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Home 2024 Risk Managment Issue Collect What You Produce – Part 2: Develop Your Ideal Practice

Collect What You Produce – Part 2: Develop Your Ideal Practice

A 10-Part Series for Dentist-Owners

by Cathy Jameson

What is your vision of the ideal practice? Have you written a specific plan to achieve it? Why settle for anything less? You deserve to have the practice or career of your dreams, as happiness in your profession and the pursuit of your ideal go hand in hand.

A vision is a future-focused, clear mental and emotional picture of your ideal practice. This vision will evolve throughout your career as you grow and change. Base your vision on the mission or purpose of your practice—the “why” behind everything you do.

When a practice and its people are financially secure, opportunities for giving back increase substantially. One of the greatest rewards of financial accomplishment is philanthropy—whether it’s giving money, time, or both. Programs like Mission for Mercy offer those in Oklahoma a chance to do both, helping the less fortunate gain access to dental care. Seeing people line up to receive care from dedicated doctors, teams, and volunteers is heartwarming and reminds us why we do what we do. Collecting what you produce financially enables you to “give back.”

Conceive, Believe, Achieve

Here are questions to consider as you develop a vision for your ideal practice:

  • What do you want?
  • What type of service do you want to provide?
  • How do you want to deliver that service?
  • What do you want your patients to experience each time they interact with your practice?
  • What are the characteristics of your team members, and how do they interact with each other, with you, and with your patients?
  • What is your facility like?
  • What technology do you have, and how are you maximizing it?
  • What are your production and collection goals?
  • What is your gross and take-home income?
  • What is your reputation in the community, state, or even nationwide?

Once you’ve outlined your ideal, ask yourself: Do I have this now?
If yes, congratulate yourself and your team. Then ask, “How can we do everything even better?” If no, ask: What needs to change to achieve this vision? Develop an action plan for the adjustments needed.

Systemology

Your practice comprises systems—both clinical and business. To build an effective practice:

  1. Set up your systems.
  2. Provide ongoing training for team members to administer those systems excellently.
  3. Monitor the systems for both goals and health.

Great systems support your vision.

VISION + EXCELLENT SYSTEMS + GOALS + ENGAGED TEAM = SUCCESS.

Accountability

Accountability depends on clear expectations. Team members need to know:

  • What to do
  • When to do it
  • How to do it
  • Necessary tools
  • Why each action is essential

These principles also apply to your financial systems, which should enable the following:

  • Financing to help most patients proceed with care
  • Increased case acceptance
  • Full collection of all services produced
  • Efficient insurance management
  • Strong cash flow

Systems are strategic plans that achieve desired goals smoothly and with minimal stress, leading to productive days where team members maximize their time and talent. A strategic plan has three parts:

  1. Where are you now? (Analyze your current situation)
  2. Where do you want to go? (Define your vision)
  3. How will you get there? (Set goals and action steps)

Goal Setting and Strategic Planning

Webster defines a goal as “the end toward which effort is directed.” Goals serve as stepping stones toward your ideal practice. Yet only a small percentage of people take the time to write goals or follow a goal-achievement process.

David Bach, author of Smart Women Finish Rich, said, “Writing down your goals is powerful.”

For effective goal setting, use this six-step process:

  1. Write the goal—be specific.
  2. Design a plan of action—outline necessary steps.
  3. Assign responsibility for each action item.
  4. Set timelines and deadlines, adjusting as needed.
  5. Routinely evaluate progress.
  6. Celebrate achievements, both small and large.

Dr. Michael Le Boeuf says, “That which is rewarded is repeated.” Recognizing steps toward a goal reinforces positive performance.

Use your goals as benchmarks for decisions. Before making a purchase or investment, ask if it aligns with your values and goals. At month’s end, review spending and ask, “Did my purchases align with my values and goals?” If the answer is no, adjust your spending habits. Thoughtful, goal-based spending prevents financial stress, supports your values, and leads to fulfillment.

The Mirror Effect

In business—and you are in business—your dynamic with money affects everything. If your practice is financially sound, and you and your team are secure and positive, you’ll attract patients who reflect that stability. If money is a stressor, you may attract patients who mirror that stress.

When discussing finances with patients, confidence is key. Patients pick up on discomfort, which may impact their decision to proceed with treatment. A skilled financial coordinator can help patients find solutions that fit their needs, which increases case acceptance.

According to ADA surveys, the top reason patients don’t pursue treatment is cost. This isn’t a barrier to avoid but an opportunity to offer financing solutions. Providing flexible payment options and understanding financing best practices can be learned, practiced, and mastered to ensure treatment acceptance and financial success.

In Summary

Visualize your ideal. Answer the vision questions in this article, study goal-setting and strategic planning, and plan for financial success. These foundational principles, embraced by each team member, will help strengthen the financial systems you need to achieve the goal of Collecting What You Produce.

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