That’s how long it took yesterday to increase the projected pre-tax profit of a dental practice from 16% to 36%.
Four hours of financial analysis, during which we realised that:
- available surgeries were in use for about 66% of the year – they need another dentist;
- the FTA rate for dentists and hygienists was about 12% and could be 8% with a little attention to detail;
- the ADY for the associates could be improved by 25% just by combining a better use of the smile check with ethical selling skills;
- the Denplan Care prices could be adjusted upwards!
- no new Denplan Care patients – all new patients in to Denplan Essentials.
And not a single item on the Fee Per Item price list any higher. Just an improvement in productivity and facility utilisation.
My fee for the year’s coaching with this client = £12,000.
The benefit of 4-hours analysis yesterday – in the order of £200,000 before tax.
And then we spent the afternoon working with the whole team on their Patient Journey.
And that increase in profit will be available to improve the practice, enhance the marketing, pay the team higher salary and bonuses, invest in the future – oh – and give the principals a fair return for the half-million investment they have made in the last 3 years.
I love days like that.
Dentists look at a tooth and “just know” what to look for.
Dentists look at a spreadsheet and see – numbers.
A business coach looks at a spreadsheet and “just knows” what to look for.
A business coach looks at a tooth and sees – a tooth.
Who is looking at your spreadsheets?