I have long stood by the statement that…
NO DOCTOR HAS EVER ACHIEVED ANYTHING THEY DID NOT PLAN TO.
— There is no success by accident.
— There is no glory without sacrifice.
— There is no reward without responsibility.
This is all good news for the right doctors – those willing to take action because they truly desire to achieve their stated goals, as opposed to those just standing around with a list of things to complain about. The right doctors thrive off of being in control of their own results, practicing on their own terms, and being in charge of their plans for success.
When it comes to having a “Profit Plan” for your practice, have you ever even heard of one? Probably not. Most doctors never spend the time to create “profit plan” (maybe an “overhead percentage” or possibly a “budget”), but not a proactive, predictable, purposefully orchestrated and plotted-out PROFIT PLAN.
That would be a very big reason why most practices are underperforming when it comes to profit, no matter how much their production is.
Here’s the thing: regardless of how much you love dentistry, you can only do so much before you begin to feel unfairly compensated for the time, energy, and effort you put into your practice. Understandably, you would be frustrated by not having as much to show for your efforts at the end of a month or over a year than you thought you would.
We fix that through PLANNING.
And to create such a plan, we must first reverse-engineer your practice for success. And even though when I use the term “Success,” I’m referring to all aspects of life, relationships, goals, charity, legacy, as well as the practice, for the sake of this discussion today, we’re going to approach this from very much a bottom line focus.
So first off – are you earning enough?
The simplest way to determine this is to take your monthly collections (total revenues for your practice), divide that by your average clinical days in a month. You will now know what every day in your practice is worth currently.
This is your starting benchmark, this is your BASELINE, which you use to gauge your progress compared to the ultimate goal – your Magic Number. Remember, last week, we noted that there IS a Magic Number that exists for your life. It’s a critical value that you MUST know and understand.
Without knowing this number, you’re literally “flying blind” as a practice owner, which means any course corrections that get made only happen to avert catastrophe. You MUST know this number to make your practice and your life work.
In a moment, we’ll explain exactly how you can come up with that Magic Number, but first…
“The Formula For Making 2024 Your Best Year EVER!”
A Paint-By-Number Plan to Experience Time Freedom, Economic Prosperity,
and the Lifestyle You’ve Always Wanted In 2024 and Beyond – Guaranteed.
Live Practice Success Whiteboard Session:
Friday, Dec. 22nd at 11am Eastern
Having a prosperous, lifestyle-driven practice requires thoughtful design, just as you engineer a patient’s journey to a glorious, life-changing smile. That’s why Scott has prepared this important, end-of-the-year Whiteboard training, where he’ll reveal:
— A paint-by-number plan to custom-create and design your BEST YEAR EVER in 2024 in lifestyle, time freedom, financial success, and autonomy of choice.
— How to increase your “I Deserve This” level of awareness and acceptance – without it, you’ll never be able to conquer self-limiting beliefs holding you back from achieving your greatest potential.
— The exact method to reverse engineer YOUR number – the KEY Value that drives every single measure of success you have for your practice and your life.
— A systematic approach to optimizing practice growth through diagnosis and acceptance, leading into collections and production.
— How to design a nurturing patient experience that affirms the value of optimal healthcare AND enables you to easily hit your financial goals.
— The key steps to maximizing the effectiveness and value of every single component of your practice – making every system, every procedure, every team member worth a whole lot more.
— And that’s only the beginning…
Get ready to reinvigorate every aspect of life to make 2024 your very best year EVER…
Let us now dive into the details of how to uncover this mission-critical, practice and life-changing Magic Number. There are a few things you need to understand about this critically important concept:
— First, it’s not some random, arbitrary sense of feeling good when you make X amount of dollars in a day.
— It’s not your break-even number.
— It’s not the minimum you could make, because that drives no motivation.
— It’s not a good day you somehow experience once in a while.
— It’s not unreachable, but also not easy to achieve. It’s a challenge that inspires you, so you feel great while you’re stretching into your potential.
