The factor that impacts our decisions, actions and outcomes
April 28, 2014 | Posted in Tuesdays With Transitions | Be the first one to comment
Perception drives our frame of reference for almost all of the decisions, events, people, situations, etc., that we encounter every day. The frame in which we SEE, FEEL and ACT is based on our choice of how we respond to internal and external stimuli. 1% of life is what happens to us, 99% is how we choose to respond. Read one of my favourite stories below which shows the type of perception that fuels the spirit. Read More Here
March 03, 2014 | Posted Tuesdays With Transitions
Metrics of Success…
Of the five key elements of every successful dental practice – team, revenue, patients, expenses and capacity — the last one is by far the least understood.
Capacity is all about numbers: what combination of dental providers,patients, operatories and scheduled hours is optimal to generate production, billing . . . and, of course, great dental health for everyone who
walks through your door. Let’s examine them one by one.
Click Here to read more!
5 Ways To Increase Collections NOW..
February 24, 2014 | Posted in Tuesdays With Transitions | Be the first one to comment
Take charge of Your Dental Practice Financial Sustainability
Dental practice financial sustainability is inevitably dependent on how much money is deposited in the bank via Collections. If collections have decreased as a percent of production, then cash flow suffers. This means there is an immediate need for change in how and when you collect. What can be changed?
1. Designated Financial Coordinator
If everyone is responsible for collections, then no one is accountable. Assign, hire or train a key designated administrative team member to be accountable for operational collections of financial arrangements, insurance claims, accounts receivable, statements and making goals for progress in the project to collect old debt.
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If they are not improving or growing, then NOW is the time to respond..
Dental Practice Financial health begins with Production; the codes and fees billed for
dental and hygiene procedures performed on the patients by a provider.
Collection: the deposit of monies owed for the treatment in a timely manner or via an
outside financial partner.
Profit: is what is left over after all the fixed and variable costs are paid for the
business. The 35-45% cash flow supports the owner’s lifestyle while continually adding to
maximum value for future practice and career choices.
Simple and quick ways to impact increase ….
Outdated and inefficient systems and strategy will not move the practice forward and will degrade the growth output. Below are simple and quick ways to impact increase in production.
Beginning with fees and followed by attention to outstanding dentistry and reactivating existing patients who have fallen through the cracks.
Increase the most common 20 codes and fees billed in the practice and increase by at least 3-5%. The impact will be instant the date they are raised.
CLICK HERE TO READ MORE!
Do you have declined practice finances?
Dental Practice Financial health begins with Production; the codes and fees billed for dental and hygiene procedures which are performed on the patients by a provider.
Collection is the deposit of monies owed for the treatment in a timely manner or via an outside financial partner.
Profit is what is left over after all the fixed and variable costs are paid for the business. This 35-45% cash flow supports the owner lifestyle, while continually adding to maximum value for future practice and career choices.
If the production is not growing, then NOW is the time to respond and act soon. It is proven that if the practice remains stagnant with no growth and flat-lining plateaus are left unattended (ignored or denied), it is absolute that the practice will eventually have a rapid decline. Once these numbers start spiraling downward, they are difficult to stop or redirect.
ASK yourself the questions below about your practice and then CONNECT and identify the common CAUSES that we have seen from our experience at Transitions Group North America with thousands of clients.
Questions related to Production and Collections:
* When was the last time you reviewed/updated your fees?
* What feedback have you heard from patients when you adjust your fees?
CLICK HERE TO READ MORE!
The vital step to maximize time!
Once the dentistry is accepted and there is a signed financial agreement, the scheduling can occur. One of the biggest challenges we see practices dealing with on a daily basis is how to effectively schedule to maximize the time and efficiency of procedures, while decreasing operator fatigue and enhancing patient comfort.
A common habit is to just fill the blanks with as many patients as you can; squeeze in the last minute emergency patients and guess at how much time is needed for procedures, while hoping the dentist will be able to check 1-3 hygiene patients an hour.
This lack of planning and engineering of the schedule causes high stress, low productivity, decreased dollar per hour and serious time management issues for patients. CLICK HERE TO READ MORE
The choice is yours!!
January is the time of year to ask the following question about year over year status. Are you on a decline that won’t seem to stop? Is the practice surviving with a flat line plateau or did you have at least by 10-15% growth over last year?