Sally McKenzie, CEO McKenzie Management Printer Friendly Version

Want To Know Your Future?

Look At Your Present

Recently, I was driving past a little shop with a sign out front proclaiming, “Palm Readings: Know Your Future.” The irony of it wasn’t lost on me; it wasn’t a particularly nice building and it wasn’t in a particularly great part of town. I wondered how many people quietly slipped in the front door each day in hopes of learning more about their destinies. Probably few gave much thought about why this so-called fortune teller hadn’t already amassed millions in stock market investments or already won the lottery if he/she could truly see the future. Why do business in a dumpy part of town next door to the payday lenders?

Obviously I don’t put a lot of stock in fortune tellers. I prefer facts and data—the numbers, the reports and the statistics.

Too few dentists know their practice numbers and even fewer routinely monitor key practice reports and management systems central to their success. Most dentists have never considered writing a business plan for their practices. They want collections to be high but don’t know how to achieve it. They know they want to be busy but don’t recognize the difference between busy and productive. They want a “good” team but don’t know how to build one. Sound familiar?

When it comes to addressing shortcomings in these and other areas of the practice, far too many of you rely on emotions, maybe some tips from the latest dental magazine and possibly the fortune teller around the corner. Perhaps it’s time you sought a more reliable source for assistance. But don’t take my word for it, conduct your own assessment. Do you identify with any of the statements below?

You have holes in the schedule that go unfilled, yet patients must wait more than three weeks to get an appointment. You either don’t know what your patient retention is or it’s below 95%. Gross salaries are more than 20% of income. Overhead is more than 55% of practice income. Employee performance measurements don’t exist. Job descriptions are either non-existent or unclear. Staff conflict is a common distraction. Practice production has leveled off or declined. You are not enjoying your profession as much as you could and should be. Any of this sound familiar? If so, it may be time to consider a practice management consultant. But how do you choose a company that is right for your practice? Read on.

There are many consulting companies out there, so take a close look at those you are considering to make sure you choose the one that is right for your office. First and foremost, you want a consultant who has the expertise necessary to address the challenges specific to your practice. In addition, your choice should be someone with whom you can be completely honest. Otherwise, the investment will not pay off as it should. This person should be able to help empower your team to implement systems that will ultimately benefit the total practice. And this person should be prepared to effectively explain recommendations and the “why” behind them.

Talk to the CEOs of these consulting firms to ask questions and seek references, and contact those references. Do the consultants you’re considering have a reputable company behind them? Do they have the expertise necessary to address your specific challenges? Will they customize their recommendations to address your needs? Will they be there for you in the future to overcome hurdles that will crop up along the way? Do they offer other services, training and supplementary materials that can help specific members of the team? Can they explain to you exactly how they have helped other practices and show you the numbers to back it up?

Finally, will they tell you what you want to hear or will they tell you the truth? It is that last point that is the most difficult for all dentists. You’re likely not going to want to hear everything the consultant needs to tell you. But it is in listening that you learn and it is in learning that you can take the steps necessary to build a practice that you thoroughly enjoy. What’s more, you won’t need a palm reader to tell you your future—you will have created it yourself.

Interested in speaking to Sally about your practice concerns? Email her at sallymck@mckenziemgmt.com.

Interested in having Sally speak to your dental society or study club? Click here.

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