January 28, 2021
How Quarterly Reviews and Employment Contracts Can Contribute to Dental Practice Success
We know that many doctors want input on the health of their dental practice, but in most cases they are not willing to pay the tens of thousands of dollars most consulting firms charge. Much like a medical or dental checkup, the experts at Professional Transition Strategies have found many practices would benefit greatly from a quarterly confidential practice performance survey. These surveys indicate strengths and weaknesses of the practice, and compares the practice to local peers and colleagues.
Because PTS works closely with hundreds of local medical and dental practices, we see what the top performing offices are doing to be successful. We offer suggestions and a plan to improve the performance of the practice. We perform this service without a contract or large financial outlay. Here’s how quarterly reviews and employee contracts can contribute to the success of your dental practice.
What is a quarterly performance review?
The key indicators our reviews and audits focus on include:
- Production, adjustments, collections and accounts receivable (A/R).
- Overhead and margin.
- Production/hour and margin/hour.
- Visits, new patients, production/visit and margin/visit.
- Hygiene performance and efficiency.
- Confidential local fee survey.
- Confidential local salary survey.
From this data and analysis, we can find opportunities for improvement in:
- Practice and production growth.
- Case acceptance.
- Hygiene department.
Why are performance reviews so important?
Ultimately, dental practice performance reviews and audits are important because they help the doctor understand their practice better and help them become a stronger leader. Strong financial performance leads to improved annual income and a higher selling price when it comes time to consider transitioning the practice.
A recent survey done by Deloitte, a multinational professional services network, highlights that business audits help improve business performance. (1)
What are employment contracts
Upon graduation, new dentists looking for employment in the private sector will encounter a situation with which they are not very well familiar or informed about: They will be asked to sign a contract.
Many new doctors entering the field of dentistry believe a contract may not be necessary or that it only serves to protect the employer. Nothing could be further from the truth. A contract can and should protect the employee, as well as the employer. A signed agreement should be in place prior to any commencement of employment. In fact, at PTS, we insist every physician and doctor should have a signed contract/agreement in place before starting a position. Without one, they may have no legal recourse if something goes awry.
The Law Depot explains an employment contract is what employers and employees use to spell out the rights, responsibilities and obligations of the parties during the work period. It may include information about compensation (pay/wage), vacation time, the job description and duties, probationary periods, duties of confidentiality, termination procedures, and information about both the employee and employer. (1)
PTS representatives have the expertise to prepare and execute contracts that will empower both sides and allow a win/win situation to occur. Contact us for more information.