10 steps to improved profitability for your dental practice
TRANSCRIPT
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10 STEPS TO IMPROVED
FROM THE HEALTHCARE SOLUTIONS TEAM AT
PROFITABILITY
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1 IMPROVE YOUR SCHEDULING
THE NUMBER ONE WAY TO IMPROVE YOUR PROFITABILITY IS TO IMPROVE YOUR SCHEDULING EFFICIENCY! •Haveadailyproductiongoal
•Scheduletothatproductiongoal
•Determinethebesttimeofdayformost productiveprocedures
•Delegate!Improveproductionby understandingdoctor’stimevsassistant’stime
MY TARGET: $2,500/DAY
($2,000 CLINICAL TEAM, $500 HYGENIST)
DAILY SCHEDULE
7:00
7:15
7:30
7:45
8:00
8:15
8:30
8:45
9:00
9:15
9:30
9:45
10:00
10:15
10:30
10:45
11:00
11:15
11:30
11:45
12:00
12:15
12:30
12:45
1:00
1:15
1:30
1:45
2:00
2:15
2:30
2:45
3:00
3:15
3:30
3:45
4:00
4:15
4:30
4:45
5:00
= PRODUCTIVE TIME = APPOINTMENT= ASSISTANT
CLEANING
= DENTIST
CLEANING
CLEANING
CLEANING
CLEANING
CLEANING
CLEANING
CLEANING
CLEANING
CLEANING
CLEANING
CLEANING
CLEANING
CLEANING
CLEANING
1 HOUR APPOINTMENT
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1 IMPROVE YOUR SCHEDULING
•Haveagreatschedulingtool
•Startyourdaywitha10-minutemorninghuddle:
•Reviewyesterday(how’dwedo)
•Today(what’sontapandwhat’sourtarget)— majority of discussion time
•Tomorrow(what’scomingup)
TIME TO UPGRADE TO NEW PRACTICE SOFTWARE? TALK TO US ABOUT A LINE OF CREDIT TO GET THAT PURCHASE COMPLETED SOONER!
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2 IMPROVE YOUR EQUIPMENT
INVESTING IN NEW TECHNOLOGY CAN MAKE CURRENT PROCEDURES MORE EFFICIENT AND CAN ALLOW YOU TO INTRODUCE NEW, PROFITABLE PROCEDURES TO YOUR PRACTICE.
COMMUNITY BANKS OF COLORADO OFFERS LOANS SPECIFICALLY FOR DENTISTS SEEKING NEW EQUIPMENT AND TECHNOLOGY.*
WITH COMPETITIVE FIXED-RATE TERMS UP TO TEN YEARS, DENTISTS CAN GET 100% FINANCING PLUS 20% FOR SOFT COSTS INCURRED FOR INSTALLATION AND SHIPPING.
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KEY QUESTIONS TO CONSIDER •Howwillthisnewequipmentimprovemyefficiency?
•Howwillthisnewequipmentimprovemypatientcare?
•WhatkindoftrainingwillmystaffandIneedtomasterthisequipment?
•Whatslowdown,ifany,willmypracticeseewhilewegetup-to-speedon thisnewequipment?
•Howwillthisequipmentaffectmymarketingtoprospectivepatients?
•Howlongwillittakeforthisnewinvestmenttopayoffinimprovedefficiency orhigherbillablerates?
2 IMPROVE YOUR EQUIPMENT
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3 IMPROVE PATIENT COMMUNICATION
HAVING A COMPREHENSIVE COMMUNICATION PLAN FOR PATIENTS CAN HELP CUT DOWN ON NO-SHOWS AND BETTER EDUCATE PATIENTS ON WHAT TO EXPECT AT THEIR APPOINTMENT.
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3 IMPROVE PATIENT COMMUNICATION
•Postcardremindersofappointments
•Emailswithappointmentdetails(date&time, duration,parking,quicksummaryofprocedure, stepsforrescheduling)
•Phonecallreminders
•Streamlinedcheckouts(handleinsurance andcollections)
•RegulareNewsletterswithpracticeupdates
PATIENT CHECKLIST
NAME APPOINTMENT DATE
2 WEEK REMINDER: APPOINTMENT POSTCARD
1 WEEK REMINDER: EMAIL
1 DAY REMINDER: PHONE
CHECK-IN. ISSUES:
APPOINTMENT OVERVIEW (ASSISTANT)
APPOINTMENT RECAP (DENTIST)
CHECKOUT - INSURANCE
CHECKOUT - COLLECTIONS (CO-PAY)
SCHEDULE FOLLOW-UP
SCHEDULE NEXT APPOINTMENT (APPOINTMENT CARD)
SIGNED UP FOR NEWSLETTER? YES NO
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4 ADDITIONAL STAFF TRAINING
MORE LEARNING CAN LEAD TO MORE EARNING!Trainingyourstaffonyournewequipmentcanimproveitsefficiency.Brush-upsessionsonexistingequipmentcanhelpsavetimeandteachingnewskillsallowsyoutodelegate.
