I have one word to help you build a great practice.
It’s special. Well actually, it’s S-P-E-C-I-A-L, bold letters and period too.
It’s no ordinary special. It’s a special special.
Confused? Sure you are. Let me explain.
The letter S stands for scheduling.
Having firm control of your schedule is essential to delivering great service. The single biggest mistake I see in many practices - including the 14 I own - are issues about either being scheduled too lightly or too heavily.
The second letter is P for Production.
It’s about understanding net production and what you’re writing off with insurance companies, government plans and such. In the end, it’s critical to have a profitable end-of-day and end-of-month bottom line.
E is for Education. Training, education and communication should never end. It starts with a morning meeting, continues with a pickup in the afternoon and the day should end with a meeting. This ongoing training and education should be built on proven successful processes and procedures.
C is about Collection. If the dollars are not collected for procedures done, your practice will fail. You have to ensure you have enough profit to expand and improve your staff and business. Collection is the gasoline for the engine, and you must understand that the goal is to collect 100 percent of what’s owed to you.
I stands for Insurance. You, your team, your managed service organization and especially your front desk personnel must clearly understand the differences between insurance plans because different plans have different reimbursements.
A stands for Accounts Receivable. I use the rule of 45 days meaning that if your net production is,45 days, your accounts receivable should ensure payments are made within 45 days.
So if your net production is $100,000 a month, then your accounts receivable should be approximately $150,000. If the accounts receivable are in excess of that, your policies and procedures are not working or they’re not being implemented.
Lastly, L stands for Liability. My personal opinion is there is no better way to reduce your liability than having written treatment plans that are signed and agreed to by your patients. Failure to get signed treatment plans that clearly state risks, benefits, options, and costs is a mistake that will cost you time, money, stress and aggravation.
So that is S-P-E-C-I-A-L. I can assure you it will be special to you if you follow each letter, day after day.
If you want to learn how to be special and more, don’t hesitate to contact me at firstname.lastname@example.org or at www.ascent-dental-solutions.com.
And he knows that once you “get it right,” it’s not a great leap to replicate that success over and over again.
Today, in addition to his work as an actual dentist, Dr. Coughlin coaches, consults and speaks to dentists across the country on how to build the practice of their dreams – based on proven processes and procedures.
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