Success can be predicted.
There are, in your practice, certain predictive indicators you can control. Others, you cannot. But, to a large extent, the ones you can influence, and control outweigh those you cannot.
Examples of what you CAN control and are 100% responsible for:
- new patients
- how much you spend outside of real fixed expenses
- production per hour
- patient retention
- patient experience
Examples of what you CANNOT control, yet, are still responsible for:
- staff shows up or not
- staff attitudes
While you can’t control behaviors (outside of your own), you can control who you surround yourself with. So, if behaviors by others are not conducive to your practice’s success, you can influence them by first asking them to change or simply replacing them.
Too many dentists I know don’t know their numbers. They don’t know their overhead. They don’t know how much it costs per hour to operate their practice, and, they don’t know if their staff are doing a superior job or just doing their job. They can’t tell you if their team is influencing patient behaviors in a positive way (encouraging treatment to be completed, working with each and every one in a confident, caring manner when you’re not in earshot and managing all the little things…the “inconsequential criticals,” that create a positive patient experience).
In fact, they can’t tell you much other than, “I’m just not able to take home as much as I used to.”
I can’t tell you how many times I’ve heard that one. Yet, they have no clue how much cash is leaving their office for petty purchases, like office supplies.
You MUST have a system in place that allows for you to know who, how much, why and when money is spent…even if it’s a hundred here and a hundred there. Pretty soon, that adds up to real money. By knowing the numbers and what influences the numbers, your future success can be predicted.
I gotta ask: Are you reviewing your P&L every week? Are you comparing it, to the week before, the same week previous month, month-to-date and YTD vs. last year? You should see it so you’ll know what you need to do to influence those numbers.
These are numbers to look at daily. There are others, too, that you must manage – ruthlessly and continuously, without regard for anything that gets in your way of doing so.
Some additional examples:
Inbound “prospect” calls vs. Appointments Made (What’s YOUR ratio? Do you even know? Do you know WHY you should measure that?)
Consultations/New Pt Appointments vs. Production Booked
Production Booked vs. Completed Production
Successful dentists review their day sheet, new patients and their source, and, deposits (money going into the bank) every day. They have a tight reign on the numbers. You should, too!