The 3 “P’s” to Profitability

Last night while in Calgary I spent some time talking with two amazing Doctors ready for the next level of success in their practices…their desire to achieve the ultimate Lifestyle Practice which can be summarized by “working less, making more, and having a practice run itself…without you (the Dentist/Owner) being involved in daily oversight and management.”

Our goal is quite simple, to maximize the money added to each of their wealth accounts over the next 2-3 years giving them complete autonomy and putting them into a “Practice by Choice” position.

Most Dentists I work with desire an ideal schedule of 3-days clinical per week, 3-weeks in office per month, and some where in the range of $1,000,000 annual payout, living off of $250,000-$400,000 ish and banking the rest, usually around $500,000++ giving them an extra $2,000,000-$3,000,000 in cash assets in 3-5 years.

While my Blueprint Process and specific, proprietary method of designing and creating a Lifestyle Practice Model for you is very customized and individual, no different than your work with a Patient’s Smile or overall Dental Wellness and functionality – and exactly like a commissioned artist brought in to paint your own self or family portrait…

There IS still a Process.

Though the outcome is always extraordinary and unique, a one-of-a-kind blueprint because the “subject” is always different than the one before or the one next in line.

Still, achieving these “numbers” and financial results are a formula, a math problem I have taken years, nearly a decade of experience, practice, and careful construction on hundreds of different individual unique and personal examples of professional practices from around the world, to craft.

Yes, my work with Dentists is down to a science, the science of building a bridge (what I call a blueprint) specifically designed to take you from where you are now to where you want to be in 2-3 years…all driven by a 6-month step-by-step action execution and implementation accountability plan.

I tell you all of this to say –

Your Profitability and adding an extra Million Dollars or putting $500,000++ cash into your retirement or paying off your loans or mortgage or making the next investment comes down to these 3 things.

Often called The Trifecta – 3 legs to the stool – whatever you prefer…

We have to maximize, monetize, optimize, care for, and especially train, appreciate, nurture, and respect:

Your Patients
Your People
Your Procedures

Yes – the 3 P’s – determine everything.

Quality – Profitable – Positive – Genuine

People who take care of your patients, who run your practice, who make your life easier OR become the biggest obstacle and determinant and will sabotage everything you ever try to do inside and outside of your practice.

You can be the best dentist in the world have the best patients and if you do not properly manage (as a business and leader) the people inside you will fail and live a life of frustrated desperation.

The exact same goes for Patients.

In reverse, the best people and dentist in the world, the most amazing office experience, anything and everything you do is ONLY as good or bad as the QUALITY of your Patients.

If you have patients in your office who don’t appreciate what you do, who don’t comply with your treatment protocols, who don’t invest in their dental health and experience – then you are doomed for low profitability, working harder and harder to make less and less.

These two things everyone realizes are the “divisions” within your Practice. But. Most Dentists do little to nothing about managing and nurturing and creating an AMAZING environment for BOTH People and Patients.

You see, your People are also your customers…their ‘buy-in’ to what you do and who you are and why you exist all matter.

I can promise you this – if you look back at your practice, your training, your investments you will see one of two things – either you are investing the majority on your People at the neglect of your Patients or you are investing in your Patients at the neglect of your People.

No one balances this appropriately –
I’m telling you – no one.

There is a very specific method of creating the most inspiring atmosphere and morale and motivation for both Patients and your Team that will make all the difference in the world to your

Your Peace of Mind

So…that’s not all…here’s the rest of the story –

The 3rd P – is your procedures or any of the actual Dentistry that is done inside your Four Walls with Patients in the Chair.

There are four major things that you must know about your Procedures.

1st – most do willy-nilly hodge-podge dentistry with no rhyme or reason or plan to their schedule, they work inefficiently and at the mercy of both people and patients.

2nd – you ARE NOT forced to do Dentistry you do not ENJOY or like…the fastest way to lead to burnout is to do cases and practice in a way and on people whom you do not thoroughly enjoy

3rd – the “procedures” are your money-maker, but it is just another role and responsibility in your practice…if you choose to Practice Dentistry or for as long as you wish to be involved you are filling the most valuable role within the practice, however, it can easily be built around another Associate or Dentist – “who” does the Dentistry is not as important as “HOW” the Dentistry is done

4th – and finally, your income is determined by the procedures you do, hands down, plain and simple, the treatment in the operatory hour by hour patient by patient determines your production, however it’s everything that leads to WHO the patients are, how you maximize your fees, the process for educating the patients, the support your team provides, and everything that makes up the Team and Patient interaction and experience BEFORE and AFTER they get to the Treatment in the Chair, to the actual Procedures is what really matters and is where the “magic” and extra icing on the cake million dollars of profit comes from.

There you have it. 3 P’s to Profitability, explained.

Now next week we will go into deep detail on how to make each of these more profitable and tie them together to create an “auto-pilot” practice.

We will cover the 3 major pitfalls and secret triggers that will steal away your best patients and eat up all of your profits or be the difference maker in your success.

A hint…

People Communication Breakdowns and lack of Systems
Patient Handoffs and Understanding of Treatment, acceptance and compliance
Procedure Support, removing the heavy lifting from the Dentist, teamwork

My advice.

Re-read this Profit Report and carefully assess where you rank on a scale of 1-10 on each of the 3 P’s – 10 = ideal, perfect, maximizing your day and production and living the practice of your dreams with no worries in the world. And 1…a plan, system, protocol being non-existent, fly by the seat of your pants, daily cycle of routine or hamster week or roller skates of fires being put out…afraid to leave the control of the office to anyone and be gone for more than a week or two.

Next week I will share with you the ultimate litmus test of Practice Success and one specific key factor that will tell you instantly how healthy of a practice you have…you’ve never heard this before and it will be a game changer.

That, you can take to the bank.