McKenzie Management, Inc.
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June 3, 2002
For a FREE a Analysis of Your Practice by Sally
This issue is sponsored in part
- A full service, in-office dental management
consulting company specializing in the business,
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- More than 30,000 healthcare practices nationwide use
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- Make Your Practice Profitability Soar! SoftCare™ boosts your hygiene
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Lares' PocketPro Lasers™ is easy to learn and offers a quick and dramatic return
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- Finances, via lease or loan, dental and
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McKenzie’s Weekly Management e-Motivator---Issue #14
The Fee Factor
You know you need to do it. You have been
agonizing over this for weeks - no, months. Others have done it,
so why is this so scary? What if they're upset? What if they
confront you? What if …? What if…? You would think you were
about to engage in some sort of felonious act sure to get you
life in the state pen, when actually all you're doing is
considering a fee increase.
We know the process of raising fees is
fraught with anxiety for many dentists. Patients fully expect to
pay for quality dentistry and being among the cheapest dentists
in town is not a professional goal you want to achieve.
Nonetheless, the process is unnecessarily distressing for many.
Do a little homework, muster a little courage, and establish a
fee structure that is affordable for patients and fiscally sound
for your practice.
- Establish a standard fee schedule for
- Evaluate the time required for each
procedure, fixed expenses necessary to run the office,
variable expenses such as supplies and lab fees, and income
required per hour to compensate you.
- Determine how many days per week you will
see patients and how many hours you will spend on treatment.
If your annual production goal is $650,000, you work 48 weeks
per year, 36 hours per week, your hourly production goal is
- At a minimum, change your schedule to
overlap patients during the first 10 minutes and last 10
minutes of each appointment. This will increase income even
before fees are adjusted.
- Study dental fees in your area to
determine if yours are in line.
- Consider the quality of dentistry
provided and the quality of the entire dental experience.
Remember, you have established a personal
relationship with most of your patients. They come to you because
they respect the quality of dentistry you provide. Increased fees
will be noticed, but they will not cause a mass exodus to the
dentist down the street.
Sally's Recommended Actions:
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