In his recent book, 43 Rules to Increase Practice Production, Dr. Roger P. Levin shares recommendations for achieving greater practice success in the new, more challenging dental economy. The following is an excerpt.
Just because dentistry has entered a more competitive era doesn't mean you can't have a highly successful practice and a great career. Follow these new rules to improve efficiency, generate more referrals, motivate more patients to accept treatment, and, ultimately, increase practice production.
The single most important number in practice performance is obviously production. Dental practices should be growing at a rate of 15% to 18% or more in the first two years of implementing best model systems, checklists, and scripting.
Currently, 75% of dental practices have declined because of the Great Recession and the subsequent slow recovery. While this situation may change, it will be more challenging for practices to increase production than ever before.
But it's not just the economy hurting practices. How dental offices operate as a business can be part of the problem. The days of hanging a shingle and growing automatically are over. Simply relying on habits to get through the day at a certain pace is also hindering productivity. Since 1985, Levin Group has developed best model systems and checklists that enable practices to increase production. This is based on the fact that, according to the Levin Group Data Center, nearly all practices can grow by 30%.
Increasing production depends on a number of factors, including the following:
- Number of new patients
- Average production per new patient
- Average production per patient
- Patient referrals
- Case acceptance rates
- Insurance versus fee for service
- Need-based dentistry versus elective
A dental practice is a small but complex business. Dentists spend the majority of their time providing excellent care for patients. To increase production on a regular basis, practices must implement best models that the team can be trained to follow. That is the key to success in the new dental economy.
The next excerpt will focus on why a vision for success is essential.
Roger P. Levin, DDS, is the chairman and CEO of practice management consulting firm Levin Group.
To learn all the new rules Dr. Levin has developed, based on more than 30 years of experience consulting with dental practices, download the digital version of 43 Rules to Increase Practice Production, available for just $59.00.
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Copyright © 2016, Levin Group. Reprinted with permission.