How to Turn Practice Setbacks into Opportunities

Dentists are experts in their field, yet they often find themselves thrown into the deep end of business operations without a paddle. This lack of preparedness in business management can lead to operational inefficiencies, financial struggles, and even impact the quality of patient care, hindering the sustainability of their office.

Are you an expert in dentistry, bur find the business side of your practice daunting? In this blog, we’ll provide the paddle you need and offer you insights into how dental coaching in South Florida can turn any current and potential obstacles into stepping stones for growth.

Barriers That Can Hold Dental Practices Back

Fear of The Unknown

Fearing the unknown is a significant barrier in the dental industry and often manifests as a reluctance to embrace change. This fear is rooted in uncertainty and the perceived risks associated with change, including:

• The potential for financial loss if new strategies do not yield immediate returns
• The possibility that current patients might not like new treatments or equipment
• The difficulty of teaching staff new practices, which might cause some confusion and slow things down at first.

Whether it's the business owner or a team member, fear can stagnate a practice, trapping it in unproductive and outdated patterns.

If you hesitate to experiment with new methods or strategies, even when the current ones are not yielding desired results, you can miss out on opportunities for advancement, struggle to stay competitive in the market, and ultimately, face a decline in patient satisfaction and practice profitability.

Comfort in Familiarity

Comfort in familiarity occurs when a practice, having overcome initial challenges, finds itself in a stable, comfortable position. The comfort zone, while seemingly safe, is actually a double-edged sword. The mindset of "If it's not broken, don't fix it" can prevent a practice from growing because of the fear of more work or of upsetting the current balance.

Comfort provides a false sense of security and can make you overlook the evolving needs of patients and the industry. The danger lies in becoming too comfortable, leading to a resistance to change and a failure to adapt to new market trends, patient needs, and technological advancements.

Overlooking Lead Measures

In the context of dental practices, lag measures are key metrics that reflect monthly and yearly outcomes. Here's what the three main ones show:

• New Patient Counts: It indicates the number of new patients who have visited the practice within a specific time frame. It's a direct indicator of the practice's ability to attract new clients, but it doesn't reflect patient retention or overall satisfaction.
• ‍Collections: This refers to the total amount of money collected from patients for services rendered. Collections measure the financial health of the practice but don't necessarily reflect the quality of care or efficiency of service delivery.
• ‍Production: Production measures the total value of all dental services provided, including all procedures and treatments performed and quantifying the practice's overall service output. While it shows how much work is being done, it doesn't always correlate with patient satisfaction or financial profitability.

These metrics, while important, only tell part of the story as they represent the end result of past actions. By the time these measures are analyzed, the opportunity to influence or alter them has passed.  

The problem arises when practices fail to recognize and understand the underlying factors – the lead measures – that drive these lagging indicators. As a result, they may misdiagnose problems and miss opportunities for proactive improvement.

How Can You Overcome These Obstacles?

Building a Unified Team

If you want to overcome the fear of growing or becoming stagnant, you need to build a cohesive team that shares your values and vision.

Regular check-ins can also help ensure everyone is aligned with your goals and understands the 'why' behind them. Meetings are an opportunity to identify any fears or resistance that might be holding your practice back.

Clear communication is key – articulate your goals and the part every team member shares in achieving them. A shared vision, backed by a clear business plan, can inspire your team and drive your practice forward.

Focusing on Key Performance Indicators

To drive your practice toward its goals, focus on both the lag measures we already mentioned and on the following lead measures:

• Unscheduled active patients are those who still haven't booked their next appointment. Identifying and re-engaging them can boost your patient base.
• Keeping track of proposed treatments helps in understanding how many of your recommendations are being accepted by patients.
• Monitoring the acceptance rate gives insight into how well your treatments are being received and whether your communication strategies are effective.

Active Patient Management

Your active patient count represents the total number of patients who are engaged with your practice, including both new and returning patients. It refers to those who have visited your office for treatment or consultation within a certain recent timeframe, usually within the last 18 to 24 months.  

To understand if many of your patients have become inactive, ask yourself:

• Are we failing to reactivate enough patients?
• Have we seen a sudden increase in patients going inactive?
• Are we effectively scheduling this month's patients for their next visit?

Once you answer these questions, you can develop strategies to attract new patients and encourage inactive ones to return, maintaining a robust and engaged patient base.

For example, you might implement a personalized outreach program by sending friendly reminder emails or texts to patients who haven’t visited in the past 18 months, highlighting the importance of regular dental check-ups and offering an easy online booking option.

Continuous Education and Dental Coaching

A professional outside perspective can be invaluable in breaking out of old patterns and fostering growth. A dental coach can offer tailored advice, help you navigate challenges, and teach you strategies for success that you might not have considered.

Ready to Seize Growth Opportunities with Dental Coaching in South Florida?

Elevate your dental practice and achieve the professional success you've always envisioned with Fortune Management South Florida. From assembling a dedicated team of dental experts to crafting the perfect work-life balance, our dental coach Brian Houlahan is here to support you.

Take the first step and contact us today!