Last week, Adam began a “Twenty Questions” of sorts with 10 of 20 random thoughts and questions you may ask yourself as a dentist and dental practice owner in Random Thoughts for Your Dental Practice – Part I. This week, I have 10-20 to add – more for you to think through but also, more for you to learn and ways to improve your practice!
11. Are you taking advantage of using your home for your team meetings or continuing education meetings? Contact your advisor for the exact rules before implementing this plan but you can use your home up to 14 days per year for these types of meetings and the income paid to you for the “rental” is tax free!
12. Your team places a lot of value on annual performance reviews. Not only does it keep you and your team member on the same page with how everyone is performing, but it gives your team members the one-on-one time with you as the owner to map out their development plan and look forward to the upcoming year.
13. Do you really know your patient base? Review your patient base and demographics. If you can identify the generation of your patients, there are ways to enhance treatment acceptance. For example, you wouldn’t present treatment the same way to someone in their 30s as you would to someone in their 60s, would you?
14. Do you know your patients coming in each day? Take some time to review the outstanding treatment plans for each patient and review prior to their visit to see what opportunities are available to schedule additional treatment that day.
15. What is an active patient to you? Know your true active patient base and be sure to define who constitutes an active patient. Consider the patients who are coming in routinely and not just for the once-a-year emergency.
16. How many new patients do you see per month? Monitor your new patient count monthly. Is the new patient scheduling, showing up to their appointment and scheduling their recall appointment?
17. Review how production is being coded. What is being coded to the hygienists versus to the doctor?
18. How often are you reaching out to your patients for their recall appointments? Are they on a 2-, 3-, or 6-month rotation? Consider getting the patients in to your office more routinely throughout the year versus just 1 or 2 times per year. Oral education is key!
19. How long are you keeping all of your financial records for the practice? These records consist of day sheets, tax returns, financial statements, deposit slips, bank statements, leases, loan documents, etc. We have a set of guidelines that might help you — let us know if you need them! Knowing the rules on how long to keep certain documents may help you in getting rid of items you’ve been holding onto for too long!
20. Review your write-offs and adjustments often. You should fully understand why an account was written off or adjusted.
By addressing these items, you can be assured that you are taking the right steps to running a great practice! As always, seek a trusted advisor to help you in some of these areas where you may have questions or need more information.