strategy to grow our business makes sense.

Key metrics for dentists to track monthly are: 

  • payroll expenses
  • non-payroll expenses
  • dental lab fees 
  • supplies
  • rent
  • overhead and profitability percentage

Here are some key metric percentages:

  • staff salaries (25%-30%)
  • lab fees (6%-8%)
  • facility (5%-7%)
  • dental supplies (5%-8%)
  • marketing (5%-7%)
  • operating expenses (10%-12%)

 You can also track the following non-financial metrics:

  • number of new patients
  • number of calls received for each procedure vs the percentage scheduled
  • number of new patients per referral source- including percentage from existing patients and social media
  • number of procedures completed per service category
  • percentage of treatment plans converted

You can track by internal tracking sheets, excel sheets, quickbooks, and whiteboards.

Different metric sources give measurable information so that you can identify weak points.  Once you know your weak spots you know which areas to focus on and you will receive massive growth!