Last week, I presented a deep dive into how to dramatically increase the profitability of your private practice. It was not just about the POWER OF PROFIT it was about giving you the ability to actually create more profitability in the first place…
“Increasing Private
Dental Practice Profits”
Practice Success Whiteboard Session with Scott J Manning, MBA
How to Become a Better, More Successful Business Owner,
By Engineering Your Practice for Maximum Profitability,
While Minimizing Waste and Unnecessary Overhead.
When you own the literal keys to your practice (that unlocks the door), you also own the figurative keys to its profitability (that unlocks so much more). That is a powerful concept in and of itself. You have the ability to write your own paycheck.
No matter what type of practice you have today, the model you operate within, the dynamic of your insurance, your geographic location, your scope of procedures, or any other type of variable – armed with the right information, taking action on the knowledge I give you, and executing my three-part structure – you can determine your own profitability.
I started by covering the three mindset shifts that must occur first, then five myths flipped upside down, how to put your practice into proper alignment, ways to create greater flow of prosperity, and ending with the three fundamental decisions you must make to create the formulaic profit plan for you. You can see it all here in my unique fast paced action-packed Whiteboard Session.
Today, I want to carry over from that session and talk about three of the greatest advantages more PROFIT will provide for your practice.
First, is an elevated and all-in patient experience.
It’s about freeing yourself from the feeling of desperation, no longer making decisions out of fear, and never having to rush through trying to achieve increased volume. Instead, when you come from a position of predictable profit, you get to make your patient experience whatever you want it to be.
Ask yourself: if you could change anything about your patient experience what would it be? If you could wave a magic wand and do something differently, what would you change?
Here’s why this matters. Because you don’t wait to be more profitable to start making these improvements. You do them now.
You slow down the experience. You provide more education, more surprises, more extras in order to build more trust.
And then you become more profitable.
Sometimes it’s as simple as taking new x-rays even if insurance doesn’t cover them. Or taking pictures or scans or even a CBCT scan. Of course, I prefer the patient invest in wax ups or models and the like, no different than they would pay to get their bite in the right position.
My point is, if there is something that helps make the experience better, helps bring the vision to life for the patient, helps build the case – then do it. Stop stepping over dollars to pick up pennies that gets in the way of doing what matters.
Sometimes, it’s not money it’s time or it’s tasks or it’s team or it’s a thousand other distractions that take focus away from what matters most.
When you are more profitable, you can reinvest in your patients, your team, your experience.
Just don’t get confused about the chicken and the egg here – you do it and then become more profitable. You don’t wait to become more profitable in order to then do these enhancements.
Simple lesson: go all-in all the time and you will be amazed how much pent up demand and value there is to cultivate and profit from in your practice.
The second advantage ties right into this… the power of supply-and-demand. A more profitable practice gives you the ability to elevate the terms by which you operate, your rules of engagement if you will.
Greater profitability means fewer patients are needed. You can choose to get rid of more insurance because you aren’t dependent on maximum volume. You can add deposits to first time visits or do comprehensive exams without cleanings.
For our Specialists you can elevate the quality of your referrals, you can add more screening to who gets in for appointments and the list goes on.
Profit gives you power and power puts demand in your favor.
What would you do if you knew you had exactly the right demand? If you operated in a perfect environment where every patient complied and did exactly what you want, what would that look like for you?
This is how I get my doctors to dream about their ideal hours and weekly schedule, taking more weeks out of the office for life, raising their fees, presenting state of ideal dentistry every time to every patient.
Because the fact is anything is possible with the right system, structure, and experience in place.
And a funny thing happens when you have the power of demand, those that wouldn’t before all the sudden will. You see resistance from others fade to nothing as soon as you remove resistance from yourself.
It all results from you having filled your practice up with people who want to be there because they can believe your conviction, trust your confidence, and value your dentistry.
We’ll attack this resistance head on and hit the profit advantage #3 next week.
Here’s the thing, until you decide that you are worthy and you choose to willingly commit to doing all the things that more profit ‘affords’ you to do – first (before you think you are ready or are waiting for some person’s permission or your CPA tells you it’s okay), you will forever be in your own way.
All in all, people may say it’s not about the money but then again it doesn’t have to be about the money to be about the money. Money doesn’t have to be the point or the purpose to be important and necessary to be able to make your practice, your dentistry, your impact on patients’ lives as incredible as it can possibly be.
This is because of the greatest power profit gives you and that is the ultimate peace of mind to enjoy your life, practice on your own terms, and hold nothing back from.
If that’s not reason enough to study my Whiteboard Session carefully and work on reverse engineering your profit power, I don’t know what is.
I’ll see you next week as we continue this discussion. Until then, keep proudly fulfilling your purpose, living your passion, and earning your profits.
Practice Success Whiteboard Session with Scott J Manning, MBA
“Increasing Private
Dental Practice Profits”
