Set an annual production goal. Based on our extensive consulting experience, Levin Group recommends an annual growth target of 18%. Unless you reach this level… by attracting more patients, increasing case acceptance rates and collecting 99% of what you’re owed… you risk getting trapped on a growth plateau.
Advice for the Practice Leader – Let your team help drive practice growth. Two of the most effective team-building techniques will also help build your business. One is delegation… which empowers your staff while freeing you to do more production. The other is brainstorming sessions in staff meetings… which can yield great ideas for increasing practice efficiency, marketability and revenue.
Advice for the Dentist – Develop a comprehensive budget. As the practice leader, you need to track your overhead and production numbers. Remember, you are the CEO of your practice, so it is up to you to know how your practice is progressing toward its profitability goals. To create a viable budget, analyze past performance and evaluate how it relates to your practice’s potential.
Management Monday: Check out Dr. Levin’s whitepaper, “The Missing Systems™ — Reach Your True Production Potential And Achieve Continuous Growth,” by clicking here. Save 25% with code TOD25.
Showcase your practice’s technology. When you purchase new technology to improve patient care, make a point of letting patients know about it. This will reassure them about your commitment to achieving the best possible oral health outcomes and also strengthen the practice-patient relationship.
It’s how you say it that counts. With a few simple changes, anyone can improve communication. Start by paying attention to the words you use and how you say them—they have tremendous impact on patients. When the practice team communicates enthusiastically, they build patient trust, which leads to more word-of-mouth referrals.
Performance Target: Reduce overhead to 59% or less. Every dollar saved on unnecessary expenses is a dollar gained in profit for the practice, so review spending carefully to identify “fat” that can be trimmed. The savings may seem small individually, but they’ll add up to significant additions to the practice’s bottom line.
Work faster… without rushing. For a dentist, effective time management means achieving optimal speed when treating patients. The result will be better performance and higher production. To determine optimal speed, conduct procedural time studies and use the result when scheduling appointments.
Make treatment rooms uniform. Time studies have shown that dental practices that set up their treatment rooms to be similar are able to work 10–12% faster. As your growth strategies bring in more new patients and increase case acceptance, the time you save with uniform treatment rooms will yield higher production.
Management Monday: Check out Dr. Levin’s whitepaper, “The 3-Step Method For Accelerated Production Growth,” by clicking here. Save 25% with code TOD25.
Advice for the Marketing Coordinator – Make marketing a constant for your practice. Haphazard marketing invariably generates inconsistent results, which lead to lower production and decreased profitability. To ensure the best marketing results, implement a range of ongoing marketing strategies and make sure you have something happening all the time, throughout the year.
Advice for the Practice Leader – Rely on experts. You’re the decision maker, but that doesn’t mean you have to go it alone. When a critical issue comes up, consult with the appropriate expert… financial advisor, lawyer, accountant, management consultant, insurance specialist, etc. Their expertise will help you make the best possible decision.