Welcome back Masters of your own Universe and Practice Destiny.
By last check they told me we have but 43 seats remaining for the big event next week when I present the 7 Practice Growth Accelerators and expand your mind, increase your capacity, and drive transformational enhancements to your Practice performance and Lifestyle enjoyment.
It’s going to be spectacular. Go here to register and then keep reading…
This week I thought I’d give you some actual examples.
Here’s 3 Practice Growth Accelerator play-by-plays… I will share some more details on the webcast, obviously.
We are going BIG on these 3 examples.
The Practice I referenced last week: busy Practice, 3 Doctors, full hygiene; and yet production levels that of a busy high-fee advanced SOLO-practice – not nearly maximizing the potential of 3 providers plus the patient flow that’s present. They fell victim to seeing everything as a big blob of opportunity instead of compartmentalizing the growth plan and ensuring there was accountability for each stream of patients and column of production.
Just 3 of the practice growth accelerators will send their numbers to the moon over the next 3-4 months. It came out to be almost a week’s worth of collections combined into a single day, as it should be with 3 doctors. Thus going from a 2.5 to a 10.0 million dollar practice without changing ANYTHING about the space, the team, or overall structure.
We took the Team and empowered Leaders to (actually) lead. Believe it or not, no one does this – they call people “leaders” as it’s the new term thrown around the industry. I call them Practice Champions because they ACTUALLY champion some-THING (a task or initiative) and have ownership over a specific department, outcome, operational system within the Practice.
In this case we have Ortho, Hygiene, and full fledge big-case Treatment Planning. A different person has responsibility of each of these and giving them permission and power to make decisions, control the process of patients, and ensure nothing falls through the cracks.
Thus, as I pointed out on Monday this week, 3 people following the money, not zero or just one. FOCUS on what you want, put people in place to support growth, and follow-through.
Second, we add Team Members where gaps need filled. There were a lot of people clinically but not enough people from a sales, administrative, PATIENT RELATIONSHIP and experience standpoint. If you want to win the game, you have to have a well balanced team on each segment of the practice.
Think, football: offense, defense, special teams – not all the same players, some cross over but people who OWN each POSITION…not just take up space.
Last but not least (and certainly there’s a whole lot more to going from $2.5 to $10.0 Million, if that is your desire of course), we focused on NICHE creation of the dentistry they wanted. Instead of being all things to all people. We have a busy practice, lots of flow, new patients, and we should be getting an avalanche of referrals every month. One way to super charge this niche approach is to go after specific procedures with education, such as implants, ortho, smile makeovers or whatever floats your boat. This deliberately attracts more patients for the things you love.
It’s going to be extraordinary to watch this happen. Their Key Executive Team will double their incomes, the doctors will 3-5x their’s and everyone will win; especially since they will be helping patients get healthy in a COMPLETE way with a truly one-of-a-kind, first class experience.
On the opposite extreme…I’ll use an example of a Boutique Practice ‘stuck’ in a plateauing production level seeing 3x the number of patients, getting crushed by insurance reimbursement and thinking the only way to go is more, more, more which is exactly NOT what he wants.
We used 4 practice growth accelerators to transform his Practice. This is a long story so I’ll just give it to you very fast, in bullet points. I’ll share more on the Webinar.
1st – Scheduled Change: make room for growth by setting up the schedule to be reversed engineered to EXCEED the daily goal, which is tied to the MONTHLY amount he wants the practice to produce to make it worth his life sacrifice of time and energy.
2nd – We shrunk the # of insurance patients allowed in the schedule for the lowest value procedures and we began a dual column system to prevent him from every having 2 chairs without money at any one time. This gave him an immediately raise and doubling his hourly time value of patients.
3rd – We placed someone IN THE ROOM with him during Treatment Diagnosis, we delayed the sale and brought New Patients back for hygiene and presentations to maximize buy-in and sell bigger cases. The new patient value went from $2,500 average to $12,500 average which is should be at the very least.
Again, this raised the daily production/collections to the STABLE and STEADY baseline of daily goal so we are NEVER behind and NEVER below where we should be. No peaks and valleys, no rollercoaster, always up or even to IDEAL.
