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How Much Is My Practice Worth?

You invested a lot of time and money into your dental practice and you realize that just because you are an amazing clinician, does not necessarily mean you are also business savvy. To ensure that your practice has everything it needs in place to succeed, it can be recommended that you reach out to a dental practice consultant for complete counseling.

The right consultant can help you develop and execute a successful and thorough dental business practice plan. They can assist with increasing production, reducing your stress, increase team effectiveness, promote a healthier work culture, increase your referral base, and ultimately increase your practice’s value and therefore, your income. With expertise in business, leadership, finances and deep knowledge about dental practices, Professional Transition Strategies is here to help.

At Professional Transition Strategies, we help dentists and specialists throughout the country to grow their dental practice, from start ups to practices that want to increase value to get ready to sell. A few common reasons one seeks counseling for their dental practice are that they realize they are not seeing enough patients, or they seem to be working more, however are making less. It is also usual for a practice to seek a consultant’s help because they realize they don’t have a growth plan in place or their team is no longer engaged and helping grow the practice. One example of this is that you come to understand that the hygiene production is lacking, and you now have more open time than ever before.

If you’ve come to terms with the fact that you need to seek outside advice to further the success of your practice and decide to hire a consultant, make sure you are committed to change. The change may be small such as changing the plans you are in network with or the change can be large. Just make sure you are open minded to the suggestions as well as the reasoning behind the suggestions. In the end, the result should be a more enjoyable and profitable practice for you and your team.

To ensure success, the most critical components are to listen to the professional advice and be open to change – not just you but the entire staff as well. In addition, everyone must be held accountable to achieve the desired outcome. While a consultant won’t be able to fix everything within a day, by following the suggestions and new rules to implement, you and your team will be experiencing success soon.

The Professional Transition Strategies Proprietary 4 Step Program for Practice Success includes:

Evaluation

A deep analysis of a doctor’s practice business procedures and value on the market is where we begin. The client will first engage us for an In-depth Business Analysis. This analysis includes as many visits as necessary to the practice to collect data and assess the situation first-hand. The product of this analysis is a written document in booklet form that discusses in detail each and every business aspect of the practice including effectiveness against potential in production, collections, and marketing. Also included is a full appraisal of the value of the practice in its present state, and an assessment of the doctor’s personal retirement planning, if appropriate. The final section includes recommendations for the owner to improve his business operations where advisable and to raise the overall value of the practice. These recommendations will be critical in the strategic planning phase.

Strategic Planning

From this analysis we can determine the best courses of action to pursue. We at Professional Transition Strategies do not agree with a one size fits all practice solution, thus we custom tailor many options depending on the direction that the doctor wants to take their practice. The solutions will be discussed during our “practice solutions” meeting where the physician or doctor will determine where they want their own practice to excel and will budget their time and effort accordingly. This same time budget will be used in the implementation phase of the complete consulting process.

Implementation

This is the step that most consulting companies miss. They will leave you with nebulous and inapplicable ideas and will not walk through the process with you. At Professional Transition Strategies, our custom-tailored program is designed by the doctor and implemented by our talented professionals working with the doctor and his/her staff. Professional Transition Strategies becomes a true partner to your office through the year-long program of implementing the ideas that will help build the practice of your dreams. Whether it is bringing more patients into the office, determining financial arrangements, building a high-quality team, or transitioning your practice, we can implement the change.

Consulting

Consulting is not the process of determining what is wrong, what the solution is, or even the implementation of a change. True medical or dental practice consulting includes all those steps, but also manages the change over time. This long-term care is the exact type of care that you give to your patients. Professional Transition Strategies will be able to be this consultant to a practice as we have the mature relationships, expertise, drive, and partners who will be able to insure the doctor of the realization of the practice’s goals and growth.

A few tips to working smarter, not harder at your dental practice:

Whether you’ve recently purchased a dental practice or are even a few years out from retiring, everyone’s goal should be to work smarter, not harder to avoid potential burnout. Here’s how to make sure you’re getting the most out of the hours in your week, months, and years.

Know your numbers

It’s important to note that even though you may own a high-production office, that does not mean you are necessarily successful. Calculating your office overhead will then, in turn, help you understand your bottom line. For example, if you gross $2 million but have 80 percent overhead, your net profit is only $400K, while conversely, a $1 million practice with only 50 percent overhead is profiting $500K.

Ask leading questions

Getting to know your patients and their needs is as easy as asking “What would you like to change about your smile?” The answer is almost always “a whiter smile.” Showing them the shade chart to illustrate where they are now and where they want to be can start the discussion of teeth-whitening options, whether it is in the office, at-home bleach trays, or crowns or veneers. Initiating this brief conversation could generate an easy profit.

Offer a variety of products

Give your patients the ability to shop inside your office, such as a few various brands of power toothbrushes as part of a daily care regimen or an oral irrigator for those reluctant to or who need to floss. Additionally, for adults who experience hypersensitivity or a high caries rate, offer an in-office fluoride treatment and xylitol gums and mints at a minimal expense.

Manage schedule efficiently

A properly trained front staff leads to fewer unfilled appointment blocks that aren’t bringing in any revenue. Appointments should be scheduled from noon backward and prioritized based on the level of care needed and time required for each patient. Automate as much of the process as possible by confirming all appointments by text or email and sending messages based on a patient’s individualized care plan. Any last-minute cancellations can be filled by sending out a mass text or email to a patient wait list, rather than making individualized phone calls.

By hiring a dental practice consultant for complete counseling, you will enjoy a happier and more stable environment from all sides – patients, staff, significant others and your bank account. Contact the team at Professional Transition Strategies for a free consultation and see if you and your practice need a consultant to ensure long term success! Professional Transition Strategies can be reached at: 719.694.8320 and kaile@professionaltransition.com.

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