responsibility<\/a>.<\/p>\n\n\n\nThis is all good news for the right doctors \u2013 those willing to take action because they truly desire to achieve their stated goals, as opposed to those just standing around with a list of things to complain about. The right doctors thrive off of being in control of their own results, practicing on their own terms, and being in charge of their plans for success.<\/p>\n\n\n\n
When it comes to having a \u201cProfit Plan\u201d for your practice, have you ever even heard of one? Probably not. Most doctors never spend the time to create \u201cprofit plan\u201d (maybe an \u201coverhead percentage\u201d or possibly a \u201cbudget\u201d), but not a proactive, predictable, purposefully orchestrated and plotted-out PROFIT PLAN.<\/p>\n\n\n\n
That would be a very big reason why most practices are underperforming when it comes to profit, no matter how much their production is.<\/p>\n\n\n\n
Here\u2019s the thing: regardless of how much you love dentistry, you can only do so much before you begin to feel unfairly compensated for the time, energy, and effort you put into your practice. Understandably, you would be frustrated by not having as much to show for your efforts at the end of a month or over a year than you thought you would.<\/p>\n\n\n\n
We fix that through PLANNING.<\/p>\n\n\n\n
And to create such a plan, we must first reverse-engineer your practice for success. And even though when I use the term \u201cSuccess,\u201d I\u2019m referring to all aspects of life, relationships, goals, charity, legacy, as well as the practice, for the sake of this discussion today, we\u2019re going to approach this from very much a bottom line focus.<\/p>\n\n\n\n
So first off \u2013 are you earning enough?<\/p>\n\n\n\n
The simplest way to determine this is to take your monthly collections (total revenues for your practice), divide that by your average clinical days in a month. You will now know what every day in your practice is worth currently.<\/p>\n\n\n\n
This is your starting benchmark, this is your BASELINE, which you use to gauge your progress compared to the ultimate goal \u2013 your Magic Number<\/em>. Remember, last week, we noted that there IS a Magic Number<\/em> that exists for your life. It\u2019s a critical value that you MUST know and understand.<\/p>\n\n\n\nWithout knowing this number, you\u2019re literally \u201cflying blind\u201d as a practice owner, which means any course corrections that get made only happen to avert catastrophe. You MUST know this number to make your practice and your life work.<\/p>\n\n\n\n\t<\/div>\n\n\t\t\t