Archive for practice systems
Change is Good
Posted by: | CommentsSmall changes will significantly impact your dental practice and life for the better.
–Small changes in Cash Flow Management will give you immediate control of money and peace of mind.
–Small changes in Time & Energy Management will impact your practice within just one month!
–Small changes in your Sales Effectiveness will provide you an immediate increase in Production!
–Small changes in Marketing will take 18-24 months to take effect.
–Small changes in the Right People can make an immediate impact on your practice and life.
–Small changes in the Organization will take 3-6 months to take effect in your practice and life.
–Changes in Purpose will have a profound and long term effect on your Practice and your Life.
CHANGE IS GOOD. Pull yourself up and get at it now.
—-For help with dental practice management, dental case presentation, hygiene as a profit center, business plans for the dental practice, dental continuing education seminars and more, go to www.SchusterCenter.com or call 1-800-288-9393
Fraud? In MY dental practice?!
Posted by: | CommentsSmall businesses are the most vulnerable to occupational fraud and abuse. According to a report by the Association of Certified Fraud Examiners, small organizations suffer higher median losses than large organizations. Based on its survey, which was conducted between January 2006 and February 2008, small business losses averaged $200,000. Check tampering and fraudulent billing were the most common small business fraud schemes.
Considering the potential losses, it behooves small-business owners to make the prevention of fraud a priority in their business. Though no business owner wants to feel it employs unscrupulous people, sometimes temptation or personal financial pressures can push even the hardest working, most trusted employee into perpetrating fraud.
The first step in preventing employee fraud is letting employees know you’re watching for it. Perception of detection is a very powerful deterrent. Create a way to let your team know that you are educated about the cash flow systems in your practice.
The Schuster Center has identified a few methods you can use to minimize your risk. Some methods seem common sense. But when taken into consideration with other preventive measures, they help fortify a business against fraudulent activity.
First and foremost, hire the right employees. Conduct background checks for people handling inventory and money. Check past employment, criminal convictions, references, and education and certifications. Remember to always get the written consent of candidates before doing research since many federal and state laws govern the gathering of such information.
Maintain strong internal controls. Have checks and balances in place. For example, you don’t want a signatory on the bank account balancing the checkbook. If that employee can write checks on the account, they can reconcile the bankbook and would be free to manipulate the check register.
Make sure expenditures are approved. For every expense, the doctor should approve it. The doctor will ensure that the expenses are valid, while your accounts payable officer will run the math.
Monitor cash situations. If you don’t have a petty cash control policy/system, you should consider writing one.
Balance your accounts receivables daily. If you do not know how to do this, get the training.
Conduct surprise audits. Catching an employee off guard could be your best bet in discovering fraud. The key is that an employee generally doesn’t know what’s coming and won’t have the time to change the records to hide the fraud. If you suspect it, hire a professional auditor. Using sampling and analysis techniques, auditors can quickly examine invoices in detail, including invoice numbers, to whom payments were made, when payments were made, and quickly determine those that are suspicious.
We heard of a practice with an employee that actually created a phony dental supply company, submitted invoices to the accounts payable officer (doctor’s spouse) and then sent the payment to a P.O. box! A surprise audit also can uncover duplicate invoice amounts and duplicate invoice numbers, both of which can be red flags for possible wrongdoing.
Create a fraud policy. Simply inform employees during employee orientation, training programs, memorandums, or other communication, that fraud is not tolerated. Be sure to inform employees of the actions you will take if you suspect or determine that fraud has been committed.
Enforce mandatory vacations. Our clients have found that if their employees don’t take time off, they may be afraid to go on vacation because someone may notice that something is not right. Requiring employees to take time off can aid in the prevention of fraud.
–For help with dental practice management, dental case presentation, hygiene as a profit center, business plans for the dental practice, dental continuing education seminars and more, go to www.SchusterCenter.com or call 1-800-288-9393
Marketing/Sales in the Dental Practice
Posted by: | CommentsI read an article this past week that said that of the 4,000 Colleges and Universities in the United States, only 40 have SALES Curriculums. This BLOWS MY MIND.
Nothing happens without someone selling something.
Everyone sells.
The Priest Sells.
The Rabbi Sells.
The Minister Sells.
The Teacher Sells.
The High School Football Coach Sells.
Every team member Sells.
Most dentists focus too much energy and effort on logos, external marketing and yet have no training in SALES and NO DOCUMENTED SALES PROCESS or system. It is amazing, simply amazing how much money we spend on DENTAL TECHNICAL TRAINING and yet spend little or no money on SALES TRAINING and creating a DOCUMENTED, PROVEN SALES PROCESS.
