As a practicing dentist, a multiple practice owner and dental practice coach and consultant, I’ve seen some pretty interesting and sometimes baffling team incentive programs.
I’ve seen incentive programs that are based on production, collections, new patients, five star reviews… and just about any combination imaginable.
In today’s episode of the Dentalpreneur Podcast, Jake Conway (Dental Success Institute’s Financial Analyst) and I discuss the bonus program that we’ve created for our clients and for the ten practices that I currently own.
During the interview we discuss:
The actual nuts and bolts of the incentive program
How to ensure that there is no bonus awarded unless the owner receives a minimum amount of profit
Who participates in the bonus and how is the total bonus pool calculated
I just got back from a pretty incredible week spent first in Kingston, Jamaica as a guest lecturer at the University of West Indies, Mona Campus and then in beautiful Montego Bay.
Special thanks to Dr. David Dunning, the Practice Management professor at the University of Nebraska School of Dentistry for the invite and arranging the whole trip up and to Dr. Anissa Holmes, host of the Delivering Wow Podcast, for showing me around her hometown.
There’s really nothing in the world that I enjoy more than speaking to students and helping to open their eyes to the world of dental practice management and ownership.
In this week’s Tactical Tuesday episode of the Dentalpreneur Podcast, I discuss the benefits of focusing on high value activities and delegating everything else out to a personal assistant.
Specifically, I discuss:
How to assess your need for a personal assistant
The best way to identify your highest and lowest value activities
Which specific resources and books dive deeper into the world of delegation
The unexpected growth that can arise when you master the fine art of delegation
If you’ve ever fantasized about being a published author – about creating something that could be your mark in time, your legacy, but you don’t know where to start, then you need to listen to this episode of the Dentalpreneur Podcast.
In this episode, I interview Patrick Snow, international best-selling author, professional keynote speaker, publishing, speaking and book marketing coach.
During our time together, we discuss:
How a book can create authority, trust and enhance your practice
The specific strategy for using a book to increase new patient flow and revenue into your office
How a literary coach can increase the quality and decrease the amount of time that it takes to get your book published
How to use your book to gain the credibility necessary to get speaking engagements and to become a recognized expert in the profession
One of the core values in our group of practices is continual improvement and growth.
We strive to accomplish this each month by continuously tracking our adjusted production, collections, new patients and overhead.
In this Tactical Tuesday episode of the Dentalpreneur Podcast, I discuss one of the low-tech tools that we use in order to gauge our daily, weekly and monthly progress, and to maintain our focus as a team.
To learn more about how we utilize our Monthly Benchmark Calendar, and how you can immediately implement this tool into your office, make sure to check out this episode.
In 2011, Brad Pitt starred in a movie entitle Moneyball– the true story about Major League Baseball’s 2001 Oakland Athletics.
2001 was a tough year for the A’s and their manager Billy Beane.
Shortly after losing to the New York Yankees in the playoffs, they then lost their three biggest stars to free agency.
Beane faced an even bigger challenge with a budget to rebuild his team with of only $39M which was only one third of the budget of much richer teams like the Yankees who had over $120M to attract and retain the best talent.
Maniacal focus on Data and statistical analysis.
As part of his rebuilding process, Beane hired a young Yale grad and statistical genius named Peter Brand.
Together, they came up with the hypothesis that statistics used by baseball insiders such as runs batted in, stolen bases and batting averages were important metrics, but not the most important metrics to gauge the true value of a player… and the players with the best at the conventional stats garnered the most money.
So they scoured the league for players that had high on base percentages and higher slugging percentages (measuring the power of a hitter)- stats that were practically ignored by the traditionalists.
They assembled a bunch of “over the hillers” and underappreciated and unwanted players and outperformed many teams that had 2-3 times their budget.
The team went on to win 20 consecutive games and the 2002 AL West championship with playoff bids in 2002 and 2003.
So what does this have to do with your dental practice?
In this week’s episode of the Dentalpreneur Podcast, I draw the parallel between what Billy Beane and Peter Brand were able to do for the 2001 Oakland A’s and what you can do in your dental practice.
I’m the first to admit that I’ve made just about every mistake that you can make in dental practice ownership and management.
In fact, my organization was so dependent upon me and my work-life balance was so out of whack, that I had to sell four of my first six practices even though they were growing and profitable.
Personally, those were pretty tough times, but the lessons that I learned have allowed me to restructure everything about the way that I run my businesses and life.
As we re-focus on growth (now up to 10 practices in our group) our team now relies on regular, structured meetings, systems calibrated amongst the offices, and a clear vision and plan to accomplish our goals and benchmarks.
In this “Tactical Tuesday,” episode of the Dentalprenuer Podcast, I discuss one of the tools that I use to clarify my expectations with my executive team, improve communication and decrease negativity and drama before it takes on a life of its own.
Our Weekly Practice Progress Report and its specifics
The importance of integrating the habit of recognition into the core values of any practice
The best way to handle negativity and how to brainstorm solutions to overcome challenges
The most effective way to encouragement collaboration and problem solving
What’s your adjusted production to collections percentage?
In today’s episode of the Dentalpreneur Podcast, I interview the director of my Billing and Accounts Receivables Department, Kelcie Thompson.
Kelcie, who has over fifteen years of experience in the dental profession, personally oversees the accounts in all ten of my dental offices and supervises a team of six.
During our interview, Kelcie sheds some light on how she manages to keep it all straight and shares some of the valuable lessons that she’s learned about dealing with dental insurance companies throughout her career. We discuss:
The importance of a comprehensive insurance verification form and how the front and back office teams can best utilize it.
How to manage the claim process and the best checks and balances to ensure payment.
How to avoid the majority of claim denials and what to do when a denial does take place
Why having a dedicated biller away from the from office will greatly increase the effectiveness and efficiency of your collections and billing process
Welcome to another episode of the Dentalpreneur Podcast. Today it’s Tactical Tuesday – a new concept designed to delivering an actionable tip or strategy that is immediately implementable.
During this episode Dr. Costes walks us through one of our departmental assessment forms that we use for any and all members that are a part of our dental practice team. This is a tool that will allow you consistency, transparency and collaboration throughout your team members and offices. It will also promote and encourage communication on a regular basis that will guarantee everyone is on the same page regarding their performance, your expectations, how well they uphold to the core values and the level of service they are providing to patients.
This quick tip will help you to develop a system that will help you to: