Balancing opportunities, timing, and investment is critical in a long-term practice growth process. Selecting the right opportunities at the right time can help any practice move to the next level, achieve and maintain higher levels of success, increase production, and decrease the number of years required for a dentist to reach financial independence.
Add a new service. Adding a new service can give your practice the boost it needs; however, it requires careful consideration. Do you have enough patients who can be encouraged to accept the new treatment? Will the expected revenue be sufficient to generate a return on your investment (equipment, training, etc.) and allow for a suitable profit margin? Are the dentist and team willing to master whatever clinical skills are needed? Do your current insurances reimburse for the new service and at what level?
Don’t forget to add effective team training. The best approach to establishing a high-performing team operating at the highest level is to implement the best business systems with documentation and measurements and train the team to follow the systems. With effective training, production increase can be as much as 20% in 12 to 18 months.
Dr. Roger P. Levin is CEO of Levin Group, a leading practice management and marketing consulting firm. To contact him or to join the 40,000 dental professionals who receive his Practice Production Tip of the Day, visit LevinGroup.com or email [email protected].
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.
