Conduct an analysis of your practice as a business
In the challenging new dental economy, it's more important than ever that dentists take a more business-like approach to running their practices. Before implementing new management systems and growth strategies, practice leaders need to know exactly where they stand. One of the most useful analytical tools for dental businesses is a SWOT analysis, which defines the practice's strengths, weaknesses, opportunities, and threats.
Bring in an outside expert to perform the analysis. Specially trained business analysts can quickly diagnose problems that are holding back the practice. By zeroing in on vital practice performance metrics and comparing them with industry statistics, an expert will give you an objective view not only of your current business posture but also of how to take your practice to the next level.
Don't cling to the status quo -- or get defensive. Even dentists who are not content with the business performance of their practices will sometimes deny that certain problems exist and resist making changes. Hire a dental-knowledgeable analyst you trust to diagnose your situation and recommend improvements -- and keep an open mind.
Roger P. Levin, DDS, is the chairman and CEO of practice management consulting firm Levin Group.
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