Starting Up a New Dental Practice or Jumping Into the Deep-End of the Ocean?
Starting a new practice and jumping into the depths of the ocean, can conjure up the same fears. It depends on how prepared you are, and if you have done your research. If you jump into the deep-end of the ocean wearing a life vest, a well-equipped boat with trained personnel nearby, and in calm waters, you will be safe. Without these things you would surely be tested to survive even a few hours.
Preparing to open a new dental practice, purchasing an existing practice, or buying into the practice, where you have worked as an associate, can strike fear into the hearts of even the most skilled dental practitioner. Suddenly you are faced with:
Recruiting and training the best people, meeting your overhead, marketing to your existing or proposed patient base, seeing the value of your services reflected in your fees (not another dentist’s), gaining the respect of specialists in the area or if you are a specialist, marketing to a general referral base, creating a vision for your practice, building a cohesive business plan with projected tangible goals, and the list goes on.
The McKenzie Management’s Practice Start-Up Program covers every business system to help you navigate your course through the rough waters ahead. The Community Overview Report ,provided in the course, gives you a detailed survey of the demographics and psychographics of the ten-mile area in and around your proposed practice. You have a bird’s eye view provided by statistics, maps and graphs detailing the businesses, the people, and the industries in your practice area. This tool is critical to determining a projected course for success and is invaluable to creating a strategic marketing plan designed to attract people specific to certain zip codes and psychographics. The Fee Analysis Survey provided in the course, sets your mind at ease over where you should set your fee base. The question of whether your fees are too high or too low for the area is answered.
Recruiting, hiring, and training the best people are the most challenging of all to the success of your dental practice. Since you are going to be very busy doing what you do best, dentistry, you want the management of your future million-dollar practice in the hands of someone who understands the business of dentistry and has the professional training to take you there. The course covers the proper recruiting and hiring process including how to write the advertisement to attract the best people, how to screen resumes, how to conduct a proper phone interview, how to test applicants, and the pitfalls to avoid in the hiring process.
The Recall System of a dental practice, most critical to the growth of the practice must be established correctly. Many offices have patient attrition rates of over 30% a year and don’t know what causes it, and how to prevent it. Saving thousands of dollars a year on untargeted advertising by learning how to establish a successful recall program that retains a larger portion of your patient base, is a practice must.
Managing your accounts receivables is the key to paying overhead expenses and allowing you to buy critical supplies and equipment necessary to run your practice. As the CEO of your practice, you must have a clear understanding of the fees, billing, and collection process of your business. Understanding how to read the accounts receivable report generated by your computer software program will keep you informed as to how much revenue is being collected, and if it falls within the industry standards for success. Exploring the PPO, HMO or fee for service options for your practice based on the reports on the community, projected growth, and overhead are part of the course, and critical for you to make the right decision for your practice vision.
Establishing smooth, efficient operating systems for both clinical and business areas of your practice will create the harmony that you desire for your practice. The Practice Start-up Program is the answer to give you the tools necessary to survive your “plunge” into the business world of dentistry. Call us today.
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