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Practice Management

img_0033You might spend 4-5 days per week working IN your practice, but how much time
do you find yourself allocating to working ON your practice?  Be honest, how often
do you sit down and analyze the numbers from your practice management software?  Do you know if they are even accurate?  (Hint:  If you’re the average practice, they aren’t.)

Practice management doesn’t have to be as intense as crunching numbers – it could be as simple as having a scheduled conversation with a trusted advisor or scheduling some time to analyze your team’s performance.  The important thing is figuring out a way to dedicate some time in your schedule to do these things.

If you’re like most doctors, you spend FAR more time delivering dentistry than figuring out HOW you’d like to deliver it.  I’m hoping some of these resources can make the time you do spend working on the business far more productive.

Hygiene Department – What can you do to increase the number of your patients that continue to come back for their hygiene recare appointments?  How do you increase your patients’ commitment to home care (cue the eye rolling)?  How do you evaluate the performance of your hygiene department?

Clinical Department –  Do you know what your most profitable procedures are?  Which procedures do you perform most often?  What is your hourly productivity?  Are you actively expanding your breadth of services by continuing your education?  Do you focus on increasing your speed and productivity?

Case Acceptance –  What percentage of the treatment that you present is accepted by your patients?  What is the average dollar amount of treatment accepted by new patients?  Case acceptance varies office to office, particularly due to speciality and patient demographics – do you have a target case acceptance percentage?

Human Resources –  What’s the average length of service of your team?  What does your practice turnover look like? Do you know how much it costs to locate, hire, and train a new team member?  What do you do if you have to temporarily cover for an absent team member?

Marketing – Do you know the difference between marketing and advertising?  Do you have an advertising budget?  Do you have an attractive website? Are you active on social media?

Finances and Insurance –  Is it time to consolidate your loans?  Do you know what your interest rates are on your outstanding loans?  When did you last compare your fees to other practices in the surrounding area?  How many insurance companies are you contracted with?  Do you know which companies have the highest reimbursements?  Are there any companies you’d like to drop?

Location and Facility –  When does your lease expire?  Do you know what your patients think of your facility?  Do you need more space or additional operatories?  Is your lease payment justifiable based on your location and the amount of new patients that walk in?