North Texas Dentistry Volume 7 Issue 4 NTD 2017 ISSUE 4 CONV DE | Page 34

practice transitions
PROTECTING
AND ENHANCING
PRACTICE VALUE
PART 5
The Perfect
Practice
This is the conclusion of a series of five articles on Maximizing
Your Practice Value. In Part 1, we emphasized the importance
of recognizing and rewarding staff for their contributions and
positive performance. In Part 2, we encouraged a new focus;
transitioning from dentist to coach. As a coach you still keep
staff accountable, but also motivate them to contribute more
of their own practice building strategies. In Part 3, as the
coach of a practice with staff now ready for a “plan of action”,
we emphasize the importance of clear communication of the
Doctor’s mission statement, and the goals to be set for the
practice. No team can work cohesively without such a game
plan in place. In dentistry, the rule book is called The Staff
Handbook. We made recommendations and warned you of
pitfalls as you roll out that all-important operations manual.
In Part 4 we showed that a “Perfect Practice” is possible, but
only with a clear understanding of Sustainable Advantage.
A successful dentist is aware that quality patient care and
business profitability are inseparable. Your practice’s “Dream
Team” must respect the ethical culture you have created. Any
employee that compromises compliance is replaceable!
A practice with Sustainable Advantage never has to close
its doors.
by Richard V. Lyschik, DDS, FAGD, CFE
Your practice is valuable in so many ways:
1
A dental practice has value to the owner, as an
income generating cash flow machine. It supports
family, provides an overall lifestyle, and contributes to the many
avenues you choose to serve the public, both for profit and in
charitable ways, to improve their dental health. Dentistry is still
one of the most highly profitable businesses in America.
2
3
The practice has value to your staff. You employ
many quality dental auxiliaries in your career. (Some
stay for a long time and some do not!)
Your practice has value to other professionals.
Your CPA, your lab, your supply rep, and the specialists
you refer to all have expectations of your ‘valuable’ practice.
34 NORTH TEXAS DENTISTRY | www.northtexasdentistry.com
Like any successful business, your practice should show
growth over time. Enhancing your practice value occurs
in many ways: