I’m glad I struck a chord with you last week. Smart Dentists stood up and took notice about the lack of maximizing (or even really paying attention to), how much you get out of your team.
You should have immediately had some breakthrough ideas on areas of improvement or neglect that will make a difference in your profitability through successfully applying your focus to your greatest asset and biggest investment in your practice – your Team.
What really was amazing is how many doctors admitted to me in their correspondence and replies that they are absolutely guilty of not paying attention to the money, flow of treatment or just about anything else financial.
Now, depositing money or spending money or taking a pay check is not “paying attention to money.” I’m talking about managing the cash-flow strategy and having complete clarity on the reality of money in your practice. This involves everything from successful case acceptance through unanswered phone calls through collections and proper discipline on budgeting and investing for growth.
Keep those questions coming. I love them. Especially about this.
This week, we move to Part 2 and the other two Profit Pitfalls most prevalent in practices across North America. Let’s see how you stack up…
The third Profit Pitfall is the lack of effective Systems – this means deliberate, predictable, effective systems for all parts of the practice.
The word system is thrown around a lot. So let me be clear: there are good systems and bad systems, there is no such thing as no system. So if you do not have a system for your patient experience or for presenting treatment or for answering the phone or for your hand offs and transfers from each area or for every patient interaction – they you by default have the worst kind of system – an accidental one.
On the flip side, many doctors fall into the trap of other people trying to sell you their systems and think that some easy fix, some cookie cutter approach, some ‘thing’ that doesn’t take into account any of your variables, uniqueness or (especially) preferences. These simply will never work.
There are structural approaches to systems that are effective and then within these you have to be adaptable to varying circumstances that occur in your daily operations.
Think of it as a clinical protocol for a crown: you follow certain steps, everybody knows these steps, but you do not do it blindfolded and you don’t have a box full of crowns – one size fits all – that you use for your patients.
This example is the same for any system in your practice with structure, protocols, consistency with customizable adjustments for different situations.
I could give you a list of all the key systems that should be in place in your practice but its more fun to make you do the work. Most won’t take the time, but you should because you must know this…
For every single system that you have not chosen deliberately and put in place to ensure the outcome that you want – you are losing money.
It gets worse. For every system you have, some team member must own it, have mastered it, track it and be accountable for it.
Make your list now of areas you believe you could improve your systems or at the very least move from accidental to on purpose with your process.
The last Profit Pitfall I’m going to talk about today is the one that controls and dictates the other three – money, team, systems – and that is your vision.
Yes, your vision for your practice.
You can call it whatever you want: vision, business plan, blueprint (that’s what I call it). Your vision for your practice must be the guiding compass for every decision you make and every action you take.
I was recently reminded about the great and famous Helen Keller quote, “The only thing worse than being blind is having sight but no vision.”
It is so easy to get caught up in the daily routine, in life in general, in just doing the dentistry that you forget you are the captain of the ship. That’s a good thing because the captain gets to decide how we sail, who’s on the ship and most importantly where we end up.
Who wouldn’t want to be in control of that.
But most don’t control it; they just float aimlessly. Some not knowing it but most because they reach a point of overwhelm or even disheartenment with the volume required to make the living and keep the lifestyle you have built (that is if you are doing it the wrong way).
There is a smart way and a hard way; a profitable way and a stressful way; there is the insurance way and the comprehensive health way; and there should be above all else: YOUR WAY.
Recently, I created an entire approach to unlocking the hidden opportunity in your practice all designed around your strategic vision (if you missed that, here’s another chance – it’s that important – request your Lost Opportunity Analysis and Strategic Blueprint ).
I can’t overemphasize this. Without a decided vision and direction for your practice you are losing money, working against yourself and diminishing your profitability without even knowing it.
Vision matters. What is yours?
The good news is: it can change over time at different stages of your life and career.
This is the biggest mistake and setback I see that leaves many doctors burnt out or just not excited about what they do anymore because they have changed, grown, developed, expanded knowledge and yet they are still stuck in a practice that doesn’t match or live up to their skills, their abilities and especially their ambition.
Let me help you get back on track, simply schedule your Lost Opportunity Analysis and Strategic Blueprint…
Go to work on your vision and you will be amazed at how much clarity you will have about everything else. You will instantly be more aware of and able to avoid the other Profit Pitfalls we have talked about.
