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Welcome to the Shared Practices Podcast

NAVIGATING THE PATH TO SUCCESSFUL PRACTICE OWNERSHIP

Sep 20, 2019

Episode 01-08

Practice Under Water | Mystery Guest “Rock” Part II

 

 Interested in 1-on-1 coaching?

  • Email george@sharedpratices.com or matt@sharedpractices.com.
  • Tell us about yourself, your business goals, where you are currently in your practice at and where you would like to be in the next year. 
  • Send us your information to see if we would be a good fit for you!

 

To get today's practice Practice By Numbers dashboard snapshot, click the following link: 

https://pages.convertkit.com/f0d9fa2c7e/891325bc90

 

Practice Under Water brings together dentist and dental practices into our interview space, with a twist! For our new Practice Under Water episodes, George and Matt will be diving (pun intended!) to the deep end of the swimming pool with mystery guests. They will ask them driving questions to find out how they are growing their business, mistakes they've made and how our guests have made their comeback through trial and error. Practice Under Water is designed to enhance the dentist's lives by moving past difficulties to experience joy.

 

Today, Matt and I are going to give you differing opinions about our mystery guest Rock and how he should move forward in their practice. George believes he is going to win on this episode, so let’s see how well he fares in this instance!

 

Our mystery guest Rock is very different from our other guests as he only purchased his practice a month ago. He has boiled down his vision where he wants to go in his practice, and besides that, he is a long-time listener and fan of Shared Practices and Practice Under Water. Yes, we are blushing!

 

In PUW 01-07 Part I, Rock tells Matt his history and how he has come into his space. Rock started off working at a community practice, and at this job, he was forced to expand clinically and wear many hats as a specialist wasn’t always around. In his new practice, he found that he is more on cruise control, referring patients out for different procedures. 

 

Rock’s new practice consists of six operations with two full-time hygienists, bringing in around $1.5 million per year. He feels that overhead is a bit high, however; many team members have been there for over a decade, which factors into the high overhead. 

 

Digging in for Part II, Matt finds that Rock’s practice reminds him of his own office, which isn’t very common. Rock felt like he only had one choice for his practice journey until he came onto the show and talked to Matt. Rock tells the history of the practice he purchased, including the office having four doctors practicing at that one location. At present, there is a loss of clients per month. 

 

We review his metrics, including his recall and re-appointments, which are excellent. Rock has a very stable patient base; however, 27% are overdue for a cleaning. The office is only seeing about 20 to 30 new patients per month, which is not enough to keep his patient base steady. This may be the main reason why the practice declined.

 

Listen in to find out how Matt and Rock figure out what metrics he needs to improve or correct to make his practice more efficient, including associate turnover and operational efficiency.

 

Would you like to be a guest on the show?

 

Copy and paste these questions on the email. 

Email practiceunderwater@gmail.com

 

Tell us: 

  1. About your practice: number of employees, their roles, your location, number of chairs, what procedures you obtain your income from
  2. Goals for your practice
  3. A vision where you would like your practice to be, where you would like to go
  4. Where do you believe you are falling short in your practice?
  5. How are you getting in your own way to success?
  6. Why isn’t the practice performing the way you would like?
  7. What would you like coaching for?

 

Links | Resources

Practice By Numbers

Practice By Numbers Facebook Group