The Importance Of Cash To Your Dental Practice

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.

1. What’s The Overall Health Of The Business That You Are In?

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...

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Improving Execution: The Five Ways To Ruin A Team

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...

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Developing A Strategy For A Successful Practice

Uncategorized Feb 17, 2019

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.

Establishing Life Balance

Part of...

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The Three Keys To Staying Happy In Dentistry

motivation Jan 28, 2019

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...

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What Every Dentist’s Team Is Starving For And How You Can Provide It In Your Practice

communication leadership Jan 21, 2019

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...

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The Best-Kept Secret In Dentistry

productivity Jan 14, 2019

When you consider some of the most well-known businesses in the world, such as Amazon, Netflix and Apple, it’s clear that their success is defined by an essential product they are all selling: time.

Amazon can get a package to your door in just a couple days, Netflix allows you to browse thousands of titles in seconds. Apple offers high-tech products that enable you to connect with your friends, family and the world around you in an instant. The most successful products are the ones that help you maximize your time. In the same way, the most successful people are those who maximize their own time.

We all have the same number of hours in a day to work with, but the most successful people are intentional about how they use it. The real secret of successful dentists lies in how they manage their time. Increasing your success doesn’t mean that you have to increase the time you spend working. In fact, the real key might be to take more time off for your own rest and...

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The Real Future Of A Profitable Dental Practice

The vast majority of dental industry experts who coach and advise dentists preach that you can make more money by opening up your evening hours, because patients many patients cannot come during the day. You’ll grow your practice, they say, if you stay open until 7 p.m. or later on weekdays and are open a few hours on the weekends.

In short, they are preaching an around-the-clock mentality that we at ACT Dental simply don’t believe in. We believe that you’ve got to have a life, too.

When you build a patient base in which people come in at the hours that are easy for them in the evening, you are building your practice on two factors: you’re cheap and you’re easy to access. This does not generate a sense of loyalty in your patients, who will leave you the moment they think a better deal is available.

Expanding your opening hours will lead to greater productivity because of the volume of people coming in, but you are not going to create a great practice...

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How To Formulate Your In-House Membership Benefit Program

With the knowledge of how great in-house membership programs can be for your practice, you might be ready to jump in and start. That’s great! However, there are a lot of things to consider when setting up and organizing your program to make it work for you and your team.

A few of the major considerations during this process including how to create your own membership program plans, what tools to use to manage it, how to price it and other strategies you can use to make this program successful for your practice.

Consider State Regulations

First and foremost, you want to be sure that you’re adhering to any legal guidelines your state may have for these sorts of programs. You don’t want to finish planning your program, only to be faced with legal ramifications down the road.

While offering an in-house membership program is not illegal, some states have regulations regarding how you operate your program. Make sure you’re checking databases or other...

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The Many Benefits Of Membership Programs

Now that you have a firm understanding of what an in-house membership benefit program is, you might be thinking: “Sure, this sounds interesting, but what can it really do for my business?” You may think you’ll be more comfortable sticking with what you know—insurance claims—even though it means less money and more hassle for your practice.

There are many benefits to implementing an in-house membership program. I would encourage every office to focus on creating its own program. If you already have a program, focus on growing it so that you can take advantage of all the following benefits.

Higher Profits

Control over fees and higher profits are closely related, but the benefits of extra profits cannot be emphasized enough.

When running a business, you need profit. It is as essential to a business as a heart is to the body. Profits allow you to save in a reserve fund or to reinvest in your practice. They can be given away as bonuses or, if...

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Understanding In-House Membership Benefit Programs

You’ve heard it everywhere—from magazines, presentations, dental conferences and colleagues. Creating and growing an in-house membership program or savings plan is one of the best ways to grow and retain your patient base, reduce your dependency on insurance companies and add more revenue streams to your dental practice.

Offering an in-house membership program is an excellent method for attracting new patients, retaining current patients and offering quality dental care to patients without dental insurance. Relying on insurance companies to drive business to your practice is risky and unpredictable. Membership programs can offer many benefits to patients while helping transform your practice into a fiscally healthy business.

What Is An In-House Membership Program?

A membership program is a set of plans that you offer your patients. These plans offer discounted dental care for a monthly or yearly subscription fee.

Once subscribed, a member might benefit from free...

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