Last month I explained how our office had dropped the MetLife PPO Insurance plan as of Jan 1st, 2015. I also promised that I would give you the results and reactions of our patients as of the end of the 1st quarter of this year. As you recall, we sent out over 800 letters to our patients in late November 2014 explaining we would no longer be an “in-network” provider. As of April 1, 2015, SEVEN patients have called to let us know that they would not be returning. Of course, our write-offs have dropped to “$0” as of March (there were still some write-offs in Jan and Feb due to services … [Read more...]
How to Survive and Advance in your Dental Practice
Survive and Advance One of the most dramatic, heartrending, inspirational documentaries I have ever seen is “Survive and Advance”. The story is about coach Jim Valvano and the 1983 North Carolina State Wolfpack college basketball team. Before you stop reading because you are not a sports fan…wait. This story is about life even more than basketball. I guarantee you will be uncontrollably weeping and incredibly inspired after watching this program. In the story, the term “cutting down the nets” is used. This is a tradition in basketball that is performed after a team wins some type of … [Read more...]
Dental CEO’s: How much are you writing off in PPO Insurance plans?
Many of us track our “numbers” in order to see how we are performing or to compare how our practices are doing over the course of the year. This is an essential part of running a successful business. “If you can’t measure it, you can’t manage it” is a common phrase used. Also, we need to know our numbers to gauge us vs. the industry standards. One “number” that you may not be tracking is the amount of write offs in PPO insurance discounts. This number might stagger you, I know it staggered us. We have been regularly tracking what we have been writing off to the two plans we belong to, … [Read more...]
Net Worth Report Card for Dental CEO’s
Dental CEO's, how is your Net Worth Report Card? One of the questions on my Practice Management final at the dental school is, “What is your report card after graduation?” The answer is, your net worth worksheet. While I know we are in a highly computer automated society, for this exercise we can still use a printed worksheet. While money and assets are not the sole determinants of your life’s success, for this exercise pretend money is EVERYTHING! Zig Ziglar used to say “money is like oxygen, you really aren't aware of it until you don’t have any.” Filling out a net worth … [Read more...]
Dental CEO’s Are You Taking Action?
Are you Taking Action? WHAT IS STOPPING YOU? From Taking action? From being your Best? What controls and determines the quality of our lives? Why do we do what we do? These are three common questions I hear in my coaching business. Mostly because clients are looking to move forward and these are three roadblocks stopping them. Here are my answers and some steps to take to get beyond these roadblocks: Don't fear failure; Fear Inaction. 1. Fear stops us from moving forward. It is hard wired into us. There is nothing that we can do to completely remove it from our thinking, but … [Read more...]