4th – Finally, we integrated an Associate to take over ALL insurance maintenance and shift all devalued, discounted time of the Primary Doctor Owner over. Net Patient Loss = ZERO, Net Profit Gained = 22%, Net Growth of Daily Production = $312% (from $3-5,000 a day to $9-12,000 a day average in 6 weeks).
All because we got ahead of the schedule, got rid of dependence on VOLUME and moved to a DESIRABLE PRACTICE MODEL that matched this Doctor’s preferences, then started diagnosing and selling FULL TREATMENT PLANS instead of being soooooooooooo busy you have to default to lowest common denominator, step-by-step dentistry or worse yet holding-pattern-patients doing nothing every time they visit but going through the carwash (when they need new bumpers, a paint job, and to replace the glass).
Finally, my favorite example of all. Two of the simplest practice growth accelerators let this Doctor achieve the liberation and peace of mind he had been searching for and seeking the past 3 decades.
Making these adjustments also lead to a tripling of his income because it always does. It’s math. You can’t WORK HARDER and MAKE MORE in dentistry – silly dentist – because YOU RUN OUT OF TIME, SPACE, PEOPLE, PATIENTS. Dentists who are shoving volume, capacity, speed of procedure down your throat are force feeding you poison that will ultimately self-destruct your practice and your personal life.
Efficiency is critical…but OPTIMIZATION is the key…to any business and most certainly and especially to EVERY dental practice.
VALUE not VOLUME as judgment of success.
When I add people it’s because we make money and we want service, when you add people it’s because you want convenience and to increase capacity that’s called INCREASING OVERHEAD – I always focus on the BOTTOM LINE RESULT not the “how much more can we cram in everyday to keep the hamster wheel spinning.”
Rest assured I work with some of the fastest growing BIG practices in North America and this ALL STILL APPLIES – because it’s not a big BLOB as I pointed out – it’s about EACH ROOM / DOCTOR / PRODUCER / and “PATIENT TYPE” as a separate business, category, system, experience.
Back to the point…
Optimize first, then fill to capacity second. If you do it in reverse you are going to burn out, wear down, lose your passion, and demoralize your team.
This Doctor experienced all of those things – ready to give up and give in – until he employed these 2 Practice Growth Accelerators and now he’s living his dream practice and more importantly living a balanced life that will extend the longevity of his peak income earning years while driving his wealth to levels he’d never have achieved otherwise.
Very simply, we took out a clean sheet of paper and we built the perfect day, week, monthly schedule for him. His family lives out of state and he and his wife want to visit EVERY MONTH, so we modified the schedule to be front-end loaded and then back-end loaded so there was always a 7-10ish day vacation possible EVERY MONTH…count it up that’s 12 weeks a year.
Then add in the one-week-per-quarter you get for Free anyhow, that’s 4 more, equals 16.
That still gives you 14 clinical days if you want to max it out never working more than 4 days a week.
He thought this was never possible, as most Dentists do because they operate on a time/money poverty mindset instead of doing the math. They think being open more days is more money – NOPE – it only makes you inefficient and spreads out the same amount of production.
If your practice is reversed engineered, you can determine down to the minute what needs to happen to hit your goals in the TIME THAT YOU DESIRE instead of the TIME THE PRACTICE FORCES.
Next we made a list of everything the Doctor was not the best in the Practice and left only the 3 things he loved, was excited about, invigorated to do and we shifted every other responsibility over to the team.
Including being his conscience to make sure he never under diagnosed and always presented ideal treatment to every patient. We installed specific financial checks and balances to ensure every patient found a way to make money work and at the worst case phase out their treatment but never delay, postpone or diminish their treatment.
The difference, fewer working days, better flow every week, more time with family, and TRIPLE the value of TREATMENT sold every single month.
This is possible in the first 6 months doing a multiple of greater production and 3x the income than ever before in 30+ years.
“BEST 6 MONTHS EVER” he said to me…and I said, “Yes, until the next 6…”
As it should be. Rinse, repeat, onward, and upwards, always!
That my friends is just the beginning…next week we’ll figure out which of the 7 Practice Growth Accelerators will become your leverage points, your power play, your practice savior or your personal stimulator to finally reach your personal, professional, practice, production, and profit potential.
Now, that’s exciting. And…you ain’t seen nothin yet!!!
Don’t forget to register right here: PracticeGrowthAccelerators.com