I’ve always said that we dentists were set up for failure. By our statistics, data we collect every week (and I know you think you are an exception), the average amount of dentistry done per patient by 95% of the dentists in the United States is less than $1000 per new patient.
Now here’s the tragedy. A young dentist graduates from dental school, $200,000 or more in debt for an education; then adds $500,000 to $750,000 in debt ( or more) to buy or start a dental practice. And, maybe rents or buys a small home. So, here we have a dentist who now is in business who:
-
Is operating without any sound MARKETING PLAN which documents the results of marketing spent.
-
No SALES TRAINING or SALES PROCESS or SALES PLAN.
-
No organizational skills.
THIS BLOWS MY MIND. No wonder the average dentist spends his or her entire life simply chasing the money, or in most instances, chasing the overhead.
So, here we are now, in the midst (not the end) of the most severe recession since the 1930’s and dentists are now throwing money at MARKETING but still are only capable of closing less than $1,000 per patient and most of that is covered by some plan.
-
This isn’t MARKETING—it’s MADNESS.
-
This isn’t SELLING—-it’s IGNORANCE.
Outside my office is a little poster I have hanging for myself. It seems appropriate now:
“IGNORANCE IS OUR GREATEST THREAT”
And indeed it is.
–Dr. Michael Schuster
Dentists – Achieve Peak Profitability
Posted by: | CommentsAchieve Peak Profit, Reduce Stress and Produce Higher Quality Dentistry:
Yes, You Can Have it All!
Many dentists believe that if they just increase the number of patients seen they will have financial success. Dentists have been told that bigger dental practices will produce more money for them. But this production model assumes that the dentist’s fixed costs are indeed “fixed” and quality time spent with patients will not become a problem.
Fixed costs aren’t really fixed, just constant. Dentists soon realize that they must add staff, increase office space, or keep more materials on hand to handle a larger practice. But when fixed costs increase, the overhead percentage increases and net profit decreases.
Most dentists are not aware that their introduction to marketing and management of their practice was influenced by research of manufacturing. This manufacturing/production model doesn’t apply to dentistry or other service industries.
Those dentists who believed in this model now find themselves spending more time managing the business side of the practice and less time with their patients. As the pressure increases to produce more business, neglected patients go to another dentist who cares about them. Eventually, dentists realize that they can’t produce their way out of the “bigger is better” trap.
What do they do then? Some dentists sell their businesses to a management firm and become a paid employee of “their” practice. Others file bankruptcy or use consultants for a “quick fix.” Most continue to struggle day to day, looking for a way out. Let’s look at a model that does reflect what actually happens in a dental practice.
Costs are very high at the start up of a new practice and decrease as the practice grows. At some point, the dentist will be faced with a decision to hire more staff, increase office space and buy more materials. When this happens, “fixed costs” per unit and the overhead will increase.
Revenue per patient seen is very low at the beginning of a new practice and increases significantly as the practice grows. At some point, however, the dentists will see less return on investment with every additional patient. Efficiency is lost due to the limitation of the dental practice. As the practice grows larger, dentists are forced to spend more time in managing the business of the practice or pay someone to control the practice. There is a point where more patients means more money, but a diminishing profit margin.
What this means to you…since 1978, The Schuster Center has helped thousands of dentists identify and reach their optimal profit zone. In fact, 97% of the dentists who have learned and applied Schuster strategies and methods have achieved or exceeded their practice goals within the first year. If you’d like to learn where your optimal Profit Zone is, contact us to schedule a complimentary assessment. Call 1-800-288-9393.
Dentist – Procrastinate no more
Posted by: | CommentsThere are several major fears that activate PROCRASTINATION:
* Fear of the unknown
* Fear of rejection or looking foolish
* Fear of failure
* Fear of success
Many dentists fear success or making a commitment because it carries added responsibility that can seem too much to handle, such as setting a higher standard, or moving from GOOD to GREAT in any area of your life or business. Every additional commitment takes additional effort and energy and the willingness to take the risks that are associated with it.
Many do not have adequate SELF IMAGE and the highly positive SELF ESTEEM that is required to take the risk of GROWTH or CHANGE or DEVELOPMENT. High achievers have HIGH SELF IMAGE and HIGH SELF ESTEEM. Playing it safe is what low achievers and low risk takers do.
