As you’ve entered the last month of the second quarter for this year, are you happy with where your practice is heading? Do you know where you’re taking it?
I hope that you are happy with where you are taking your practice! However, if you’re not happy or you feel you could be “happier” there is good news, you still have some time to make that happen. To do that though, you need to know where you’ve been and where you’re at now.
“If you don’t know where you’ve come from, you don’t know where you’re going.” – Maya Angelou
Knowing your practice numbers and doing something with what you know about those numbers is key to growing and improving your practice. Numbers tell a story. Numbers tell you if your practice is healthy or unhealthy.
Get a baseline of where you’re at to set goals for where you want to go. For example,
- Overhead – Evaluate your true costs of doing business. What does it cost you per hour to keep the practice running?
- Supplies – What is your supply budget vs what you are actually spending?
- Payroll – What is your payroll percentage? Are you hygienists producing 3.3 times their salary?
- Collections – Are you collecting what you produce and how long is it taking to collect your money?
- Adjustments/Write-Offs – Are you closely monitoring your adjustments and write-offs?
- Production – What are your hourly, daily, monthly, and yearly restorative and hygiene production goals?
- New Patients – How many new patients do you want per month? What are you doing to welcome more new patients each month?
- Attrition – How many patients are you losing each month and why?
- Treatment Acceptance Vs Diagnosis – How many of your patients are saying yes to your best care? How are you keeping track of your unscheduled treatment plans?
- Office Culture – Do you have high employee turn-over? Do you have an attractive office culture? Do your employee fully and willingly support your mission, vision, and core values?
- Broken Appointments – What is your monthly broken appointment percentage?
If your numbers reveal unhealthiness be quick to act and get help to restore your practice to health and happiness.
Doctors, if you would like to grow and improve your dental practice and have wondered what it might be like to work with me and what coaching is all about… please feel free to reach out to me to schedule a complimentary, no-obligation coaching call at firstname.lastname@example.org.
One more question to help you take your practice in a successful direction – where do you want to go? What is your mission and vision for the practice? If you’re not sure or you haven’t taken the time to define what that looks like, consider the following:
Mission, Vision, Core Values – Knowing why you show up every morning will help to create a culture of happiness and excellence.
Mission – A clear definition of the purpose and focus of the practice today.
Vision – It is about what you want your practice to be in the future. It is the outcome/result of your mission.
Core Values – Core Values represent the beliefs and principles that define your practice, your team, and the patient experience you aim for in your dental practice.
Clearly defining your why and inviting your team to support you will help to keep everyone on the same page, working together for the greater good of the practice.
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Yours for Greater Success,