{"id":1048,"date":"2018-01-26T16:00:08","date_gmt":"2018-01-26T16:00:08","guid":{"rendered":"http:\/\/dentalsuccesstoday.com\/blog\/?p=1048"},"modified":"2018-01-29T16:02:28","modified_gmt":"2018-01-29T16:02:28","slug":"the-science-of-growing-profitable-production","status":"publish","type":"post","link":"https:\/\/dentalsuccesstoday.com\/blog\/the-science-of-growing-profitable-production\/","title":{"rendered":"The Science of Growing Profitable Production"},"content":{"rendered":"

Before we get to the science, we must first agree on some basic principles.\u00a0 First, realize that most practices are built on four in-flows of production\u2026<\/p>\n

1st<\/sup> \u2013 Existing patients coming in for Hygiene that have a single tooth problem<\/p>\n

2nd<\/sup> \u2013 Hygiene production itself<\/p>\n

3rd<\/sup> \u2013 Emergency patients doing some treatment to get them out of pain<\/p>\n

4th<\/sup> \u2013 New patients, the obvious<\/p>\n

If you were to look at where your percentages fall in terms of each of these categories, you would probably be surprised.<\/p>\n

What\u2019s worse though is the percentage of patients who cycle through each of these four categories again and again and stay inside the four areas of production.<\/p>\n

Growing a business is actually very simple math.<\/p>\n

You get new customers, in your case patients, each year.\u00a0 Then a percentage of those customers stay and keeping coming back into your practice next year.\u00a0 You can then add on top of that a new stream of patients coming in over and above the ones from the previous year.\u00a0 You continually add to the foundation of patients you already have, year after year.<\/p>\n

Now, if you dissect that paragraph you see very clearly why every single year you should have automatic growth.\u00a0 If you really think about it, it should be substantial because even if you only kept half of your new patients year over year and let\u2019s say they are only worth 25% of their value from the year before (though they should be worth more in year two if you do it right), you have built an instant 12.5% growth without doing anything but cultivating more treatment out of the 2nd<\/sup> year patients.<\/p>\n

Then you add on to the hygiene production and you have another increase of some lesser overall percentage which brings you in the 20% range (as long as you don\u2019t totally screw it up and get in the way of your own progress).<\/p>\n

Now, I can tell you that you should be keeping more than 50% of your patients and you should be getting at least 50% of their year 1 value back into year 2 and therefore you would have an immediate 25% increase.<\/p>\n

Here is the point\u2026<\/p>\n

If just for a second you would treat your patients like money in a bank account.\u00a0 Every year, each dollar should be worth more to you \u2013 as long as you keep it safe and protected in your bank account.\u00a0 If you get frivolous and lose it, then you don\u2019t have it anymore.\u00a0 If you invest it wisely, you can get it to multiply itself by bringing back two dollars next time or you make it more valuable with specialty treatment.<\/p>\n

Now you realize that every patient you lose, you are losing money.<\/p>\n

You are starting over every year if you allow yourself to go back to even.\u00a0 You become reliant on new patients or random accidental emergency treatment to pick up the slack of your production because you did not move enough of the patients from the year before into the bank account to grow bigger and stronger next year.\u00a0 You are really making this harder than it is supposed to be.<\/p>\n

Why do our practices grow so consistently year over year?\u00a0 Because they are cultivating treatment from patients and because every year the patient becomes more valuable (not less valuable), if you are handling the relationships right.<\/p>\n

We all can agree that majority new patients do not accept treatment on every tooth in their mouths on the first visit.\u00a0 Therefore, if you are only getting the treatment on the new patients in the beginning, you are missing significant treatment as you pick up pennies by stepping over the dollars.\u00a0 You are ignoring that the key to profitable growth is compounding treatment layer by layer of your patient base.<\/p>\n

So, some reading this will say, \u201cBut all my patients are healthy.\u201d\u00a0 Then it\u2019s time to chop down the tree and use the lumber to do something with because the point is to plant new trees and let those trees create seeds for the future.\u00a0 I don\u2019t buy that every single patient in your practice is healthy \u2013 I only buy that you have lost all the ones that you never got a chance to do work on and therefore you have only the easy low hanging fruit left to show for it.<\/p>\n

This is the real business.<\/p>\n

Not just new patients.<\/p>\n

Not just hygiene.<\/p>\n

Not just emergencies.<\/p>\n

Patients cycling through your practice and having a real relationship with you so that you can cultivate treatment over time and make a patient you meet today more valuable to you tomorrow.<\/p>\n

Of course, you want to get as much treatment as fast as possible, always, but the majority of the treatment takes time to incubate.<\/p>\n

Just like interest in a bank account, your patient value and practice revenue should grow over time, year after year.\u00a0 This all boils down to taking care of your patient base and making sure every stream is interconnected and serving the greater purpose of your practice, your profits and your patients.<\/p>\n

Now, here\u2019s the best news of all\u2026 I\u2019m digging deep into patient retention and showing you how to properly structure your practice to create a never-ending gold mine<\/strong>.<\/a><\/p>\n

You can register to reserve your spot on this exclusive webcast.\u00a0 I will pull no punches and hold nothing back.\u00a0 I\u2019ll show you how to build substantial wealth in your practice, all in conjunction with your personal clinical philosophy and practice model.<\/p>\n

It\u2019s going to be the most profound training I have ever done\u2026<\/p>\n

Attend the Live Webcast and Master Patient Retention >>><\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Before we get to the science, we must first agree on some basic principles.\u00a0 First, realize that most practices are built on four in-flows of production\u2026 1st \u2013 Existing patients coming in for Hygiene that have a single tooth problem 2nd \u2013 Hygiene production itself 3rd \u2013 Emergency patients doing some treatment to get them… Read more »<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1048","post","type-post","status-publish","format-standard","hentry","category-dental-success"],"yoast_head":"\nThe Science of Growing Profitable Production<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dentalsuccesstoday.com\/blog\/the-science-of-growing-profitable-production\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Science of Growing Profitable Production\" \/>\n<meta property=\"og:description\" content=\"Before we get to the science, we must first agree on some basic principles.\u00a0 First, realize that most practices are built on four in-flows of production\u2026 1st \u2013 Existing patients coming in for Hygiene that have a single tooth problem 2nd \u2013 Hygiene production itself 3rd \u2013 Emergency patients doing some treatment to get them... 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