How a Practice Advisor Can Help Your Bottom Line

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Think of your practice as a bicycle tire...

...supported by several spokes.These “spokes” represent:

■ revenue collections■ finding a location■ attorneys, negotiators, real estate agents, marketing

managers■ all the various disciplines that go into making a

practice successful

It takes extensive planning and time management to bring all these resources together to support your practice, just as the spokes support the bicycle wheel.

Now think of a practice advisor as the hub.

All of the spokes stem from the hub, and this one firm provides access to multiple resources.

Instead of scrambling for information in areas where you are not an expert, the practice advisor - acting as the hub - ties it all together.The result?Seamless motion in all aspects of your practice.

A Profitable PracticeDid you know that seeing one new patient a day can equal an additional $45,900 a year income? Or that a 5% decrease in your collection ratio can have a devastating impact on your bottom line?A practice advisor can go a long way toward helping your practice become profitable and outline strategies now that will increase the value of your practice.

“The journey of a thousand miles begins with a single step.”

Lao-tzu

1.Real Estate and Demographics

Consider the demographics in your area:

■ Are you surrounded by young career professionals, college students or retirees?

■ Is there a new business scheduled to be built next to you?

■ Are there plans to build another road that will cause traffic to bypass your practice?

A practice advisor is connected to the professionals who know the pulse of the community and the direction in which it’s going.

Negotiations

Maybe building isn’t for you, and you’d rather rent an office instead? Are you sure you received the best deal from the landlord? Practice advisors are experts at rental negotiations and can help ensure you have received a fair price.In addition, practice advisors can analyze the rate of insurance participation within strategic target marketing areas and negotiate reimbursement rates.

2.Practice Efficiency

This area is the backbone of many dental practices, and delays there can affect the profitability of the entire practice.Timely, appropriate assessments, knowledge of non-surgical periodontal therapy, and the variety of services your practice offers can not only improve customer service and your brand, but it can show patients they may need additional help beyond a regular cleaning.

How much time do you allow for routine dental hygiene appointments?

What does this have to do with a practice advisor?They specialize in pinpointing areas of inefficiency in order to maximize profitability. They also search for missed opportunities.

3.KPI and Efficiency Monitoring

It’s easy to notice when things aren’t going well...

...but why they aren’t going well may be another matter.KPI monitoring not only helps your practice set concrete, measurable goals, but it can also help you see why you’re falling short.

A practice advisor is in an ideal position to help your practice with KPI monitoring.

4.Providing a Financial Plan or Policy

Does your dental office have a written financial policy?It’s important that all patients understand the policy and acknowledge this by signing the document.A practice advisor can provide guidelines for a solid financial policy that maximizes your revenue.

Should you offer incentives to encourage patients to pay early? What kind of payment options work best for both your patients and your practice?Don’t learn by trial and error! Ask your practice advisor.

5.Adding Value to Your Practice

But it’s important to set the stage for your retirement by ensuring that your practice is gaining value throughout your career instead of barely staying afloat.Often, the main difference between successful practices and unsuccessful practices lies in the quality of the financial advice they are given.

If you’re just out of dental school, retirement seems like a distant and far-off echo.

If you’re considering transitioning or selling your practice, an advisor takes on the legwork to ensure you are getting paid what the practice is worth.Many advisors offer tri-layered valuations and will evaluate earlier appraisals to ensure accuracy.

Training &Customer Service

Practice advisors also offer:■ Project management task lists■ Communication and customer

service training■ Financial training■ Case acceptance training

All of these elements work together to add value to your practice, help you avoid expensive pitfalls and missteps.

For more information on what a practice advisor has to offer, watch this informative video...

Contact us844.360.8360

Or check out our website.

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