{"id":929,"date":"2017-08-11T17:19:10","date_gmt":"2017-08-11T17:19:10","guid":{"rendered":"http:\/\/dentalsuccesstoday.com\/blog\/?p=929"},"modified":"2017-08-11T17:19:10","modified_gmt":"2017-08-11T17:19:10","slug":"the-4-fundamental-practice-profit-pitfalls-part-2","status":"publish","type":"post","link":"https:\/\/dentalsuccesstoday.com\/blog\/the-4-fundamental-practice-profit-pitfalls-part-2\/","title":{"rendered":"The 4 Fundamental Practice Profit Pitfalls – Part 2"},"content":{"rendered":"

I\u2019m glad I struck a chord with you last week.\u00a0 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.<\/p>\n

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 \u2013 your Team.<\/p>\n

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.<\/p>\n

Now, depositing money or spending money or taking a pay check is not \u201cpaying attention to money.\u201d\u00a0 I\u2019m talking about managing the cash-flow strategy and having complete clarity on the reality of money in your practice.\u00a0 This involves everything from successful case acceptance through unanswered phone calls through collections and proper discipline on budgeting and investing for growth.<\/p>\n

Keep those questions coming.\u00a0 I love them.\u00a0 Especially about this.<\/p>\n

This week, we move to Part 2 and the other two Profit Pitfalls most prevalent in practices across North America.\u00a0 Let\u2019s see how you stack up\u2026<\/p>\n

The third Profit Pitfall is the lack of effective Systems \u2013 this means deliberate, predictable, effective systems for all parts of the practice.<\/p>\n

The word system is thrown around a lot.\u00a0 So let me be clear: there are good systems and bad systems, there is no such thing as no system.\u00a0 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 \u2013 they you by default have the worst kind of system \u2013 an accidental one.<\/p>\n

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 \u2018thing\u2019 that doesn\u2019t take into account any of your variables, uniqueness or (especially) preferences.\u00a0 These simply will never work.<\/p>\n

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.<\/p>\n

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\u2019t have a box full of crowns \u2013 one size fits all \u2013 that you use for your patients.<\/p>\n

This example is the same for any system in your practice with structure, protocols, consistency with customizable adjustments for different situations.<\/p>\n

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.\u00a0 Most won\u2019t take the time, but you should because you must know this\u2026<\/p>\n

For every single system that you have not chosen deliberately and put in place to ensure the outcome that you want \u2013 you are losing money.<\/p>\n

It gets worse.\u00a0 For every system you have, some team member must own it, have mastered it, track it and be accountable for it.<\/p>\n

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.<\/p>\n

The last Profit Pitfall I\u2019m going to talk about today is the one that controls and dictates the other three \u2013 money, team, systems \u2013 and that is your vision.<\/p>\n

Yes, your vision for your practice.<\/p>\n

You can call it whatever you want: vision, business plan, blueprint (that\u2019s what I call it).\u00a0 Your vision for your practice must be the guiding compass for every decision you make and every action you take.<\/p>\n

I was recently reminded about the great and famous Helen Keller quote, \u201cThe only thing worse than being blind is having sight but no vision.\u201d<\/p>\n

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.\u00a0 That\u2019s a good thing because the captain gets to decide how we sail, who\u2019s on the ship and most importantly where we end up.<\/p>\n

Who wouldn\u2019t want to be in control of that.<\/p>\n

But most don\u2019t control it; they just float aimlessly.\u00a0 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).<\/p>\n

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.<\/p>\n

Recently, I created an entire approach to\u00a0 unlocking the hidden opportunity in your practice<\/a> all designed around your strategic vision (if you missed that, here\u2019s another chance \u2013 it\u2019s that important \u2013 request your Lost Opportunity Analysis and Strategic Blueprint <\/a>).<\/p>\n

I can\u2019t overemphasize this.\u00a0 Without a decided vision and direction for your practice you are losing money, working against yourself and diminishing your profitability without even knowing it.<\/p>\n

Vision matters.\u00a0 What is yours?<\/p>\n

The good news is: it can change over time at different stages of your life and career.<\/p>\n

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\u2019t match or live up to their skills, their abilities and especially their ambition.<\/p>\n

Let me help you get back on track, simply schedule your Lost Opportunity Analysis and Strategic Blueprint\u2026 <\/a><\/p>\n

Go to work on your vision and you will be amazed at how much clarity you will have about everything else.\u00a0 You will instantly be more aware of and able to avoid the other Profit Pitfalls we have talked about.<\/p>\n","protected":false},"excerpt":{"rendered":"

I\u2019m glad I struck a chord with you last week.\u00a0 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… 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-929","post","type-post","status-publish","format-standard","hentry","category-dental-success"],"yoast_head":"\nThe 4 Fundamental Practice Profit Pitfalls - Part 2<\/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-4-fundamental-practice-profit-pitfalls-part-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The 4 Fundamental Practice Profit Pitfalls - Part 2\" \/>\n<meta property=\"og:description\" content=\"I\u2019m glad I struck a chord with you last week.\u00a0 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. 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