•Haveanewstafftrainingprogram(everyonedoes proceduresthesameandprofitableway)
•Offerbrush-upclinicsquarterly
•Hostnewequipmenttrainingsessions
•Haveassociatetrainingplans:addonenewskill eachyear
ASSOCIATE TRAINING PLAN
ASSOCIATE
ANNUALUP-TRAINING
NEWEQUIPMENTTRAINING
YEARGOAL
EQUIPMENT
NAME
2016
2017
2018
PROCEDURE
NAME
PROCEDURE
TYPES
SKILLS OUTLINE
SKILLS OUTLINE
TRAINING
RESOURCE
TRAINING
RESOURCE
TIMEFRAME
TIMEFRAME
LICENSING
REQUIREMENT
(IFANY)
LICENSING
REQUIREMENT
(IFANY)
CURRENTPOSITION CURRENTLICENSINGYEARS OF SERVICE
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5
CREATE A CLEAR PAYMENT AND COLLECTIONS GUIDELINE, AND THEN STICK TO IT! CONSIDER: •Whendowequotecoststopatients?
•Whendoweexpectpayment?
•Whatpaymenttypesdoweoffer?
•Whendowesendstatements?
•Whatisourprocessifapatientobjects?
•Doweofferpatientfinancing?Ifso,whoqualifiesandhow?
•Howdowefollowuponpastdueaccounts?
•Whendowereferanaccounttoacollectionsagencyor smallclaimscourt?
IMPROVE YOUR COLLECTIONS
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5 IMPROVE YOUR COLLECTIONS
Sharethecompletesetoffinancialguidelineswithyourstaff,butalsocreateclear,easy-to-understandfinancialguidelinesdocumentsforpatients.
Communicateopenly,honestlyandoftenaboutfees.
MOBILE DEPOSIT*
*Basedonapproval
MERCHANT SERVICES REMOTE DEPOSIT CAPTURE*
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6 IMPROVE YOUR SPACE
INVESTING IN A REMODEL OF YOUR SPACE CAN HELP ATTRACT AND KEEP NEW PATIENTS WHO ARE LOOKING FOR DENTISTS THAT PROVIDE THE BEST SERVICE IN THE BEST ENVIRONMENT.
LOAN APPLICATION CHECKLIST
WHAT SHOULD I BRING TO MY APPOINTMENT?
3 YEARS OF BUSINESS TAX RETURNS
3 YEARS OF PERSONAL TAX RETURNS
PURCHASE ORDER OR SALES CONTRACT (IF LOOKING TO PURCHASE)
PERSONAL FINANCIAL STATEMENT
2 MONTHS OF RECENT BUSINESS ACCOUNT BANK STATEMENTS
BUSINESS FORMATION DOCUMENTS (I.E. CERTIFICATION
OF CORPORATION)
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7 STREAMLINE YOUR PAYROLL
MakeyourpayrollprocesseasierandturnkeywithonlineACHservices,*savingyoubothtimeandmoney!
YOUR OFFICE COBNKS ONLINE COMMUNITY BANKS OF COLORADO
ASSOCIATE’S BANK ASSOCIATE
*Basedonapproval
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LAST BUT NOT LEAST, SOMETIMES YOU NEED TO GET OUT FROM UNDERNEATH YOUR OLD DEBT TO START TO FIND THAT IMPROVED PROFITABILITY. •Considerrestructuringdebtstogetlower monthlypaymentsorareducedinterestrate
•Consolidateyourloansintoonepaymentthat allowsyoutobetterhandlethemonthlyexpense
GET OUT FROM UNDER OLD DEBT
COMMUNITY BANKS OF COLORADO OFFERS GREAT RESTRUCTURING PROGRAMS. TALK TO US TODAY.
8
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9 TAKE CONTROL OF YOUR INVENTORY
Startwithabudgetforyoursupplies,trackyourspendingagainstthatbudgetandstartpayingcloseattentiontohowmuchyou’reusingandwhereyoumightbeabletosave.
•Createasuppliesinventorysheet
•Notehowmuchyoupayforeachitem(costperunit)
•Estimatehowoftenyou’lluseitandhavean estimatedannualcost
•Keeptrackofhowoftenyouuseeachitem
•How does your estimate compare to actuals? Can you cut down? If you ordered more at once could you save? Can you find a cheaper product that fits your needs?
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10
IT’S SIMPLE, MORE PATIENTS MEANS MORE PROFITABILITY. BUT HOW DO YOU FIND AND KEEP NEW PATIENTS? •Createapatientreferralprogram
•Offeranassociateincentiveprogramwhenpatientsaccepttreatmentplans
•Addservicesthatattractnewtypesofpatients
•Haveagreatwebsitethatfeaturesyourteam,servicesandeasywaysto makeanappointment
•Tryemailmarketing,especiallyeNewsletters featuringservices
INCREASE YOUR INFLOW
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•RegisterwithGoogleBusinessandmakesureyourbusiness(anddetails)are onGoogleMaps
•EncouragepatientreviewsonplaceslikeYelp!
•Havefirst-timepatientofferings
•Don’tforgetabouttried-and-truecommunitymarketing:
•Bulletinboards
•ChamberofCommerce
•Sponsorshipofyouthteams
•Goodoutdoorsignageatyourpractice
•Localnewspapersandmagazines
INCREASE YOUR INFLOW10
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CONTACT US TODAY!
cobnks.com/dentist
*Allfinancingissubjecttocreditapproval.Longertermsmaybeavailable;askyourbankerforadditionaldetails.Loanlimitsmayvarybasedonindustry.ExistingdebtcurrentlyservicedbyNBHBankmaynotbeeligibleforconsolidationorrefinance.