This week we discuss how to collect data, analyze it, find solutions, and execute the solutions for declining trends in our practice. Give it a listen!
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One day recently there was a note from my staff telling me someone from Practical Solutions magazine had called. The message specifically said it was not a sales call and they were in fact calling because they were wondering if I would be willing to be interviewed by them for research they are doing.
After checking them out online, I discovered the man who had called, a man named Mike, was one of their research analysts. The call seemed legitimate to me so I phoned him back and we had a brief conversation during which I answered their questions anonymously.
When we wrapped up he told me they couldn’t offer any kind of compensation, but if I had specific questions about my practice they could put me in touch with a consultant who could help me with those questions. Because I believe in learning from others in our industry, no matter how successful we are, I accepted Mike’s offer to connect with the consultant.
The consultant I spoke with was named Jeremy and we had several conversations, during which we developed a strong rapport. We’re both martial artists with young children at home so we bonded very quickly.
During our last conversation we spoke about monitoring different areas of a practice, areas like collections, scheduling, cancellations, etc. There are about a dozen areas but those are a few we focused on. Specifically we talked about those areas and my data collection process in them: how is the data being tracked for production, and cancellations? How is accounts receivable and insurance being tracked?
With his help I could see there are areas in my practice which we need to track better; Jeremy suggested doing so with a dashboard. A dashboard will help to look at trends, either up or down. It helps the practice owner like me or you to easily define areas that are impacting the overall health of our practice.
By talking with him and walking through the steps necessary to create and implement the data and the data in the dashboard I came up with my own acronym and phrase called the CASE principle. Here is what it stands for:
C – Collect Data
Bring in all the data you can and put it in a dashboard where it can be evaluated in one place. As the CEO of your practice you’re going to look at this data regularly, preferably monthly.
A – Assess The Data
Then you have to analyze that data. Look at what areas are growing and what areas are in decline. Evaluate the data regularly to identify plateaus and decreases then we come up with solutions.
S – Solutions
Now that you’ve found the areas that need help, what can be done to fix the declines and plateaus? You have to find solutions for those areas, either by yourself or with your staff. Be sure to ask for their ideas and solutions.
E – Execution
After finding the solutions your next step is execution of them. This stage is where you implement those solutions you came up with in your last step. Ask how can you execute and carry out the solutions to improve the areas that have plateaued or are in decline?
On today’s episode I outline a real-life example, including what to do if your staff is reluctant to implement and execute new solutions. There is a very simple way to get everyone on board with any changes you want to create in your practice! Tune in for all of that and more on episode 33 of Business of Dentistry!
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