Just like in any business, your practice's success is defined by the amount of revenue that you bring in. Revenue can be affected by a variety of factors, so you must be proactive when it declines or stagnates. Analyze key performance indicators (KPIs) and come up with strategies to get your practice back on track.
Maximize your hygiene schedule. Most practices are sitting on tens of thousands of dollars in untapped production -- all because they have allowed patients to become inactive. Use your practice management software to identify all patients who haven't been seen in six months and who aren't currently scheduled. Then, contact all of those patients and schedule them.
Don't forget to track overhead. Every practice throws money away. How much depends on what oversight measures you have in place. Do you follow a budget? Do you or your office manager review spending monthly? What is your overhead percentage? If you own a general practice, the target should be 59%. How close are you to that benchmark?
Roger P. Levin, DDS, is the CEO of Levin Group, a leading dental management consulting firm, and one of the most sought-after speakers in dentistry. Dr. Levin has authored 65 books and more than 4,000 articles on dental practice management and marketing. You can sign up for the Levin Group Tip of the Day.
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