By Roger P. Levin, DDS
Chairman and CEO, Levin Group
It’s a new year, and for many of us, that means taking stock of what we’ve accomplished and deciding what we want to achieve in the year ahead.
As you set your goals for 2011, there’s one principle you need to remember—systems are the lifeblood of practice management and targets are the heartbeat.
Evaluate your systems and determine which ones need to be replaced. Then, employ step-by-step documentation to implement new systems that allow the practice to grow.
I can tell you with great certainty that most practices do not have efficient systems. In fact, you are most likely operating 30–50% below your potential right now. We didn’t learn business leadership in dental school, and as a result, many of us find this aspect of practice ownership to be challenging throughout our careers.
The good news is that the economy is showing signs of recovery. Now is the perfect time to evaluate and improve systems for scheduling, case presentation, collections, customer service and marketing. When these systems are operating efficiently, case acceptance goes up, no-shows go down and overhead is reduced, all of which combined, typically increase practice production up to 30–50%.
To get the most out of step-by-step systems, Levin Group recommends using a series of targets that motivate the team and drive practice performance. We use targets to develop innovative and new consulting programs for today’s economy. The following key targets are used by practices to continually grow, even during challenging economic times:
Targets are a critical management concept that practices use to maximize efficiency, productivity and production. They help doctors focus on what is possible when high-performance systems are implemented. What are your targets? And do you have the systems in place to reach them?
Never underestimate the power of effective systems nor the energy that targets provide you and your staff to achieve your practice goals. Together, systems and targets are key components for building a successful practice. Proven systems and proper targets increase production and reduce stress. This gives dentists time to concentrate on what they love to do—provide excellent patient care.
Focusing on the basics and getting your systems in order will go a long way toward achieving many of your practice goals for the year. Remember, your practice is the best investment you ever made. If you take care of your practice, it will take care of you!
Best wishes for a successful 2011. And thanks for reading! Look for the next issue of Dental Business Review in March.
Dr. Roger P. Levin is Chairman and CEO of Levin Group, Inc., the leading practice management firm that provides premier comprehensive consulting solutions for lifetime success to dentists in the U.S. and around the world. A third-generation dentist, he is a pioneer in developing practice management and marketing systems that increase production and profitability while creating the ideal practice. Considered to be one of dentistry’s most influential and dynamic speakers, he brings Total Practice Success™ Seminars to dentists, specialists and their teams throughout the year.
Who’s Stealing From You?
9 Tips to Reduce Your Risk of Embezzlement
If you think you could never be a victim of embezzlement, think again. Levin Group recently worked with a practice that hadn’t been closely tracking its numbers. As I evaluated the client’s financial statements as part of the initial phases of our consulting engagement, it became apparent there were some serious discrepancies in the practice’s finances. When the practice’s accountant audited the books at my recommendation, the doctors discovered their Financial Coordinator had been stealing to the tune of a least $75,000. This person was not only a long-time, trusted employee—she was a relative.
Embezzlement is a crime of opportunity. Remove the opportunity, and you eliminate the ability to steal. Here are steps you can take to reduce your practice’s exposure to theft:
Practice Potential Analysis