It happened again. In spite of your best intentions, you forgot or postponed, or you put it on the back burner till later. But you are busy. You’re just spending all your time planning that great vacation, or new house, or a new hobby. In fact, we statistically spend more time on planning a family vacation than we spend on setting and executing ...
Read MoreThe big question I have been getting is: How do I find these practices with a huge upside? Almost every dentist that has texted, emailed or called, agreed with me on wanting to find a practice with multiple upside benefits. The trick is how to find them and where to look. As a prequal to using my strategy for finding one, be sure you have ...
Read MoreWe are about to dig a little deeper into this young doctor’s first practice purchase or your next practice. If you did not read the previous article, go back and read it so that you are not missing any of the steps in determining if this is a good purchase. Before we leave the location, we need to discuss real estate and leases. Never buy a ...
Read MoreWhile this is the last installment in this series on benchmarks, it is still a very significant number to track. Once again, no one tracks this and it will give you an entirely different insight into productive scheduling and profitability. What we are looking for is the percentage of daily cases on your book that are at or about the value of what ...
Read MoreA lot of software companies can produce this number for you, but the short fall here is that we don’t take the information and act quickly to improve our standing. If you have not yet given each of the benchmark articles to your office manager and staff, you are missing a huge opportunity in having them partner with you to take your practice to ...
Read MoreMost offices don’t give their hygiene department enough attention. This is a make it or break it benchmark that is high on my list of numbers you need to address. Too often we look at hygiene as sort of a “loss leader” component of our offices. Managed care and poor reimbursements for hygiene services only contribute to this mentality. ...
Read MoreThe next number you should track, but no one does, is the monthly production per employee. Very simple calculation, but I don’t know of any other group that ever follows this number. All you do is count up the number of staff including associates, front desk, assistants, office manager and anyone else who is an employee. Note: Part timers would ...
Read MoreFor the next few weeks I am going to put a magnifying glass on your benchmarks, but in a little different way. I find most doctors fail to really monitor or study their numbers. Oh sure, some pay hundreds if not thousands of dollars a month to have some third-party company data mine their practice software in order to produce a monthly report or ...
Read MoreLast week’s focus was on starting a new office. This week we explore buying an established practice. Purchasing an existing office: The good points of purchasing an existing practice: You have a practice history to look at. You know what the past was and what the current demographic and economic trends are today. Like a new office, ...
Read MoreThere comes a time when almost every dentist ponders the decision of ownership. Should I buy or buy into an existing practice or should I strike out and open a “scratch” practice? I wish there was a clear choice but the waters are a little murky. If you are going to be an owner you will face this dilemma and asking the right questions and ...
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