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Where Are You Going? And How Will You Get There?

Where Are You Going? And How Will You Get There?

If you could just focus on the dentistry, life would be great, wouldn’t it?

But you have a business to run, specifically a healthcare business, which has its own special rules and considerations. And it’s not easy being both a dentist and a practice owner. You went to school for dentistry and have taken tons of clinical CE courses, so that part of the job is generally a piece of cake. It’s the business side where things get a little hairy. All things considered, you’ve done a pretty good job, but you don’t have an MBA. In fact, you’re mostly winging it. Sure, you talk to your colleagues, read blogs and articles, and try your best to keep up, but it just keeps getting more complex. And, face it, you don’t have time to play catch-up.

Yet, you know something’s got to change. You’re looking at your numbers for referrals, overhead, case acceptance and production, and while they’re not terrible, you know they could and should be a whole lot better.

You don’t want to end up like one of those first-round draft picks who had an amazing college career but flamed out once they joined pros.

So, what’s your next move?

1. Keep On Doing What You’ve Been Doing

It’s safe and easy but you’ve been on this road awhile and you know where it leads––the same just-OK results. But you can feel a storm coming on the horizon. You may not be exactly sure what it will be or when it will happen, but you know it’s only a matter of time before it hits… it might be a team member (or two) leaving… a DSO moving down the street… a couple of patients raging on social media about wait times… or maybe all of the above. You know if you don’t make a change sometime soon that things could get a lot worse in a hurry!

2. Make Some DIY Repairs and Hope for the Best

You’ve tried some do-it-yourself solutions in the past with little luck. You’ve come back from the latest practice management seminar or watched a couple of webinars all ready to revamp your systems. You hurry up and make a couple of changes, but as the weeks go by, you lose that initial motivation. Quicker than you can say “amalgam,” you’re back to the same basic systems you had before with a new tweak or two. You know you need to make positive changes especially changes that have staying power

3. Get Help

That’s never been your style, yet many dentists have success working with consultants. In fact, more than a third of practice owners (34%) used a practice management consultant in 2016, according to the latest Dental Economics – Levin Group Annual Survey.

Think of it this way… do people who work with a personal trainer improve their conditioning, strength and cardio? The answer is yes, if they stick with it. The trainer guides, encourages, teaches and holds the client accountable. That’s what we do for dentists and specialists. We make you better as a businessperson, leader and practice owner. We show you how to increase your practice’s performance by implementing high-powered systems that enable you to move closer to your full potential.

Is it easy? Of course not. It takes work to make significant positive changes, but we’re with you every step of the way.

Conclusion

Every dentist comes to a fork in the road. Which direction gives you the best chance of getting better and getting the most out of your skills and education? You can continue down the familiar path getting the same ol’ results… or you could choose a different path. It’s up to you.


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4 Lies That Hold Dentists Back

4 Lies That Hold Dentists Back

Dear Struggling Dentist,

Here’s some advice––stop being your own worst enemy!

Yes, I know, the dental economy isn’t the greatest and competition is heating up as DSOs continue to grow. And I realize that patients are less loyal than they used to be and even the loyal ones don’t come in for their twice-yearly hygiene appointments. On top of all that, the insurance companies keep chopping reimbursements and so on and so on.

Yes, these things are all true and they make it much more challenging to run a successful practice.

But I’ve met too many dentists who are struggling and yet continue to believe in dangerous, performance-depleting myths. Let me be clear, these internalized myths are far more dangerous than all the external threats combined.

Here are four of the most pernicious lies dentists tell themselves:

1. “Something Will Rescue Me”

Nobody’s coming. This isn’t a superhero movie where Batman shows up at your office, grabs a canister of “New Patient Attractor” from his trusty bat belt, douses your reception area with this magical elixir, and then suddenly your practice is overrun with new patients. Ain’t gonna happen. No way, no how!

You’ve got to be your own superhero. That means putting together a plan, brainstorming strategies and implementing them, tracking performance, making adjustments, and getting expert help when needed. No cape or Batmobile required.

2. “It’s Just a Phase”

I’ve heard this over and over from dentists whose production has been down three or four years. That’s not a phase, it’s a permanent condition! Well, that is, unless you decide to do something about it.

I get it. You want to be positive. You want to believe the practice will turn around. But belief alone isn’t enough. For things to improve, you have to marry belief to action.

It’s like losing weight. You may want to drop 20 pounds, but if you don’t change your diet or your exercise habits, you won’t shed any weight.

3. “But It Worked Before”

That doesn’t mean it will work now or ever again. And if it’s not working now, that’s your sign to change what you’re doing. The “it” can be a marketing strategy, campaign or ad. Just because something was successful in the past, there’s no guarantee it will succeed in the present.

 4. “The Economy Will Pick Up”

It’s already picked up. So if you’re expecting some turbocharged, super-heated, macro-economic miracle to lift the dental economy out of the doldrums, you’re bound to be disappointed.

But all is not lost. The business of dentistry is evolving and will continue to evolve. So, forget the economy and concentrate on something you can control, like the activities within your practice. Fortunately, there’s plenty you can do right now to make sure your practice is successful, such as:

  • Scheduling 98% of hygiene patients
  • Reactivating inactive patients
  • Collecting 98% of fees
  • Persuading at least half of your patients to make a referral every year
  • Delegating all administrative tasks to your team, so you can focus on patient care

None of these activities has anything to do with the overall economy. These are things you and your team can make happen on your own. So, what are you waiting for? Pick one and get started!

