If you’re taking every pt that knocks on your door, how to cope, manage and profit from it.
Recently I covered exclusivity and how to get there if you so desire. Before I get started, let me ask you this: If location allows, why not have two practices? One that IS exclusive and one that is not. Have associates do the dentistry in the practice that is NOT.
OK, let’s get started. The biggest help you’ll have here is this: Set your expectations EARLY in the game and stick to them…Post them…Be almost obnoxious about them. Dan Kennedy calls this “The Unreasonable Business Owner Position.” Take the position and do it well.
As you know, all practices are different. What works in one won’t work in another.
For instance, Dr. Tara Dallmann REQUIRES all new patients and returning patients to pay cash BEFORE the tx or the NP exam is even started. She collects, THEN produces. You might have read one of my previous posts about one of the major differentiators between wealthy and poor: Wealthy folks get paid FIRST. Poor people get paid after the work is done. (NOTE: This is a wealth strategy similar to the idea that there is an ABUNDANCE of new patients everywhere, not from the mentality of SCARCITY of new patients. Your mental state IS everything!)
However, this strategy may not work for you. But let me encourage you to MAKE it work if at all possible. It may involve staff education and so on, but most definitely a different financial policy. Whatever you decide, PUT IT IN WRITING and review it very carefully and explain ANY exceptions to the rules.
So, how else can you profit from taking every new patient that walks in the door?
- Manage them properly.
- Get paid as quickly as possible.
- Assist with paperwork (pt’s insurance) but ask for payment in advance – sending insurance reimbursement to pt.
- Have ALL new patient policies and procedures in writing and make sure staff reviews it with every pt every time, esp. new patients.
- Don’t get caught in VOLUME vs. QUALITY of new pts.
Measure your bottom-line vs. hours spent by you to achieve bottom-line. I.E. Can you take home as much working less with fewer people…