Your Magic Number is the number that makes it all come together. It’s what makes your life work. It’s something that you engineer on purpose, every single day. Your Magic Number is about figuring out what you really deserve, what you desire, what you want, and then delivering it by designing and creating it.
The ultimate secret is to identify the sweet spot, that special something that fuels you, that gets you excited, and that drives your ambition. This is about figuring out what you want more than anything else, and THEN reverse-engineering your entire practice in a way that helps you get all those things and more.
The Magic Number involves all the things that make your life work, as well as what your practice can achieve. Consider all the factors and steps; the bullseye that you’re aiming for is the spot where all of those things overlap.
So let’s run through the process that will help you understand and identify that number right now.
1) First, add up your monthly costs. Include things like your monthly overhead and your debt service, along with anything else you’ve got to pay for.
2) Now add in your salary, because you need to make sure you’re getting paid as a doctor.
3) Then add what you’d like to earn as a business owner (If you don’t have an idea, I would start with a million). Don’t hedge, don’t hesitate, don’t quibble. Just do it.
4) Take this total, and then divide it by your number of clinical days.
This gives you your Magic Number – which represents the dollar amount you need to earn in a day. And not just once in a while, as when lightning strikes, stars align, the heavens open up and happen-stance prosperity hits overdrive for one special moment.
No. Instead, the Magic Number is the number you want to hit every single clinical day. That is your goal.
But… we don’t stop there. Because the point is NOT to stop at the goal. The point is to run up the score every month as much and as fast as possible for the very important reason that you can’t get that month back. Time passed is opportunity gone.
So now that you have these two opposing numbers that represent what your practice IS doing (baseline) and SHOULD do (goal), we can segment out your performance metrics to create a practice formula that will always work. One that you can rely on.
You may think all this talk about numbers and stats and doing math has little to do with dentistry and you may even be surprised that I of all people (who talks endlessly about putting the patients first and the money will follow, and relationship-based dentistry and everything else BUT the numbers), am the one advocating for this.
And you are right, however, making these numbers happen is where the real action is and that is the HOW to do it. Because if you don’t have these as your target then you are just tolerating whatever you see on the schedule and accepting whatever you end up with at the end of the month after the bills are paid.
At this point in your career, you should expect more from yourself. And with expectations must come a plan to achieve them. So, once you have that daily number ready to go, the most important question is, how do you make it happen?
The secret is to eliminate all excuses and make every single aspect of your practice more valuable. And the way you do that is with a PLAN. (You may recall, that’s exactly the point at which we started – but now you better understand its importance.)
And that’s why, with 2024 rapidly upon us…
I’m going to provide you with a specific plan to reach your Magic Number – likely doubling your income in 2024 – by bringing these numbers to life in the form of actual action items that you can take to align your practice to achieve the growth FIRST in patient opportunities (watch for more specifics on that next week), SECOND in diagnosis value, THIRD in case acceptance, FOURTH in your collections and production, and FIFTH (most importantly and finally) in your PROFIT.
I’m going to dig into all of these areas and more to prepare you to make 2024 unlike any other year you’ve ever experienced.
Get ready for some very dramatic demonstrations unlike anything I’ve ever done or you’ve ever seen before.
Get ready to discover not merely how to stop working harder, but instead create massive leverage by working smarter in ways you didn’t know existed or even imagined possible.
Get ready to debunk every single myth you have been fed about what you can do and must accept… and instead embrace better, bigger, braver goals – for your vision, lifestyle, and income.
Get ready to make real those dreams you truly desire – and watch as together we lay the foundation to re-imagine your practice and your life.
Get ready to experience and embrace “Your 2024 Formula For Your Best Year Ever,” where never again will you have to accept any kind of outcome by accident…
“The Formula For Making 2024 Your Best Year EVER!”
A Paint-By-Number Plan to Experience Time Freedom, Economic Prosperity,
and the Lifestyle You’ve Always Wanted In 2024 and Beyond – Guaranteed.
Live Practice Success Whiteboard Session:
Friday, Dec. 22nd at 11am Eastern
