4 steps to increase your practice income this year

There are less than four months left in 2015. Are you behind on reaching your production goals? Don't worry. If you focus, you have enough time to meet and possibly exceed your goals for the year.

These four ideas will crank up your production and get you to reach your goals by Christmas Eve! Are you ready?

1. Find your sweet spot

Try this. Think of your practice as three circles of a Venn diagram (remember that from math class?):

• Circle one: What you're passionate about doing
• Circle two: What you're really great at
• Circle three: What your patients want and will pay you for

Richard H. Madow, DDS, and David M. Madow, DDS.

The next step is to notice where those three circles intersect. Get really good at doing what is in that intersection, and just keep doing it over and over again. You may only need to concentrate on one type of procedure if you do it well enough!

Does that mean you will only perform that one procedure? Of course not. But it does mean that you will concentrate your marketing and elective treatment recommendations there. An excellent example is implants -- this is by far the segment of a general dental practice with the most potential for increased revenues and patient need. Get good at these now.

This is your sweet spot that will lead to increased revenue. We promise.

2. Think big

Want to hit your goal by Christmas Eve but are not as close as you should be? It may not be as unreachable as you think. Figure out the total that you need to bring in, and simply divide by 15 (the number of weeks left until then). Now figure out a way to make that happen each week. Does that sound crazy? You can do it. It is almost magical how beginning with an actual goal (instead of lamely proclaiming "we just schedule treatment wherever we can") can take over your subconscious.

Another hint. Pad the number by about 15%. If you plan for a larger goal, reaching the smaller one will suddenly happen much more easily.

3. Focus on repeat business

The best way to increase your revenue in a short period of time is to get your current patients to do more with you. Existing patients are your lowest hanging fruit (we hate that expression, but it is true).

Immediately go through all your charts. Any patient who does not have an appointment needs to make one. Any patient who has treatment planned but not scheduled needs a call from your very best front desk person. Give them a reason. "Maximize your benefits for this year" is one. You have a million dollars in your file cabinet -- go get 'em!

4. Spend wisely

Don't invest money in anything for your practice unless you are 100% positive it's going to make you money. Pay close attention to where your money is going. We would rather you not invest in any equipment right now.

Instead, concentrate -- really concentrate -- on these four ideas. If you are going to spend money on anything, do it with the goal of getting more new patients and increasing production on your current ones.

Spending wisely applies to your time as well. Focus your time on activities that increase your revenue, while letting your team take on the tasks that they can do efficiently to save you money. In other words, work smart, not hard.

Ready?

This is not a tough one. You can do it!

In 1989, Richard H. Madow, DDS, and David M. Madow, DDS, founded The Madow Brothers with the goal of helping their fellow dentists achieve success and happiness in their practices. For more information about their e-letters, audio series, New Patient Mail marketing program, Dental Powerhouse group, their live presentations (including "How To Love Dentistry, Have Fun, and Prosper," "The Ultimate Dental Boot Camp," and especially "TBSE"), and more, check them out at www.madow.com.

The comments and observations expressed herein do not necessarily reflect the opinions of DrBicuspid.com, nor should they be construed as an endorsement or admonishment of any particular idea, vendor, or organization.