Conclusion

What we believe can either help us or hurt us. Too often dentists cling to false beliefs that limit their performance and their potential. Take a hard look at what’s holding you back. If it’s one of these lies, toss it aside and move on.


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Get Ready for the Second Half of the Year

Get Ready for the Second Half of the Year

This is a dangerous time for many practices. As we enter the second half of the year, there can be a tendency to relax a little, especially if your practice is ahead of last year’s pace. You want to keep any momentum you’ve built up going for the entire year. If your practice’s off to a slow start, now’s the time to make positive changes that will pay dividends later on.

Here are three strategies for ramping up growth in the next six months:

1. Make Referrals Rewarding for Patients, Too

Patients may know someone who needs a dentist, but making a referral isn’t on the top of their to-do list. But if you can make the referral process a little more fun for them, you’ll be surprised at the results. How do you do that? By incentivizing the process.

Here’s a quick rundown on how to set up a refer-a-friend program…

  • Any patient who makes a successful referral will be entered into a drawing to win a prize. Make it something worthwhile like a gift card for dinner at a nice restaurant.
  • If patients make more than one referral, then their name goes into “the hat” that many times, increasing their chances of winning.
  • Each month give away a different prize.
  • Place signs in high-traffic areas touting the program. Train your team to promote it during interactions with patients.
  • Take photos of all the winners and place those pictures in the reception area. Also, use social media to create awareness about the program.

2. Don’t Let Money Walk Out the Door

Practices are only collecting 91% of their production, according to the latest survey by the Levin Group Data Center. If you’re below 95%, making a few adjustments can lead to a big improvement in your bottom line. Train your team to ask for payment at the time of service, including co-payments. If this is the policy, verify that it’s being followed. If members of your front desk team are uncomfortable asking for payment, give them the training they need to perform at a higher level. In addition, the financial coordinator should contact all patients who owe the practice money. Levin Group recommends a 3–3–3 system of 3 phone calls, 3 emails and 3 letters over 9 weeks. Using this system, our clients have recouped significant amounts of revenue they once thought uncollectible.

3. Give Your Patients One More Thing to Smile About

People at any age want to look their best. Most practices aren’t doing enough to create awareness about their cosmetic services. Have you ever had regular patients come in with a brand-new cosmetically enhanced smile… that they got from another dentist? If so, you’re not alone. I’ve heard similar stories from many other dentists. If you’re not actively letting patients know about what cosmetic treatments you offer, you’re basically telling them to go elsewhere.

Conclusion

Owning a practice is like running a marathon, not a sprint. There are plenty of mile markers along the way, but you don’t cross the finish line until the end of the year. Use these three strategies to build on your success and to grow your practice even more in the next six months.


Additional Resource

Need more patients? Learn more about our marketing consulting program by clicking here.

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Are You Working One Day A Week for Nothing?

Are You Working One Day A Week for Nothing?

Many dentists are, but they don’t know it. Why? Because their practice has a sense of “busy-ness” to it. But here’s the thing… “busy-ness” doesn’t necessarily translate to productivity or profitability.

An outdated scheduling system runs slow. It makes you believe that you’re busier than you are. As your schedule ages, the more bottlenecks it accumulates, slowing things down even more.

Stress increases, while productivity decreases. If nothing is done, employees eventually leave, creating even more stress.

Are you one of those doctors working an extra day a week? Answer these five questions:

1. Is the current scheduling system three years or older?

If yes, that’s a big red flag. You might be saying, “Roger, my schedule is five years old and works perfectly fine. Why should I change it?” Your practice is constantly changing (and so is dentistry), even though it may seem the same as it ever was. In the span of 3–5 years, practices add services, update software, purchase new equipment, switch materials and experience turnover. All these changes impact the schedule and its efficiency.

2. Do you feel like your practice should be more financially successful than it is?

Over the past few years, I’ve met many dentists who ask me, “I’m busting my tail day-in day-out, yet why do I have so little to show for it at the end of the year?” An inefficient schedule is like a mirage… it tricks you into seeing things that aren’t there. It’s disconcerting when you realize all your hard work isn’t paying off like it should.

3. Does your practice consistently run behind two or more days a week?

If so, your old schedule is also killing your customer service and case acceptance. When patients are forced to wait 10–15 minutes or more, they will complain about your practice to their friends, cancel their next appointment, post a bad review on social media and turn down recommended treatment.

4. Has it been longer than a year since you performed procedural time studies?

If it’s been longer than a year, that’s another good indication that your schedule isn’t as accurate as it should be. When the appointment time is out of sync with scheduled procedure, you’re either running behind or have unnecessary gaps in your schedule. Neither situation is a good one.

5. Would you say your stress is higher than it used to be?

Outdated systems are the #1 cause of stress, and an outdated scheduling system is often the main culprit. The schedule affects everything you do. If it runs sluggishly, then you have unhappy patients in the reception area… frantic clinical staff trying to play catch-up… and an overwhelmed front desk team dealing with the fallout.

Conclusion

Who wants to work harder for less? That’s what old systems will do to you and your practice, especially an outdated schedule. If you answered “yes” to at least two of the above questions, it’s time for a new schedule. The sooner you replace it, the sooner you can reap the rewards!


Additional Resource

Need help with your schedule? Check out our new training module called “Scheduling for Maximum Production and Minimum Stress” by clicking here.

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