As a practice owner, you are constantly looking for opportunities to improve your patient care and grow your business.
With so many moving pieces, how can you be sure to understand what areas to focus on and how you personally can contribute to this growth?
The secret is the Profitability Formula!
The Profitability Formula outlines what details of your practice you can work towards improving each day. These areas have a HUGE impact on the success of your office.
As a practice owner, each part of the Profitability Formula is an area that you can monitor to identify the strengths and weaknesses that need to be addressed within your office. We recommend becoming familiar with the Profitability Formula in its entirety so as to understand each turning wheel that makes up the growth of your office.
As a dentist and practice owner, the top two parts of the Profitability Formula you can directly affect are Production per Visit and Overhead.
Production per Visit: How are you maximizing each patient appointment?
Items #1-3 under Production per Visit are items to consider for your specific practice and decide whether or not they are necessary.
Diagnose Needed Tx: Diagnosing ALL needed treatment, even simple procedures, can go a long way in giving your patients better care and boosting productivity.
Increasing Case Acceptance: Take the time to educate your patients on the risk versus the benefit of getting their treatment done. Encourage each patient to begin treatment by scheduling their next appointment before they leave the office!
Overhead: Keep your overhead in a healthy range.
Focus on Existing Patient Top Line Growth: Spending marketing dollars on new patients is expensive. Increase your growth and save money by focusing on your existing patient base.
Reduce Cost of New Patient Acquisition: Find out where your new patients are coming from and focus your marketing efforts on the areas that are bringing in the highest volume of patients. If you are not seeing success from a certain marketing campaign, discontinue that campaign and use the money on a more productive strategy.
The Profitability Formula affects both yourself and the individual members of your team. It can be an excellent guide to identifying areas of opportunity to grow your practice!
Click here to read how the Profitability Formula directly applies to the various roles within your office.