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SHOULD I BUY THIS PRACTICE? – PART 3

Welcome back. Make sure you have read and are familiar with the first two parts of Should I Buy This Practice? Let’s talk about contracts and allocation of the purchase price. Most brokers are going to want to have you …

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SHOULD I BUY THIS PRACTICE? – PART 2

We 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 …

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SHOULD I BUY THIS PRACTICE?

Last week I had the opportunity to look at a practice that a young doctor wanted to buy. He contacted me to ask my opinion. This happens four or five times a month in addition to seasoned doctors thinking about …

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BENCHMARKS THAT SHOULD GIVE YOU PAUSE #6 – SUBSTANTIAL CASE PERCENTAGE

While 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. …

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BENCHMARKS THAT SHOULD GIVE YOU PAUSE – #5 PRODUCTION PER NEW PATIENT

A 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 …

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BENCHMARKS THAT SHOULD GIVE YOU PAUSE #4 – LAB PERCENTAGES

Once again, we are looking at a number that few, if any, consistently follow. The amount you spend on your lab bills becomes a significant indicator of whether your marketing is working, demographics are good, systems are done consistently well, …

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BENCHMARKS THAT SHOULD GIVE YOU PAUSE #3 – HYGIENE CONTRIBUTION

Most 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 …

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BENCHMARKS THAT SHOULD GIVE YOU PAUSE #2 – PRODUCTION PER EMPLOYEE

The 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 …

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BENCHMARKS THAT SHOULD GIVE YOU PAUSE ————— #1 DIRECT REFERRALS

For 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 …

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END OF YEAR INSURANCE LETTERS

We stress this annually at about this time of year (late Sept./early Oct.), but are still amazed at how many offices don’t do it. Many of your patients have unused insurance benefits that will expire on Dec. 31. A gentle …

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