“ Money won ’ t create success , the freedom to make it will .”
– Nelson Mandela
the schedule to be full and productive . And those two things aren ’ t always the same thing . There are a “ thousand ” ways to increase patient numbers ( more on that another day ) but you want to maximize the amount of time you have with each patient . Time is finite and efficiency is the key .
Another way to boost production is to increase case acceptance . And , patient education is key here . Your patients must trust you to tell the truth . They must understand why they need your recommended treatment and what will happen if they do not accept it . And they need to feel comfortable with your team and office environment .
Look at your fees . Are you charging a proper fee for your time and expertise ? I find that many doctors are timid about their fees . You want to be fair , of course , but do not be afraid to charge enough to make a living for yourself and your team .
Examine and monitor expenses . Looking at expenses , I ask my clients to make a goal of reaching a figure of 59 % for overhead . Is that too “ pie in the sky ”? Obviously , there are a lot of factors involved but many thriving and up-to-date practices are at or below this number .
It will take a thorough analysis of current expenses to formulate a budget to lower overhead . But it ’ s not a difficult task . After this , there must be a consistent monitoring of these numbers in order to maintain a healthy level of spending at the same time eliminating any waste .
I realize this article is mostly “ theoretical ”, mainly presenting only a short outline for financial growth . We didn ’ t even mention how to market your practice , internally and externally , nor did we expand at all on how to really increase case acceptance . There are specific things that you can easily implement to grow your finances in these areas – and many others . Most of these strategies are relatively easy to implement and when done , will take your business to the growing level you desire .
Bobby Haney DDS has recently retired from private dental practice in Waxahachie where he started in 1983 . He is also the founder and leader of PracticeGrowthCoach . com , president of 1Twenty2 Ministries , and ” monitors the bottom line ” with his family at the Be Still and Know Ranch in Bristol , TX . Call 469-843-0119 today or visit the website for more information to help grow your practice .
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