One year ago we began the arduous process to become a chartless/paperless office. The task involved scanning all of our charts and documents into our software system (Softdent). We attempted to scan in the patients for the week, prior to their arrival. We also involved our children, having them scan charts during their summer break. With close to 2,000 charts to scan, the process was slow. However, I am happy to report that our staff and doctors are thankful that we are paperless. We were fortunate to have had digital radiographs for several years so we did not have to scan radiographs … [Read more...]
Are You Passionate About your Career or “Job?”
Most likely we all, at one time or another, have questioned if the career we have chosen is the “right” one. (Dentists included!) We know everyday cannot be rosy, but how often have you really stopped to think, “Am I doing what I am passionate about?" One of the best articles I have read was written by John Maxwell in the latest issue of Success magazine. He asks “when you think or talk about your work, does it consume you, do you wake up excited about it, do you go to sleep thinking about it?” Ask yourself the following questions if you feel like you are not doing what you want to … [Read more...]
Financial Planning for Dental CEOs: 529 Plans
My daughter is about to graduate from high school in a few weeks. She will be off to Mount Union for college in August. It is time to tap into that 529 plan that I have been contributing to for the past 10 years. It can be difficult to figure out how much is enough for your child’s college education, especially if they are young, but check out this helpful website. A 529 college savings plan is a tremendous vehicle to save for your child’s education. The benefits include tax free growth, the money is not taxed upon withdrawal if used for college expenses, no income limits and high caps … [Read more...]
The Bonus System and Rewarding Your Staff
Do you have a monthly bonus or incentive plan in place in your office? If you do not, you might want to implement one soon. There are many types of bonus plans out there to choose from. What we have found to be most effective is a plan that all employees will be involved in. Our plan includes a production and collection goal. This will include, of course, the doctors and hygienists producing, the front desk collecting, and the assistants suggesting additional services to the patients while they are in the chair. A bonus plan will force you to evaluate your production and collection … [Read more...]
Dental Practice Finances: Your Credit Score
One of the most important things you can have financially is a great credit rating. Of course, the better the credit score the better the rates for loans etc. One of the best books I have read on what is involved in calculating your credit score and what factors affect your score is, “Pay it Down” by Jean Chatzky. Did you know according to federal law you can access your credit report from all three credit bureaus, for free, once a year? Follow the instructions here to get your report from Transunion, Equifax and Experian. The report may be lengthy and might reveal some “surprises.” … [Read more...]
How much are you writing off in PPO Insurance plans? (Part 2)
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...]