Interview with Breakaway Consulting Leader Briney Gunshore
Dental practice management is one of the key driving forces of your business. That’s why assessing the health of your dental practice is essential to the success of your business.
Realistically, there’s always ebbs and flows with any business and dental practices are no different.
As a dentist, you’re often consumed with clinical cases, that other aspects of your practice go unnoticed. In addition to that, key tasks can get pushed to the side because there’s not enough time to complete them.
However, assessing the health of your practice is important especially if you want to build wealth and optimize your business by implementing easy and quick fixes during the pandemic.
With that said, I got the chance to speak with the leader of Breakaway Consulting, Briney Gunshore, since they’ve helped hundreds of dentists nationwide skyrocket production and recoup losses.
Have you ever wondered how you rank versus your competitors? Or, if you are losing tens of thousands of dollars a month?
Off the top of your head, if you were asked what your year to date total hygiene production is, would you know? Do you know last year’s total doctor’s production?
Chances are, you would have to look back at your ledger or financial records to get the exact numbers. While it’s understandable to not know these numbers off the top of your head, it’s actually detrimental to the success of your business.
In fact, not knowing – like one of the dentists mentioned to me – can actually be the cause of you losing 100k a MONTH! (I had to make that word all caps because it’s insane to let that much money slip through the cracks.)
Top 3 Hidden Areas to Build Wealth and Recoup Losses
To find out if your dental practice management is actually benefiting your business, you have to analyze it. What a practice health assessment does is assess the critical areas of your dental practice to figure out what areas are performing well and which can be improved.
It’s basically a SWOT analysis based on actual data points. So, I asked Briney exactly why practice health assessments are necessary.
“There are always hidden opportunities within a dentist’s reach, such as improving patient retention, increasing production, and boosting cash flow – among other vital aspects. Unfortunately, the case is, many will never know it because they don’t take advantage of resources presented to them,” she said.
“For those dentists who review internal reports or key metrics and wonder if the numbers could be better, the answer is ‘Yes,’ they absolutely could be,” replied Briney.
Finding myself intrigued at what Briney was saying, I asked her to elaborate on these three essential areas of dental practice management that dentists could gain an advantage over (especially during these trying times).
During this past year, 2020, what have your patient retention rates and conversion rates looked like? Are they drastically atypical from past years’ numbers that it makes you cringe? Has your number of active patients declined while your annual production is trending downward as well?
Well, the plus side is, your practice health can change for the better. Speaking to Briney, specifically about patient numbers, she told me how dentists could improve patient numbers.
“Depending on the practice, patient retention can be critical to a practice’s success and oftentimes can be more important than the actual number of new patients acquired,” she exclaimed.
“While never discounting the value of new patients, the focus is too heavily placed on attracting new patients. Retaining existing patients is not only better for the bottom line, but the practice also has established relationships with inactive patients.”
Basically, what I gathered from Briney is, patients are more likely to call when they’re in pain. However, if a practice proactively reaches out to inactive patients instead of waiting for the patient to call, there’s a higher chance of scheduling an appointment for the patient.
Therefore, building foundational systems to support patient retention is critical to the practice, especially during this pandemic.
Another important part of a practice health assessment is determining if you are reaching your practice’s optimum production based on your standard of care.
“We carefully review the percentage of doctor and hygiene production and compare it to national averages,” shared Briney.
“Equally as important, we examine the amount of treatment presented versus accepted to clearly evaluate a patient’s acceptance for critical care.”
Do you know definitively how much the top 10 percent of practices make in production? These are the types of data points that you’ll also learn.
It’s actually mind boggling how hundreds of thousands of dollars can slip through the pipeline without you (the dentist) knowing about it.
Simply think of everything you can do to elevate your dental practice with the extra money. This is just another reason why dental practice management is key to building a strong business.
“Many dentists have no idea how much money they’re letting slip through the cracks,” added Briney.
She said oftentimes dentists are simply not collecting the money owed to them from insurances.
The other aspect she mentioned deals with billing, collecting co-pays up front, outstanding accounts, the types of payment plans you offer patients, insurance participation and adjustments, as well as the efficacy of PPOs.
When you think of accounts receivable, you probably wouldn’t classify it under dental practice management, but you’ll learn how it plays a huge part.
In her words: “A lot of it has to do with lacking the foundational revenue cycle management system in place. This ensures accurate patient payments are collected at the time of service, and outstanding insurance claims are collected within 30 days.”
Tammy said, “Through a practice health assessment, dentists learn firsthand how much their accounts receivable should be taking in based on other key data points that are discussed during their customized complimentary assessment.”
Gain a Competitive Advantage and Schedule Your No-Cost Practice Health Assessment Today
As COVID-19 rates are spiking, it’s time to think about optimizing your practice and starting out the new year on the right foot.
Truth is, there are dental practices that have, or are in the process of, closing their doors for good.
On the other hand, there are practices that are thriving! They’re bringing in more in production during this time of crisis than you could ever imagine.
Having spoken to Breakaway Consulting’s leader, Briney Gunshore, about the ins and outs of practice health, it seems like a no brainer.
Taking advantage of a practice health assessment, which typically costs $500 or more, will enable you to analyze dental practice management opportunities within your grasp to strengthen your competitive advantage.
Think about it this way, what do you get out of knowing your financial strengths and weaknesses, as opposed to not knowing?
How could unveiling hidden opportunities to build wealth and grow your practice improve your way of life and that of your employees?
Do yourself, your employees and your practice a favor, fill out the form below – it’s an evaluation tool that’ll help you start the process.
Plus, Briney was kind enough to provide her contact information, so feel free to reach out to her directly about initiating your practice health assessment by calling (866) 989-2964.
Now’s the time to strategize and optimize your business!