Below are some ideas to help you move toward VICTORY OVER CHANGE rather than being a VICTIM OF CHANGE:
1) Get up early. Set your clock to get up an hour earlier than you normally do and keep the clock at that setting. Use the time in the following way:
2) Think about all the things/people/events for which you are GRATEFUL. Focus on every good thing in your life for which you are GRATEFUL. If you want, you can do this while you walk with heavy hands, or exercise or ‘prayer walk’ or meditate, but keep your focus on GRATEFULNESS.
3) Use this time to plan your day, your week, the week ahead.
4) Think about your ‘happy spot’ or ‘happy place’. We all have ‘islands of happiness’ –those places that give us those special feelings. We also have people in our lives that bring joy and happiness into our lives…we need to let them know that they are that to us.
5) Memorize the following that was given to me by a Priest, who was a patient of mine some 20 years ago:
Don’t sweat the small stuff. It’s all small stuff. If you can’t fight or flight…flow!!
6) Handle each piece of mail, literature, e-mail, fax just once and then get rid of it. Focus on handling these things at the beginning of your day and the end of your day.
7) Get in the habit of coming up with a solution to every problem rather than simply focusing on the problem. When people bring problems to you, listen to them compassionately and then ask them to formulate a solution. Give the problem identifier the responsibility for solving the problem. You can do this with them.
8) Always finish what you start. Know that Progress is more important than Perfection. If you say you are going to do it, then finish it. Completion adds an enormous amount to your SELF RESPECT and SELF ESTEEM. CONCENTRATE your ENERGY and INTENSITY without distraction. Create your FOCUS TIME, or PERFORMANCE TIME…do not be distracted.
9) Be CONSTRUCTIVELY HELPFUL rather than CRITICAL of every new idea. Single out someone to praise or recognize rather than shoot them down, and participating in group bitching, grudge collecting or pity parties.
10) Limit your TV viewing and INTERNET SURFING to educational and enlightening programs. Stay away from FOX and CNN and other networks that make the news rather than report the news. The internet has become a great way for procrastinators to hide out instead of focusing on GOAL ACHIEVING ACTIVITIES.
11) Make a list of important PROJECTS that will advance you personally or advance your business. Taking immediate action reduces stress and tension. Procrastination always leads to conflicts, complications and eventually crises. Look at GLOBAL WARMING…the DISEASE CARE CRISIS…the ENERGY CRISES and the FINANCIAL CRISIS. You think this happened all at once??
12) Seek out SUCCESSFUL ROLE MODELS in any area of your life or business in which you want to succeed. Success leaves clues…so does failure. Learn from others’ successes as well as others’ failures can improve your performance in any area of your life or business that is important. Every successful person I’ve ever observed has used STRATEGIES to CREATE MODELS to live their life by. Observe them and you can copy their MODEL.
13) Problems are part of life. In fact, they are the key to life. You either grasp them and do something about them or you stay STUCK. With the rapid change in society today, you have many problems to solve every day…but are you working towards something or just problem solving?
Problems are opportunities to a real entrepreneur. They are opportunities to find solutions that people value and in which they are willing to pay. You only have the freedom of choice. You don’t have the freedom to choose your results. Results are determined by NATURAL LAWS.
Information is FREE. Knowledge is CHEAP. Wisdom is PRICELESS.
Wisdom is knowing the OUTCOME before you take action. Study with wise people and practice the principles and strategies they produce and your life will evolve in positive, life affirming ways.
Dr. Michael Schuster
–Call us about how to integrate proven models and strategies into your dental practice for higher profitability and personal satisfaction,, 1-800-288-9393 or visit www.SchusterCenter.com
The Elements of a Great Dental Practice
Posted by: | CommentsGreat Values = A Great Organization
There are great causes, great books, great music, great films, great
baseball teams, great buildings and there are also great organizations.
We know a great dental practice in the same way we know a great sports team;
by the way the individual performers work together, play the game, and consistently
achieve their goals.
We know great teams by the ’spirit’ they express, their level of aspirations,
and the values they live by. We know them because they not only enrich themselves, but they enrich everyone they touch.
A great organization, a great dental practice, takes a stand for its values and its dreams. So it must have real values that are truly lived, not simply expressed and real dreams that are brought to life, not just spoken about.
KEY ELEMENTS OF GREATNESS
* Power is distributed widely and equally
* Relationships are soundly managed with overall interests in mind
* The organization stands for something important and purposeful
* Principles determine policies and systems
* Growth is clearly defined
* Resources are managed in a responsible, consistent manner
* The organization continually aligns people towards it Vision, its Goal, its Purpose
–For help with dental practice management, dental case presentation, hygiene as a profit center, business plans for the dental practice, dental continuing education seminars and more, go to www.SchusterCenter.com or call 1-800-288-9393
Effective Dental collection calls – Part 3 of 3
Posted by: | CommentsTip #9 Review your collection system and your state laws. Most of our practices discover that 85% of the patients who owe them money pay on time. If your accounts receivables have less than eighty five percent of the balances in the zero to thirty category you will want to review your collection policy / system for effectiveness.
