5 Ways Dental Practices Can Stop Leaving Money On The Table

03/23/21 8:26 PM
Ryan Palevsky
Dental Advice, Dental Practice Management

Next Level Practice CEO Gary Kadi was recently featured in Forbes by Forbes Council expert Mike Koenigs.

After coaching over 6000 dental practices, we know where that money is hanging out! Our CEO, Gary Kadi is a master of identifying revenue gaps where money is being left on the table. In an exclusive article with Forbes, he reveals many of these secrets.

We have summarized the full article for your convenience with five action items you can begin to implement right away.

1. Build independent teams
Kadi’s work with dental practices across the country has proven: Specialists are needed to keep the moving parts of any dental office operating smoothly. Many dentists are not business managers, nor should they have to be. If you’re stuck with poor recruitment policies or have a management gap, your team won’t be optimized and your workload (plus everyone else’s) will feel it.

As outlined in Dan Sullivan and Benjamin Hardy’s book Who Not How, empowering independent teams starts with having the right personnel doing the right things the right way.

2. Institute strong systems
Processes and policies supporting both patients and dental personnel liberate teams so they can all attain the most reasonable lifestyle possible. Appoint a team member to keep everyone focused on new policies, procedures and software to ensure continual improvement in these areas.

The right systems will allow teams to experience more happiness in the office, a deeper sense of purpose and dedication and increased revenues — all while providing greater patient health and education.

3. Find a true “numbers person” to meet financial goals
An expert financial professional must help practice leaders understand the power of analytics and the ways that they can plot out financial goals by quarter, year and for the future. Hold regular meetings to ensure revenue goals stay on course and uncover opportunities to make “profitable shifts” based on patient analytics.

4. Set boundaries
Too many dentists are miserable due to lack of boundaries. Working too much, not having time for vacations or family—many practice leaders feel like they’re running as fast as they can only to wake up the next day and start over.
Revisit workload, work-life balance and other boundary-threatening areas quarterly and “delegate, delete or outsource activities outside your superpowers or unique abilities.”

5. Make training integral to your HR systems
Giving teams the knowledge to succeed will never happen on its own. In the article, the Forbes expert coaches all entrepreneurs, not only dental practices, to have an ironclad professional development plan in place. These plans should include technological refreshers and allow for changes to “warp-speed” digital marketing tactics.

By regularly training teams at least twice a year and planning a professional development retreat for the entire team, practices can assure their patients a happy, well-informed team.

Leaving money on the table? Watch this profitable discussion, read the article on forbes.com, or take the Revenue Locator quiz.