Are You Ready To Be Successful in 2019?

You Need To Know Where You Have Been To Know Where You Need To Go!

The year is almost over. Are you successfully achieving your goals?  Have you been working through areas of concerns? Have you been trending in an upward direction?

Do you know what to monitor and measure to help you prepare for success in the year ahead?  Let’s walk through some key strategies to address trends in a proactive way so that you stay out of a reactionary response.  

 

Organizational Meetings

There are meetings that a dental business must hold consistently so that the entire team is moving along the same path. The orientation of the team to the Practice Vision, Mission and Strategic Plan for the future must be clearly presented and revisited through time.

If you have not developed these three items – do it now. Have your team help with the Strategic Plan after you share the Practice Mission and Vision. Now you are prepared to work toward the wants and desires of you and the team. Now you have a purpose for the meetings below.

 

  • Huddles

Start each day with reviewing the successes from the day prior and what you need to do to make today successful. Review at least the items below:

  1. Yesterday’s Production and Collection – for the entire team and each individual provider. Compare actual to goals. Over and under needs to be discussed.
  2. Treatment and Patient Acceptance – dentistry diagnosed compared to dentistry accepted. You can look at this in two different directions – numbers of patients seen and accepting treatment and then total amount of treatment diagnosed compared to the amount scheduled.  
  3. Today’s Estimated Production – for the entire team and each individual provider. Determine if all are potentially achieving goal and if not develop a game plan to potentially do just that. Look for opportunities so that all providers achieve goal each and every day.
  4. Boost up the team! Every team needs a positive start to each day! Positive work places keep positive team members who will take care of each patient in a positive way!!  Positive leaders produce positive teams!!

 

  • Team Meetings

All successful businesses have organizational meetings on a regular basis. Have these for 1-2 hours per month – at least. If you have one each week or each month – it is even better. As long as the meetings are effective, engaging and moving your practice forward – that is what counts. Below are some areas that could be covered in team meetings:

  1.  Statistical Review/KPIs
  2.  Overhead Status/Budget Status
  3.  Old News
  4.  New News
  5.  Training on pertinent systems/methods

 

  • Department Meetings

For these meetings, focus on the specific assignments and goals for that department. Making certain that in these meetings pertinent areas are covered that will be important to that department. Here are some examples:

  1. Doctor/Owner Department Meeting (Multiple doctor provider practices)
    • Review Production – per day, averages and trends
    • Review Days of Coverage – for patient care
    • Treatment Diagnosis and Acceptance
    • New techniques and materials for procedures
    • Review findings from other Department Meetings
  2. Business Department Meeting
    • Review Production Goals
    • Review Patient Satisfaction
    • Review Collections and Insurance Management
    • Review Schedule from the past and for the future
    • Review Expenditures for Office Supplies and Equipment
    • Review Marketing Efforts and Expenditures
    • Review New Patient Demographics
    • Review Retention and Loss of Patients
  3. Assistant Department Meeting
    • Review of Expenditures for Dental Supplies and Equipment
    • Review of Expenditures for Lab Cases
    • Review of OSHA and Emergency Care
    • New techniques and materials for procedures
    • Develop skills concerning diagnostic procedures
    • Review statistics – types of treatment – percent of Crowns, Fillings, Ortho, Implants, Veneers, Endo, etc
  4. Hygiene Department Meeting
    • New techniques and materials for procedures
    • Develop skills concerning diagnostic procedures
    • Review statistics – types of treatment – percent of Adult Prophy, Periodontal Treatments, Fluoride treatment, Sealants, etc.  

 

Strategic Planning Meetings

These should at least be held one time per year. We suggest that these be held on a quarterly basis. Schedule at least half a day for brainstorming growth ideas and exploring opportunities. This is a chance for the entire team or the management team to dig in deep to the KPIs to keep your business out of any downward trends.

By holding these four different types of meetings consistently and running them effectively, you stay in control of your numbers and you can see the story those numbers are telling.  

 

KPIs (Key Performance Indicators)

There are statistics that are important for you and the health and well-being of your business. These give you direct insight into your practice. Here are a few major areas that need to be reviewed constantly and understood by the entire team:

Production = gross, net, total office, by provider, by treatment room, per hour, per day, per month, per year, comparisons for 3 months/6 months/annually.  

Days Worked (Further breakdown look at Hours Worked) = total office, by provider, per month, per year, comparisons for 3 month/6 month/annually.

Collections = money in the bank, per day, per month, per year, per type of payment received, comparisons for 3 months/6 months/annually.

Adjustments/Write-offs = patient reimbursement, insurance write offs, financing costs for credit cards and Healthcare Financing Program, patient membership plan adjustments, cash courtesy adjustments, bad debt write offs, etc.

Case Acceptance = how much dentistry has been diagnosed and of that accepted

New Patients = number and demographics of new patients, retention of.

 

Patient Appointments by Provider (by day, week, month, etc.)

Profit Margin = From your monthly/quarterly/annual review of your Profit and Loss and Income Statement documents. Your Profit and Loss typically includes Collections or Net Production, Expenses and Profit.

Financial Snapshot = This is acquired from the Balance Sheets. This will show you your debt/liabilities (what you owe), assets (what you own), and how much equity (assets less liabilities) you have in the practice.

Cash Flow = A real-time tool used to see how expenses and revenue (collections) are stacking up and if there is cash in the bank.

Jameson Advisors can help you identify the right KPIs for your practice based on the position of the practice and the vision you have for developing it. Consistently monitoring these KPIs is imperative to have any working knowledge of where your practice stands and what you need to work on to improve it.

 

 

Dru Halverson, BS, RDH. Jameson Advisor & Chief of Advisors and Process

Dru Halverson, RDH, BS, has worked with Jameson for over 25 years and has proven herself as an effective advisor in both the management and clinical aspects of the consultation experience. As an advisor, Dru has worked with a diverse roster of clients and excels in the implementation of technology and making it a profit center in the practice. Her role as Chief of Advisor and Process Development entails leading the Jameson team of advisors the streamlining of Jameson services to ensure great delivery and results every time for every client. In addition, Dru serves as the lead instructor for Jameson’s management program at the OU College of Dentistry’s AEGD program helping new dentists with foundational principles of the business of dentistry.