Your dental firm may be awash with activities with the support staff almost always on call and registries recording bookings and the dentists operating around the clock. But does this always translate to optimal business operations where the amount of work engaged yields equal rewards?
There often arises false positive situations where a dental facility may seem to do quite well based on the inflow of patients, but the busy schedule doesn’t replicate in the books of accounts. And you get to know that your dental practice isn’t operating optimally when:
1. The facility experiences low patient retention rates
Customer loyalty is vital to the success and sustainability of any business. You, therefore, need to keep evaluating customer data and gauge your facility’s client retention rate. Consider high customer turnover as a red flag for the optimal performance of your business. At this point, consider revaluating your operations and systems to identify possible aspects of your business that a customer would consider a false positive. You might even consider hiring an independent consultant to limit biased self-evaluation.
2. Profitability stagnates despite busy schedules
Business owners, and not just workers, deserve fair pay for a fair day's work. Ideally, busy schedules should always result in upward trending profitability. It should, therefore, worry you if the business peaks thus reporting an impressive inflow of patients but its profits continue to stagnate. This imbalance may be an indicator of poor systems or unfavorable practices like heavy discounts. To avoid such a scenario consider embracing systems that help you gain as much information about your business thus easing the decision making process.
3. You always have the schedule full
While almost every business looks forward to having fully booked schedules running into weeks or months, such may not always present an optimally performing business. Poor business systems may as well serve as indicators or improper business organization. For instance when you allocate too much time to even the most regular dental hygiene procedures you end up with a bloated schedule, overworked staff, and dwindling profits.
4. Keep experiencing the same business challenges
In the life of any business, entrepreneurs and chief executives face countless challenges, and dental practices are not an exception. But what comes to mind when your dental practice keeps encountering the same challenge that impacts your optimal performance time and again? This points to poor implementation, or lack thereof, of problem-solving strategies within the facility.
5. The business is unable to settle its obligations as soon as they become due
An optimally performing enterprise, no matter its size, should be able to meet its obligations as and when they become due. For instance, is your business able to settle its bills or do you always have to chip in out-of-pocket resources to bail it out? In the case of constant bailouts, consider overhauling your business systems and even budgeting to identify potential loopholes especially when you continue receiving a reasonable number of patients.
Optimal performance of a dental practice facility is evidenced by such factors as impressive profitability, positive customer retention rates and ability to maintain smooth operations. If you experience a problem in any of these areas, consider evaluating your standard operation strategies and if possible embrace technology by shifting to management software.