The Dental Practice Numbers Don’t Lie

The Dental Practice Numbers Don’t Lie

Sep 25, 2018

A Few Important Questions

Let us discuss a few important questions that will give you great insight into whether or not you may need a higher net income:

  • Want to get those debt burdens off your back?
  • Having a hard time making ends meet?
  • Need funds for new equipment, and office renovation, or technology?
  • Want to maximize your retirement savings?

By answering yes to any of these questions, you do need a higher net income. This process in itself does not have to be complicated, and remember that it all comes down to the numbers.

In order to engage in fixing the problem, it is important to work as a team. The way to engage, inspire, and encourage your team to perform must reflect a manner that increases your income. It is a great time to self-reflect and ask what you would want if you were working for yourself, what would make you work harder, take on more responsibility, follow orders, and learn more. One great way is by rewarding your employees for going above and beyond their normal level of performance. This can ultimately come in the form of higher pay, a bonus, more benefits, and even praise. By looking at your dental practice numbers, it makes it easier to attribute their effort to the success of your practice. Your team can, in turn, learn from the numbers of how to be successful in your eyes and receive the reward that they are due. By having their success acknowledged and rewarded provides an environment in which your employees feel the need to repeat their previous performance.

What to Keep Your Eye On and When to Reward

Let’s take a look at right ways to set up, apply, and implement measurements and rewards. Setting up dental practice monitors is a critical way to see what works comparatively. Let’s take a look at some practices that, once established, can be effective and beneficial to your practice and the team:

  • Set up your reporting chronologically for comparison, to track progress, and to reflect the value of time.
  • Have each team member report monitors out loud to all other members of the team.
  • Clearly-communicated markers, such as best-practice industry benchmarks, internal goals, and historical data should be reviewed during reporting.

If you still have questions concerning the success of your dental practice, we at Casey Schulin are here to help as we specialize as a dental business consultant serving the greater Houston, TX area. Feel free to give our office a call with any questions you may have!