Very few Doctors ever actually go to work on making themselves, their team and the practice as a whole CAPABLE of being worth more in production and collections for the time in the practice.
Everyone believes it takes more time, more patients, more volume, more space, more of everything except what it really does take more of…
LEVERAGE.
When we talk about building your Ultimate Practice Profit Plan, the first thing you have to determine is what number makes your life work. We have to have a goal that is not just arbitrary but a legitimate target that means something to you.
People who just make up goals rarely achieve them. In my most recent “Prosperity Letter” reserved for the alumni in our elite Wealth Group, I talked about how nothing will happen randomly and just wanting more doesn’t mean you will get more. You have to do something to make every part of your life and practice WORTH MORE before you can have and achieve more.
The difference between people who achieve incredible success and those that don’t goes beyond just belief to whether they have embodied the need to HAVE TO ACHIEVE this goal. Not in a sense of desperation but rather of conviction.
When you don’t have THAT feeling inside of you, you become a product of personal self-deception and use justification to make LESS feel okay and good enough.
Instead, the Ultimate Practice Profit Plan has to be what you are committed to and determined to succeed at because it is what has to happen for you to win in your life.
You can underestimate the significance of what I’m telling you here, but do so at your own detriment. I’m telling you, if you don’t want it bad enough you won’t achieve it.
In order to do better than average, to break past the status quo, to build a practice to its (and your) potential is not easy and it is not supposed to be. You must be willing to do the work.
This work we are talking about is where we pick up on our Leverage Points for Growth and Profit.
In my book The Dental Success Secret, I talk about and layout the reverse engineering method to figure the numerical value you need your practice to be capable of in order to achieve the goal you have.
*If you’ve missed this book for some reason, now is the perfect time of the year to study it and work through everything in it. Consider this your Thanksgiving gift…
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In the book, we work through your magic number – the number you need your practice to achieve each day in order to hit your target. Then we look at whether you have Hygiene or various Specialties or if you are in just the case start business or you are building BIG full mouth cases as a matter of deliberate experience and patient system – whatever you do in terms of your dentistry to make this number happen.
Now we have a realistic and tangible dollar value which means we have to create this in Treatment Value every single day that actually gets paid for, accepted and then produced.
Too many practices see collections as a result of production instead of seeing production as a result of collections. This is 180 degrees different if you really understand the dramatic flip that that is.
It’s the same as saying you get paid because you do dentistry instead of saying you do dentistry because you got paid.
This is my principle and systematic structure of controlling practice growth through diagnosis and acceptance leading into collections and production.
The power behind this removes all accidental success and puts every aspect of your practice (including all the people inside) in the “helping patients get healthy” business.
Let’s go back to the Math. The first and most important part of creating Your Ultimate Practice Profit Plan is to determine the profit you want your Practice as a business to deliver and then breaking that down into what your practice must be worth on a daily basis to you. Now we have something to work with.
Now we build the structure around that number. This becomes your baseline that you will never fall beneath.
So, depending on where you are today versus where you want to be, we can start putting together the plan that I outlined and explained to you last week customized around all of the variables and preferences you have in your practice and life.
We’ll pick up here next week as we dive deep into the details. I’ll show you with total x-ray vision and transparency how the formula comes into focus. You’ll gain clarity over “the how” we bring your goals into reality.
Once all of this is established, we now can go to work on making your patients more valuable to you and designing an experience that nurtures them to be worthy of fitting into your daily flow at the values necessary to hit your goals.
The exact same thing goes for your team and systems. Every component of your practice has to be worth more and contribute to the overall success in order to achieve Your Ultimate Practice Profit Plan.
You get leverage and profitable growth through first increasing the value of these components. That must happen first, before the money math formula can come to life.
The reality is: if your profits are less than what you want and deserve, then you know there are parts or people (maybe you) that is worth less than they should be.
We’ll lay out your plan next week. I want you to assess and reflect on each of these aspects first so we’ll be able to talk specifics next week.
