Please take a few moments to view my new video. I wanted to share some new projects and introduce you to some of the doctors I’ve worked with over the last year. Let’s get together and assess the potential you have to grow your business and then build the practice of your dreams!
Earlier this month I had the privilege of hosting an interactive meeting for doctors looking to invest in digital equipment for their practices. Our distinguished speakers were doctors and peers who have integrated digital technology into their dentistry and never looked back. Dr. Domenic D’Amico, a general dentist and practice owner from Watertown MA, presented cases and testimonial about using a 3D guided workflow for guided implant surgery in his practice.
Dr. Nitish Nahata, a general dentist and practice owner from Tewksbury, MA presented cases and testimonial about the value of 3D CBCT in diagnosing and treatment planning all kinds of dentistry that would not be immediately visible in traditional x-ray including endodontics.
If you are looking to upgrade your dentistry, grow your business and provide patients with the kind of technological enhanced diagnosis and treatment they have come to expect we should meet to discuss all the options available. I have the experience and track record to help you make a plan that can take your practice to the next level. Let me help you evaluate key elements necessary to optimize the outcome of your investment. Please take a moment to view equipment options and read testimonials from doctors about practice growth goals I have helped them achieve. Let’s meet to discuss ways we can work together to build the successful modern dental practice of your dreams.
Practice growth must be approached with good business sense. All successful business owners know that growth includes a meaningful plan for investment and an accurate analysis of the potential for return on that investment. It also requires what I like to call a “growth mindset.” I have conversations every week with doctors who are thinking of starting a practice, or who own established practices but have hit a plateau in the growth of their business, or are seeking to transition and expand. My goal is to help doctors develop their growth mindset and to strategically evaluate ways to achieve better results from their practices and investments.
How does your facility appear to patients? How does the functionality contribute to, or hinder, their experience in your office? The location and appearance of your office may be limiting factors in your ability to grow. A good analysis for your growth plan should include the evaluation of your facility by an objective expert who assess and then recommend renovation, upgrades, or even a relocation that can make a huge difference in your results.
What is the capacity of your office to produce revenue based on the size of the practice as determined by the number of treatment rooms you have available to seat patients? Lots of doctors base business decisions on the ebb and flow of the schedule in the office. It is easy to look at a few holes in the schedule and think it might not make business sense to expand, but it may. More importantly think about the times when there are no chairs available and you are rescheduling a procedure that you could have done if you only had a place to treat the “customers” who are your patients.
No business reaches 100% capacity at all times. You build to meet the demand like Dunkins. Some tables are empty and the drive thru is not always busy but when you are ready for coffee so is Dunkin. It’s ok to have an empty room sometimes. In fact is it profitable. Think about how convenient and profitable it is to perform an additional procedure on a patient today. They don’t have to come back (might not) and you already paid all overhead except for your lab (10%) and supplies (6%). That is a profit of 84%. Doing more quality dentistry efficiently during business hours is essential to profitability. That’s why McDonald’s asks “Would you like fries with that?”
The correct facility size increases productivity and patient experience. Take this test: your collections______ / total number of operatories = __________ your per operatory collections average. If you scored 250K per op you are healthy based on a 4 day week. If you’re producing 5 days per week the healthy per op average is 300K. You produce for 20% more hours. Hours and procedures are the largest contributing factors to collections while the number of doctors working in the space doesn’t significantly increase production. Maybe 10%. It makes sense, if you short yourself an op for another dentist to produce your production goes down and theirs goes up. It’s almost a wash as far as collections, but income suffers.
If you scored below healthy let’s look together to see why. If you are over congratulations! If you are at or near the upper limit you’ve probably hit a plateau. How can you get beyond your plateau and grow? If you are short just one operatory it could be costing your business $250,000 year revenue x 10 years $2,500,000, 20 years $5 million. We can determine if expansion is a good option for you and how to get a significant return on your investment. Business is getting more competitive at a lower margin so it is more important than ever to strategically plan your growth and profitability. If you are looking to start, looking to grow, or have reached a plateau in your business I can meet you wherever you are at in the process and work with you to plan for your goals. Please take a moment to view featured projects and read testimonials from doctors about their projects. You can also fill out Getting Started forms on my website. Let’s meet to discuss ways we can work together to plan and build the successful modern dental practice of your dreams.
It’s a brand new year and January is the perfect time to take stock of your business and make a strategic plan for growth in 2018.
Success depends on your ability to look, with a critical eye, at all the things that might need to be improved and upgraded. Using a tested and proven comprehensive analytical approach will identify all aspects of your practice that can contribute to the growth you seek. The real question is: where do you start? How do you know what to focus on, and what priorities can help you make the growth goals that you envision?
Over years of experience working with doctors to grow dental practices I have come up with customized tools for analysis that can be used easily by you to comprehensively evaluation the the current health and well being of your practice. Asking the right questions will help us define the ideal solutions that enable you to reach the fullest potential of your business.
I recommend to every doctor I meet that they start off analyzing their business by completing a Strategic Planning: Step 1 worksheet.
STRATEGIC PLANNING: STEP 1
Do you have any imminent equipment or technology needs? (check one) Yes or No
1. If the investment amount was not a factor, what investment made by you would have the most positive impact on your business growth? _____________________________________________________________ _________________________________________________________________________________________
2. Is your office a reflection on of the type of dentistry you provide? (check one) Yes or No
3. What is your budgeting process for facility or equipment updating? ________________________________ _________________________________________________________________________________________ _________________________________________________________________________________________
4. How do you satisfy your Sec on 179 depreciation on schedule? _____________________________________ _________________________________________________________________________________________ _________________________________________________________________________________________
5. What is your “treatment plan” for practice growth? _________________________________________ _________________________________________________________________________________________ _________________________________________________________________________________________
This form can be downloaded here and once you’ve filled it out I will conduct a comprehensive consultation, including an onsite needs assessment, to help you get a more complete picture of growth solutions for your practice. Please keep in mind too that a customized plan is made uniquely for you, it is not a cookie cutter approach that puts the same exact solutions together for every practitioner. The other analysis tools I like to use provide even more detailed insight include the Patterson Preliminary Design Checklist, Practice Vital Statistics Survey, and the Practice Growth Survey all can be downloaded from my website billpellicano.com.
Whether your project is big or small, a remodel or brand new office and new location, I have a track record of excellence. My reputation, experience, advice and insight are the greatest assets I have to offer my clients. The relationship I have with my doctor clients is a long-term commitment to the ongoing health and growth of their business. The customized strategic plans for growth I develop for them are key to the successful execution of their project vision. I continue to be a dedicated trusted advisor long after that vision becomes a reality! Let’s meet to discuss ways we can work together to plan a strategic growth plan for 2018.