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    • Content Dam Diq Online Articles 2015 03 Pride Inst 1
    1. Practice Management
    2. Financial

    Tuesday Tip from Pride Institute: Small $$ tweaks add up to big results for your dental practice

    March 3, 2015
    Little changes DO add up to big profits in your dental practice. Figuring out what those small changes should be will be easier with the help of a professional consultant, which is worth the investment.
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    I remember when I told Dr. Jim Pride that my practice expense ranges-norms were within those recommended by Pride Institute for a healthy practice, yet the practice was having trouble with its cash flow. I was right out of school and still a bit naive, and here is what Dr. Pride patiently explained: If we considered the 45 or so line items on our expense worksheet (operating statement), and we were able, with the help of our Pride Institute consultant, to tweak one-third of those line items by .25% to .50%, then we would have an increase to our bottom line of 3.75% to 7.5%! And, 7.5% of a year’s production definitely helps with cash flow!
    Dentist Budgeting

    Very small improvements made with “intentional focus” make a big difference. With continuous intentional focus, the result can be much more than small improvements. Dr. Pride was so wise, and very patient with us newbies.

    Today, as I consult with doctors across the country, this same principle applies not only to profitability, but also productivity. Too many dentists are not making their monetary goals or their quality of life goals, and they feel frustrated because they think they’re doing all they can to meet their goals. I find that they indeed are doing a lot of things right and actually have very strong foundations. So why can’t they meet their goals? What can be done to rectify this phenomenon?

    First, revisit and redefine your vision. How long has it been since you’ve done that? Second, have an outside, objective, knowledgeable person (i.e., a Pride Institute consultant) assist you with an updated practice assessment (status exam) and treatment plan. Third, the doctor and team should refocus on the strategies needed to tweak all the office systems – scheduling, financial arrangements, continuing care, and marketing, to name a few areas. What if you tweaked each system by only 10% to 20%? Let me give you a hint – the results would NOT be “very small improvements.” Find your intentional focus and get motivated today to make very large improvements!

    PAST TUESDAY TIPS:
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    Tuesday Tips from Pride Institute are provided weekly on their Facebook page as well as in this column in DentistryIQ. To ensure you don’t miss any of Pride Institute’s proven methods to take your practice to the next level, visit prideinstitute.com, and like them on Facebook.