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Power Thought: Jan Keller and Associates
Times are tough. We all know someone who is struggling to make ends meet, to keep gas in their vehicles... possibly even trying to hang on to their job or their home. And when consumers, including patients, feel this kind of economic pinch, they naturally start looking for places to cut costs.
So what should your practice be doing to make sure this cost-cutting does NOT include needed and recommended dental treatment? How do you and your practice continue to prosper, even turn a struggling economy into a good opportunity?
Consider this: what if your chairs are full, but not with productive procedures? By working ON your practice, you will identify issues like this and learn to problem solve your way through them. Recognize it is not just about unfilled hours.
Getting Started
At one of your first meetings, start by asking your team to complete a SWOT analysis: Strengths, Weaknesses, Opportunities and Threats. Be objective. Use this exercise as an opportunity to identify those things that you could be doing better.
Your list may look something like this:
Strengths:
- Clinical excellence
- Great relationship with patients
- Good recare systems
Weaknesses:
- Production down
- Inconsistent payment system
- Last-minute cancellations & no shows
Opportunities:
- Willing team to work on things
- Time to work on uncompleted office projects
- Chance to evaluate the image of your practice. Sometimes something as 'small' as a newly painted sign or a clean door mat makes a big difference.
Threats:
- Fear of change
- Patients fears about the economy
- Doctor concerned that business development time could take away from patient hours.
Once you've completed your own SWOT analysis, make an action plan to address the issues that were identified as opportunities and strengths, and to strengthen those areas that were identified as weaknesses or threats.
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