How to flourish during an economic downturn.

Everyone knows that America’s economy is in trouble. How is this affecting dentistry? Many practices are experiencing more open time, a record number of broken appointments and less production as Americans tighten their purse strings. Some practices are closing their doors and there are dentists looking to work additional days in busier practices. People are losing jobs and insurance benefits as the country slips further into an economic tailspin. We might hear more complaints about dollars, but people still want and need dental care. It doesn’t have to be all doom and gloom. There are ways for your practice to stay afloat and actually flourish during this economic downturn. As Americans spend less and try to save more, many practices are prospering. Their success is not due to “good luck.” They are overcoming these obstacles because they are looking for missed opportunities and working smarter. I always find it interesting to see how practices can be located in a close proximity and vary so much in new-patient numbers, production and collections. Dentists have told me, “I’m going to move my office near Dr. Smith’s $2 million practice.” Actions like this are not the recipe for success. You must know that your success is dependent on what happens within your own four walls and less to do with outside factors. I am going to share specific measures to help you safeguard your practice in this economic slowdown. There is no silver bullet, but I know the practices that are flourishing are being proactive, applying themselves and implementing the following actions and protocols. Ignore Outside Influences: This includes television, newspaper, radio, the Internet, the dentist down the street and other hearsay. Know that your actions and your staff ’s actions are what will determine your success or failure – nothing else. Know that you are in control of your destiny and it is imperative that you are proactive and believe in your ability to make your business successful. Develop Your Team: Start by evaluating each team member. Look at their individual performances, attendance, referrals to the practice, aptitude, attitude and abilities. Now more than ever, having a strong team that is working toward the practice goals is vital to your success. This is easier to attain than ever before due to the fact that more people are looking for opportunities in the job market. The economic downturn provides a better selection of applicant prospects. Once you have developed your team, allow them to be a part of the process of creating a practice vision and listing out realistic goals. Look for Barriers and Blind Spots: I’m referring to obstacles that you and your staff may be putting up for current and potential patients. Blind spots are responsible for the majority of broken appointments and instances of low production. Barriers keep your new patient numbers low. There are three systems that you should evaluate. They all have a major impact on your practice. 1) Initial Contact – I do a lot of mystery shopper calls at the request of clients. I’m amazed at the roadblocks that practices typically put up for the averSecond opinions are common in health care;