Practice Management Tips

Sustainable Dental Practice Growth is About More Than Profits

By January 17, 2020 March 11th, 2020 No Comments
Sterling Practice Management Dental Clinic

In dental practice management, one must often take a longer view. For instance, there is more to owning a successful practice than just profits. Sure, profitability can be a major focus of the practice owner. But when you take a longer view, the key to long-term prosperity is to create sustainable growth. Sometimes, dental practice owners fall into a pattern of complacency because they’re coming out ahead. This can result in the practice hitting a plateau and progressing no further. This, in turn, can stifle expansion plans if you don’t have management lines and procedures already in place.

Dental Practice Had Reached a Plateau

Stephen and Helyne are doctors and co-owners of their dental practice. Because their practice continued to make a profit, they focused more on practicing dentistry than managing the business aspects of the practice. So when the practice hit the inevitable plateau, they didn’t know how to break out of it and move to the next level. They had been relying on one employee to keep all the administrative tasks under control, only to discover that she kept unfinished work and collections hidden from them.

Based on recommendations from multiple dentist friends, Stephen and Helyne decided to give Sterling Practice Management a call. They received a consultation from a Sterling expert which examined their practice in detail. They then opted to sign up for tailored consulting services.

Implementing Organizational Basics

With their consultant, Stephen and Helyne worked out and drew up a tailored program, to move to the next level. In order to help the dentists implement their program, two specialist consultants from Sterling visited Stephen and Helyne’s dental practice. The first thing they did was to create an organizational system for the business. This system of organizational basics helped them to keep everything manageable with the result of boosted office efficiency.

They also guided the dentists toward better employee management habits. Instead of letting employees do as they please, the specialist consultants developed more specific job descriptions to create accountability and set expectations. Each employee knew exactly what they should be doing while at work. Cash bonuses were set as extra incentives and rewards for good work!

A 30% Increase in Production and Collections

After a year of working with Sterling, Stephen and Helyne’s practice saw a 30% increase in production and collections. They had to take on five new employees to help with the now sustainable growth. They had never been comfortable trying to manage their practice but now are both more confident in their roles. “Now I know how to be the CEO of my practice. I know how to manage my staff and I am free to do what I like best: helping people with dentistry,” says Stephen.

The plateau that Stephen and Helyne experienced doesn’t have to be a permanent fixture of your business. Sterling has been a leader in dental practice management for over 36 years and has helped thousands of dental practice owners to solve stalled growth at their practice. Start on the right track to sustainable growth as they did by taking our free online practice analysis and consultation.