It’s important to take a close look at metrics. They are important tools to use when making decisions. But the metrics you look at and the goals you set around them all depend on how you run your practice.
There was a recent article penned by Mike Abernathy around KPIs for your practice. Mike joins the Millennial Dentist Podcast to talk about the points in the article and to share his experience in the field. There are some areas of agreement and disagreement and no matter where you are in your practice development, this episode has a lot of great takeaways.
Ultimately, the goals you set are up to you. You can set lofty goals, but make sure they are attainable. But don’t sell yourself short and set mediocre goals when you can do so much more.
Show Notes:
[01:11] - Mike Abernathy shares his background and how he got started in dentistry.
[02:42] - There are hundreds of articles on a site that Mike shares and some he has authored.
[05:07] - The way you run your practice dictates the metrics you look for.
[07:51] - First, Mike looks at profitability.
[10:52] - Sully and Mike go through some numbers and compare to average practices.
[14:56] - What happens to numbers when another doctor is hired?
[17:01] - In a one doctor practice, Sully wears several hats and explains the metrics.
[20:40] - Feed your associate first.
[22:57] - You have a ceiling based on supply and demand.
[25:40] - How can we have incremental growth?
[27:42] - The type of patients you attract makes a huge difference when it comes to growth.
[29:28] - Demographics do make a difference, but Sully’s people skills have driven more business.
[31:51] - Mike believes in setting realistic goals for each individual but Sully believes that setting a goal for mediocrity isn’t beneficial.
[34:32] - Sully points out a metric goal that he doesn’t agree with.
[37:00] - You can’t always make people want what they need.
[39:10] - A lot of times, we are reluctant to offer the things patients need based on the cost.
[41:06] - The decisions you make today are important for the future of the business.
[44:36] - Dentistry has evolved significantly in the last few decades.
[47:43] - It’s about new patients and capacity both in staffing and in facility.
[48:19] - Sully attributes a lot of his success to his idea of replacing himself.
[51:34] - If all the doctors in the office are doing specific procedures, you will need to hire enough hygienists to support patients.
As always, thanks so much for listening! If you like the show, we would love for you to review the show on Apple Podcasts as well as spread the word! If you have any questions or want to get in touch, shoot me an email at millennialdentist@gmail.com.
Links and Resources
Richard Sullivan, DDS
Partner, Sullivan Dental Partners
Co-host/Founder of the Millennial Dentist Podcast
http://www.millennialdentist.com
c. (615)574-8208
w. (615)373-1012
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