Tip # 10 Statements with notes on them do not work. Many offices resort to placing red stickers on statements or sending letters vs. placing a phone call. This is not only expensive but also ineffective. The Schuster Centers model is a relationship-based model. So your collection calls are actually a wonderful way of enhancing or putting boundaries on a relationship. Remember that these contacts should not be unpleasant for you or your patient. I can’t emphasize enough that you can’t make patients pay you, so going to a collection call with a negative mindset will not enhance your collection success.
The Coaching Department at The Schuster Center; support@cfpd.com
–For information on dental practice management, team development, hygiene and case presentation products and services call 1-800-288-9393 or visit www.schustercenter.com
Effective Dental Collection Calls – Part 2 of 3
Posted by: | CommentsTip #5 Make the debtor right, even when they are wrong. This does not mean agreeing with what they are saying, but rather validating it. When given a ridiculous complaint, learn to say, “I can understand why you feel that way.” Or, “I can certainly see how something like that might happen.” This is a way to avoid a negative dialogue and helps maintain open lines of communication. Understanding their point of view, even as you share yours, will disarm the patient’s defensiveness.
Tip #6 Stay focused. Some patients will try to get you off track by complaining about their service, or somehow shifting the blame to you for their delinquency. Be polite, but always bring them right back to the point of your call getting paid the money rightfully due you.
Tip #7 Do not be manipulated. A screaming patient could be using their “adult temper tantrum” as a ploy to get you upset and end the conversation. At the very least, you’re not going to get anywhere with someone that mad. If a patient starts yelling stay calm and don’t interrupt. If you interrupt more than likely they will rewind like a tape recorder and you will have the pleasure of listening to that twice. Try reminding them that you cannot help resolve the situation if they are yelling. If that doesn’t work, you might say something like; “This obviously isn’t a good time for you. When can I call you back?” If they are abusive and are using obscene language hang up and proceed to the next step in your collection system.
The Coaching Department at The Schuster Center; support@cfpd.com
–For information on products and services for high profit dental practice management, call 1-800-288-9393 or visit www.schustercenter.com for dental continuing education opportunities.
proven strategies = success
Posted by: | CommentsWhat would you do if you knew you couldn’t fail?
Most of us have either read or heard this statement, yet we don’t examine it deeply enough. Almost everything has already been successfully done in some form in the past.
Excellence in any arena is more accessible than we traditionally believe. All success occurs when we think and behave in a certain way. We each copy or originate a new way of thinking and behaving: we call this a strategy.
Success in anything is originating or copying a strategy someone (who is successful) is already using. In many instances, it is originating or copying a number of strategies and organizing them together to produce excellence in the arena we have chosen.
Experts call this group of strategies a MODEL. We refer to it also as a STRUCTURE. In other words, a MODEL has a certain STRUCTURE that holds it together, keeps it together and enables the MODEL to produce the results or outcomes we want.
Remember behind every ACTION is a THOUGHT.
Mike Schuster
Call us about how to integrate proven models and strategies into your dental practice for higher profitability – 1-800-288-9393
Effective dental collection calls
Posted by: | CommentsIt also helps if you know the patient’s history with your practice. What is their payment record? If they have always paid on time, maybe the statement was never received, or there’s a dispute involved. If payments have been getting slower month-by-month, it’s possible they have a cash flow problem. Remember, if they are having a family hardship, then you are positioning yourself to be their advocate. You will be firm but empathetic and fair.
Tips #3 check your attitude at the door. Your attitude has a strong impact both on how you handle the patient and how they respond to you. If you were irritated on a prior call, and carry anger into the next one, the patient is bound to pick up on this and mirror back to you the same level of irritation. Before picking up the phone for the next call, take a few minutes to calm down. Get things in perspective. Keep in mind that you cannot “make them pay you” so getting aggressive or putting on a punitive tone will not allow for success. We coach clients to “charm the cash out of them” versus “berate it out of them.”
Tip #4 Address the patient by name throughout the conversation. This shows respect on your part and demands attention from them.
The Coaching Department at The Schuster Center; support@cfpd.com For information on products and services call 1-800-288-9393 or visit www.schustercenter.com
