There are many mistakes that dental practices can make. The key is avoiding and/or addressing the ones that impact your practice the most. When you do, the practice will automatically increase its production, profit, and enjoyment.
Know your numbers.You don't have to know a lot of numbers, but you do need to know the most important and impactful ones. Production, collection, overhead, profit, income, production per provider, production per patient, production per chair are all a great starting point. There are other secondary numbers that are critically important as well, but these are an excellent starting point. Practices that do not know their numbers are operating in the dark.
Don't forget to have a strategic plan.Very few dental practices engage in strategic planning, which is a standard and essential component of success in the business world. In the past, practices did not need strategy as much as just showing up and having the right supply of patients. However, as dentistry in the world changes, as insurance reimbursements are less stable, and as we face varying economies, a strategic plan becomes the GPS or compass for a practice to know where it is going. In our observation, practices with well-designed five-year strategic plans are far more successful.
Dr. Roger P. Levin is CEO of Levin Group, a leading practice management and marketing consulting firm. To contact him or to join the 40,000 dental professionals who receive his Practice Production Tip of the Day, visit LevinGroup.com or email[email protected].
The comments and observations expressed herein do not necessarily reflect the opinions of DrBicuspid.com, nor should they be construed as an endorsement or admonishment of any particular idea, vendor, or organization.
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