This week on episode 88 of Business of Dentistry I recommend 5 items for a quick end of year review of our practices. This snapshot will give us a look at where we have been. It will also give us an idea of where we want to go moving forward. Happy New Year!
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Typically I don’t dwell on new year’s resolutions, I set goals but I don’t focus on that at the first of the year. Today we’re going to look back – not to regret what we didn’t do but to give us a start to the new year. We can look at what we didn’t accomplish as information that helps us determine which way to go this year. It’s looking back to look forward!
On today’s episode I’ll cover 5 quick points to look at the big picture at the end of the year. The first is where did you start last year with your team? How many did you have at the beginning of the year and how many were with you at the end of the year? How many are the same team members, and how many transitioned out of your practice and into other work environments?
Personally I started with ten and ended with ten, but two transitioned out and two new people came in.
I look at this information because I believe stability in a team leads to success. It also gives you an indication of what kind of leadership you are giving and how you are taking care of your team. How you treat your staff impacts how your clients are treated, all of which impacts your long-term success.
In my case I had a 20% transition rate – I don’t think it’s too bad although I’d prefer to have zero! The two team members who left did so for different reasons.
One left to work in her children’s school as an administrative assistant. She wanted to be off when her kids were off and working when her kids were in school. Because I couldn’t offer her that type of schedule, I understood and we left on mutually good terms.
The second person was also working in an administrative role in my office. She gave her two week notice and was a bit upset when she did. She left because I brought a newer surgical assistant from a part-time position to a full-time role, because one of my other surgical assistants was out on maternity leave.
When I did that this administrative person was upset and found another job working on the clinical side. She was trained in both the clinical and administrative side of dentistry, but I didn’t talk to her enough to know she wanted to work on the clinical side. So her leaving was on me, that was my responsibility as a leader.
Which leads to point #2: reduction, controlling overhead and spending in my practice. I had some goals in this area and we were close to reaching them. I’m still waiting on some final numbers to come back but I believe we will have a 3.5% reduction in my practice’s overhead. I know that may not sound like a lot to some people but I think about it like a 3.5% raise!
This second point also leads to our final three: production, collections and time off. This year I had a 1.6% increase in production (or charges) over last year.
It isn’t very much nor is it impressive. In fact I was disappointed in it. Then I compared it to collections, where we had a 1.4% increase – nearly the same.
The real factor that made me feel better though was I reduced my hours; I shaved off nearly an hour every day and took 16% more time off compared to last year. Those numbers tell me I worked 16% less but still increased production and collections and reduced my overhead – all of which are positives!
Those are all things to think about: team transition, overhead reduction, production, collections, and time off. I believe they give you an indication of what worked, what didn’t and where you want to go this next year. Take a look at these five areas in your practice and let me know what you find, after you listen to episode 88 of Business of Dentistry!