Today’s dental economy and environment is more challenging and more competitive than ever before. Hard work, technical ability, and quality patient care no longer guarantee a healthy practice. The need to assess your current operations in regards to leadership vision and team performance, patient services you offer, revenue potential, the capacity of your facility and expense management is paramount for moving into the future.
Every dental practice is, metaphorically speaking, like an intricate puzzle with many pieces (metrics) that must fit together strategically and with careful consideration. Whether your practice is in the startup stage, has reached a plateau or is in a decline learn simple systems and solutions that drive a “thriving” dental practice.
Questions to ask include:
- Does your team morale and culture support the patient experience?
- How many active patients do you have and what is their demographic?
- How many new patients are you getting each month?
- Do your patients return on a regular basis via the hygiene department?
- What is your case acceptance and how do you increase it?
- What is the practice’s production per hour by department?
- Do you collect what you produce with low accounts receivable?
Ask yourself how you are performing in each piece of the puzzle to determine your efficiency and productivity, as well as plan for maximum value for the future.
To help get you started in the right direction, we encourage you to complete our complimentary Practice Scorecard to rank and score your key metrics that impact the practice.
Click here to complete Your Practice Score Scorecard
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Dr. Robertson is a founding partner and lead appraiser of The Dental Broker Team. A graduate of the Faculty of Dentistry at the University of Toronto, he has also studied with the Canadian Chartered Business Valuation program. Beyond the scope of appraising and selling practices, he has worked hard to establish solid relationships with executives at the major Canadian banks with whom he has developed the appraisal formulas used by our firm. Because of this dialogue, his reputation, and his grounded research based approach to valuation, he has been called upon by the major Canadian banks to consult on trends, predictions, and perspectives in the Ontario and Canadian dental practice marketplace. He has authored articles on the topic of practice appraisal rationale in Ontario Dentist, The Journal of The Ontario Dental Association, and presented publicly with the Canadian Dental Association on the topic. As a dentist and brokerage partner, he contributed to the development of the Career Options Initiative with the Canadian Dental Association. Dr. Robertson is the author of The Science of Opinion, a research-based paper that establishes the only known evidence-based formula specific to dental practice appraisal value. He is the author of the book, From DEBTistry to Dentistry: A Buyer’s Guide to Successful Transitions.