12 Dental Practice Strategies

Successful practices aren’t any more talented or intelligent than you are. They simply have learned to do things in a different way and make money in the process. The key to improving your practice performance is to “Out think your competition vs. Out Spending” them. The suggestions below are in no specific order of importance:

1. Know Yourself  – Having your own practice is more than just creating a job for yourself. Your basic roles are in delivering dentistry, marketing, finance, administration, and the responsibility of personnel. To get the best results, it is rare for one doctor to play all these roles equally well. You must know which parts you can handle yourself and which parts you’re going to need help with. As the technician in the practice your time is leveraged best when you are concentrating on activities that ensure future revenue for your practice. Empower your team to run your management systems and stay focused on what you do best.

2. Plan Ahead – well-intended team members but who don’t have all the information they need to do their job run most practices. This includes a clear idea of market segment, target markets, customer service, marketing mix and promotional activities. If you want to succeed you need a well thought out business plan that helps you make the right decisions? If you don’t have a business plan, consider enrolling in The Schuster Center’s Strategic Planning program.

3. Know Your Industry – You can gain the greatest competitive edge if you have an intimate knowledge of your business. Unfortunately dentistry is a very isolated profession. Exposure to your colleagues and their practices is very limited.  To thrive and prosper, you must be committed to learn and have the desire and energy to accomplish your goals. These are five main reasons why most practices don’t prosper.

1. Lack of Industry Knowledge
2. Lack of Vision
3. Poor Market Strategy
4. Failure to Establish Goals
5. Inadequate Cash Flow

4. Understand Your Clients – Make it your business to give your clients what they want, and they will continue to buy from you. The services you provide should reflect your client’s needs and wants.  Many doctors position themselves as a commodity-based practice and focus on selling Crowns, Veneers, and Restorative.  Think in your client’s terms; buy, show, sell, and say things that interest them, not just what interests you. Remember, they want NO dentistry. Sell yourself!! Focus on your services such as trust, being on time for their appointments, and your attention to patient comfort.

5. Keep Good Financial Records – If you don’t know where your money is going, it will soon be gone. Good financial records are like the instruments on an airplane, they keep you posted of your height, direction, and speed. Without them you’re flying blind with no controls to guide you to your destination. If you are not tracking your statistics get back into the routine of this with your staff. If you need assistance contact your support coach for a review.

6. Use Sound Management Practices – As a practice owner, you are also a manager. You have to make decisions, offer client service, manage time and resources, and know how to run the practice better than anyone working for you.  Your team not only includes your immediate staff, but surrounding yourself with a professional advisory team is also critical. Remember the concept of a level one dentist vs. level two dentist. This same concept can apply to your accountants, insurance agents etc. Are you working with a level one accountant or a level four? Are they simply organizing your money on a P & L or are they coaching you towards future goals?

7. Develop A Distinctive Image – Your image is important and is a function of your marketing efforts and materials.  Clients create their perceptions of your practice from your name, web site appearance, practice location, displays, business cards, newsletters, and anything else that relates to your business.

8. Learn From The Pros – In today’s explosive markets, making the right moves is absolutely essential; there is little room for error.  Stay connected with The Center so you can interact with dentists from all over the United States.  The support department is also a terrific resource for your practice. Each year we have the privilege to communicate with literally hundreds of doctors.  Because of the emotional and sometimes difficult decisions that must be made, the crucial difference is having fresh ideas with an impartial business position. This is one the primary reasons we use statistics in our coaching calls. Our job is to minimize the emotion and give you guidance based off of objective data.

Case presentation skill development is a critical component to your success. You will need to constantly improve and refine your skills. If your case acceptance is less than 85%, then consider attending an Advanced Case Presentation Seminar with Dr. Schuster.