Just like every dental office owner, I'm faced with
occasional adjustments that must be made to payroll.
Sometimes it's from growth. When you grow, you have
to add new staff/team members, right? Of course, I
make darn sure everyone has reached a reasonable
capacity in their work loads before we add a person.
Just a few weeks ago, I had several new folks that were
due for their 90-day review increases.
And, there were a few others that had performed at
such a level they had earned (not deserved, but EARNED)
an increase in their base level wage (we have a bonus
system -- not like anything you've probably ever read
of or heard of -- a subject for another time).
And, well, because preserving the profit integrity of the
office is central to keeping the doors open, I decided
to take a multi-pronged approach.
-- We increased the BAM production number.
-- We increased the BAM collection number.
-- And, most importantly, we increased fees.
Not a huge fee increase, but roughly 1.5%.
And, fee increases, yes, even in this economy, are
a regular & scheduled at my dental office.
If you've not raised certain fees in your practice
this year, I GUARANTEE you're taking it in the shorts
somewhere. Because, like most business people,
you're too busy to notice when some supplier or
lab inches their fees up a bit.
And if you don't see that, your net income falls.
If you want to grow and be more profitable, you
have to manage that growth. Part of that management
is monitoring and implementing fee increases.
Your patients already think the work you do is
"expensive." Even if you were doing crowns at half
the price, they would STILL think that.
You don't have to increase them all at once.
But, if you're not increasing your fees and you're
giving your team raises, that increase is going to come
from the wrong pocket: YOURS.
P.S. If you have yet to check out Membership in my
ClearPath Society, you can do so here:
Well over $33,500 in bonuses await -- including the license
to use my $5,000 "41 New Patients In One Day" ad...among