Do you have a horseman of the dental practice apocalypse tearing away at your business? This Biblical analogy of doom has been used effectively to illustrate the demise of many businesses and is relevant in today’s dental industry.
Estela Vargas, CRDH.
It may be unintentional, but allowing or neglecting issues may open the door for these horsemen to wreak havoc on every aspect of your practice. You may be completely unaware. The worst part is, with dental practices, these issues cause a slow death.
Which one of these four horsemen is actively causing your practice to decay and, eventually, die slowly?
The horseman of practice pestilence
Flies buzz around the practice; the swarm symbolizes the myriad issues plaguing the practice’s existence. Low reimbursements from insurance companies hover like a dark cloud draining financial resources. Uncollected copays flutter around aimlessly. Revenue is lost and contributes to a growing pile of debt. Meanwhile, unanswered phone calls create an echoing void, causing potential new patients to slip away while existing ones feel ignored and undervalued.
The stench of patient debt gets worse the longer it sits. Did you know that the longer you wait, the less likely it is to collect that debt? Some studies indicate that the chance of collecting a debt in the first 60 days is 90%. However, after 90 days, it drops to 50%, and over 180 days, you’ll have a 20% chance of collecting that debt.
Unmet infection control standards compound these challenges, endangering patient health and threatening the practice's reputation. Additionally, competition looms as a sinister sign of pestilence. With more practices opening in the area, failing to differentiate yourself (build your brand) in a saturated market can slowly erode the hard-won foundations of your practice.
The horseman of internal practice war
Toxic staff members who perpetuate negativity, undermine team dynamics, and create a hostile atmosphere keep your practice in a constant state of war. Even the most dedicated employees can fall victim to the pitfalls of an incohesive environment.
If turnover is a problem in the practice, it may be easy to blame the current employment market, but looking inward and changing internal processes or staff is much more challenging.
Frequent turnover erodes patient trust, leading to missed appointments and the slow growth of inactive lists. Turnover leads to untrained staff, no consistency, and no room for systems.
If there are “cliques” among staff members, others will feel alienated, and many practice leaders fear holding staff accountable or are complacent. There may be conflict over patient load and treatment philosophies in multidoctor practices.
There has been a trend on social media, with complaints from associate dentists saying owners are unfair, don’t mentor them, and don’t give them room to grow. Failing to address conflict deteriorates a practice and keeps it in a perpetual state of war.
The horseman of practice famine
Starving a practice to death doesn’t happen over a short period. Famine in a dental practice happens when operations suffer and decay caused by a decline in efficiency, effectiveness, or functionality. It manifests as:
- Inefficient workflows: Overcomplicating and poorly defined processes and redundancy, leading to delays and frustration
- Disorganization: Lost patient records, scheduling errors, and missed billing deadlines
- Undertrained staff: Team members cannot adapt to changes, leading to stagnation
- Neglected maintenance: Outdated equipment held together by duct tape or neglected software updates impairs productivity and exposes the practice to significant security risks
- Burnout culture: A high-stress environment reduces morale and increases turnover
- Cash-flow issues: Delays in payments or mismanaged expenses
- Patient attrition: Ineffective recall systems that cause patient base shrinkage
- Limited marketing: A minimal online presence or outdated advertising methods
The horseman of practice death
The horseman of death is the ultimate failure of the practice, caused by unchecked problems like burnout, a shrinking patient base, severe compliance violations, or unsustainable business practices. None of these things happen overnight, so identifying and neutralizing these threats before they destroy operating systems is key to preventing a slow death.
Quick deaths can and do happen! These are the ones you read about in your daily newsletter.
What can quickly snowball into the death of a practice?
- Compliance violations include HIPAA breaches, neglect of U.S. Occupational Safety and Health Administration requirements, practicing below the standard of care, and operating without proper licensing, which can lead to investigations, sanctions, and severe penalties.
- Audit failures: Lack of documentation leads to failing audits and investigations. It leaves the doctor vulnerable and defenseless. If you didn’t document it, it never happened.
- Burnout: Dentists or staff are overwhelmed, resulting in a decision to shut down.
- Succession failures: There is no clear exit strategy or transition plan for the practice.
Unlike the Biblical apocalypse, the dental practice apocalypse can be prevented. Being proactive and vigilant is key to tackling these issues before they cause damage. Be the innovative practice leader that the four horsemen fear such that they don’t dare show their faces around your practice.
Is a horseman tearing away at your practice? Don't let these issues lead to a slow death. Reach out to remotesourcing.me today for solutions to help you proactively identify and neutralize threats, ensuring that your practice thrives.
Estela Vargas, CRDH, is the founder and CEO of Remote Sourcing, a dental insurance billing and revenue recovery service. She is a graduate of Miami Dade College's dental hygiene program. Vargas' extensive background in the clinical arena of dentistry is coupled with her experience as a practice administrator and business executive.
The comments and observations expressed herein do not necessarily reflect the opinions of DrBicuspid.com, nor should they be construed as an endorsement or admonishment of any particular idea, vendor, or organization.
