There are a number of ways in which dental practices can benefit from establishing their own in-house dental membership programs. As opposed to operating within an insurance network, practices that manage their own in-house programs are able to dictate the policies and discounts that they offer to patients. In-house memberships allow you to provide the best discounts to your patients, while maintaining the freedom and flexibility of a fee-for-service business model.
In-house memberships are also a predictable source of revenue for your dental practice. The memberships operate on a monthly subscription basis, which means that you’re generating income off of patients even during months in which you’re not rendering services to them. If you offer a $35 monthly subscription with 300 subscribers, you’re earning $10,500 each month in revenue. Creating a membership program at your practice can help you establish a more consistent cash flow.
This consistent revenue flow...
The dentist didn’t mince his words…
“We can’t write worth a *#%!”
The doctor was lamenting that no one in his practice was actually capable of “authoring” the detailed systems they were lacking.
The truth is, great writing skills aren’t what set strong practices apart from those that struggle with systems. The key is working as a team to identify the “why” behind your challenges.
In the video above, we’ve detailed methods we use with new clients to help them identify and list their strengths and weaknesses. In no time, they’re shoring up the systems that are in need of review, revision, or even creation.
If you are constantly falling behind, is it because patients regularly show up late? Is the doctor is constantly behind? Are you not blocking enough units for your most-performed procedures (if that’s the case, we have a detailed, free time study kit for you)!
Whatever the problems with your...
Goals are essential in every area of our lives As a dentist, goals help align your priorities, plan for the future and ensure you are on the right path to achieve clear objectives in the near and distant future.
Unfortunately, many dentists struggle with goal setting—and their practices suffer as a result. The good news is that there are a few questions you can consider to help improve your goal setting and get your practice on the right track.
Asking what your goals are might seem like a fairly obvious question, but a lot of practices fail to critically evaluate where they are and where they want to go. You might have a few ideas of accomplishments you would like to pursue, but without clearly defined goals, you are unlikely to have the direction you need to get there. Ask yourself where you want to be in the next quarter, the next year or the next five years, and begin building a list of some goals you would like to achieve in those various periods...
If you’re thinking about selling your practice (or even foresee it happening in the distant future), one of the first things you’ll want to do is create a transition plan. This plan is crucial for the smooth execution of a business deal, ensuring that both you and your buyer get through the process without wasting time and money.
One of the biggest mistakes I see dental practice owners make when they try to sell is failing to have a transition strategy in place. No matter where you are in your journey, you should at least put thought into this type of plan so that you’re prepared when transition day finally comes.
There are two main parts to a seller’s transition plan. First, are you really ready to sell? Second, if you are ready, have you walked through all the details of the transaction with the buyer to ensure you are on the same page?
A lot of issues can arise because you didn’t discuss them on the front...
In dentistry, cancellations can be extremely problematic. While it is common for dentists to experience occasional cancellations from patients, there are some practices in which cancellations have become the norm.
If you are experiencing more cancellations than you think is healthy, you must find ways to curb the problem. Not only do cancellations impede your profit, but they also cost your practice money. When you are working, you want to be as productive as possible so that you can care for your patients, ensure the health of your practice and make the most of your downtime outside the office.
To help you prevent these issues, consider a few of the reasons why your patients are cancelling in the first place:
Regardless of the business you are in or how long you have been running your practice, there are a few key components universal across the business world: people, strategy, execution and cash. All these components are essential to a productive and successful business, and it’s important to consider each one individually to ensure your business is on track to reach all your short- and long-term goals.
To help you think about the cash part of your business, there are three questions you can ask yourself. These questions can help you evaluate your practice and identify key areas where you have room to grow.
When you own a business, it’s essential to critically analyze your profitability. Are your profits growing at a rate of 10 to 20 percent or more per year? If they are not growing at that rate, you must consider whether there is an issue with your business strategy or if you have the wrong people in...
Once you have a quality team assembled and a solid strategy in place, it’s time to focus on the third component of operating a successful dental practice: execution.
Without proper execution, even the best strategy and the most competent team is devoid of value. As business owners, we must relentlessly do what we say we are going to do—instead of just talking about it.
Execution is the practice of leveraging your team to accomplish the goals you have set in your strategy. As the leader of a dental practice, it’s your job to create a culture in which things get done.
The single-most powerful and valuable people in the business world are those who can take things from idea to execution the fastest. It is paramount that you learn to execute your ideas and empower your team, providing your people with the tools necessary to follow through on the strategy you have established.
There are five key behaviors that can destroy your team’s ability to...
At the heart of every successful business and dental practice lies a carefully thought-out strategy. Dentists should continually reevaluate their strategy to identify which processes are improving their practices and which aspects of their strategy need to be replaced.
Although strategy is significant, it is important to understand it within the context of the big picture of building a successful practice. Once you get the people component working in the right direction, only then can you start working on a cohesive strategy.
The key piece here is being authentically honest about yourself. When you are self-aware, it means you are critical of how you are contributing to your own problems.
After you give your strategy a realistic self-evaluation, you can set up a plan to make it better. Learning how to score your own strategy and recognize its faults and flows will provide you with the tools necessary to redevelop it and redefine your practice.
It is important for a dentist to not only build a fulfilling career, but also to make progress and enjoy the fruits of their labor. Dentists should feel like the benefits that they are reaping from their practice are in equity with their efforts.
To that end, they should be getting back from their practices what they’re putting in. Unfortunately, that’s where a lot of challenges come from. Dentists often get distraught or stressed because their practices do not meet their expectations.
As you likely know, dentistry can be a high-stress profession. A number of professional organizations are creating movements to protect the emotional and mental health of dentists, as they are at an unusually high risk for suicide, drug abuse and divorce. In fact, the Centers for Disease Control (CDC) indicates that dentists are 2.5 times more likely to commit suicide than the general population. Student and practice debt, fear of litigation and long, thankless hours are just...
Most dentists want a great team of people who are committed and engaged with the work that they do, but few dentists actually achieve this goal. Many dentists are too busy managing their practice and focusing on patient care to actually invest time into cultivating an engaged team, but this seldom works out well in the long run. Even though it’s challenging to find the time to support your team members and increase engagement, it’s worth it when you consider how much more productive your practice will be. You can work towards this goal of increased engagement by focusing on one simple thing: communication rhythms.
Communication rhythms are regularly established sessions where team members are brought together to get on the same page. These meetings are structured, scheduled and consistent so that every member of your team knows exactly what to expect. During meetings, you will discuss patient care and practice care with your team members in a structured forum that is...