YOUR HIDDEN PRACTICE ECONOMY
DEBRA MILLER, Director of Coaching
The national economy may be fluctuating but your practice’s hidden economy can continue to drive growth and new levels of productivity. Learn what practices need to focus on during these times to keep growing.
90% of an iceberg’s volume lies under the surface of the water, and most endodontic practices behave in similar ways. The above-water part of the practice is what you see in your schedule from day to day. The part of the practice below the surface is what could be in your schedule if you had a higher flow of cases and better scheduling.
Many doctors have been drifting along at the same level for a long time, without any real growth in a few years. That may lead them to think that something is holding the practice back from growth. They might chalk it up to competition, or more GP practices doing their own endo, or the economy in general. Right now, with the economy in turmoil, it’s a very easy scapegoat that is getting everyone’s attention.
Rather than looking outward to the national economy, look inward to your own practice and you’ll find a huge hidden economy. When I do a practice analysis, invariably I find a significant opportunity for growth just below the surface in most practices. Those opportunities are typically centered around three things:
1. Ineffective outreach marketing to attract new referrers to the practice while allowing top referring doctors to get their patients in for same-day emergencies.
2. Limited referral relationship strategies that are preventing the practice from becoming the preferred endodontic provider for many of their existing GP relationships.
3. Scheduling and productivity inefficiencies by the doctor and team that hold the practice back from being more productive on a daily basis.
The average endodontic practice is completing 3 to 4 cases per day. If through a combination of effective marketing, better relationship skills, and improved efficiency, you could add just 2 cases per day, which is a significant increase in practice revenues. Assuming 180 days per year and $1200 per case, revenues go up by $216,000. Since all your fixed costs are already paid, almost all of this growth flows directly to the bottom line as improved profitability. If you would like to find out more about your practice’s potential for growth, I would be happy to schedule a complimentary practice analysis. Call me today at 1-800-482-7563 or receive a free practice analysis.