Dentaltown June 2021 - 70

INVEST IN YOUR PRACTICE
We often remind our clients why it's necessary to invest in their practices and that
some of the best investments they can make require time and energy more than money.
Virtually every practice follows a typical fi nancial cycle: When it fi rst opens, profi tability
is high, but there comes a point at which revenue begins to fl atten out. That's because
expenses steadily rise from day one, resulting in shrinking profi ts over time. Moreover,
your patient base will steadily decrease because of attrition, so you must constantly attract
new patients to offset the inevitable losses. The trick is to make investments in the practice
to put revenue and profi ts back on the rise before revenue and collections go fl at.
Some of the best investments you can make in a practice that generate positive returns
are not fi nancial investments at all-or at least not large ones. They mainly involve your
time and energy in ways that contribute to the long-term success of the practice. Along
the way, they also generate positive ROI in terms of cash fl ow, profi ts, referrals, new
patients and even staff retention.
We coach our clients on the 14 best investments a dental practice can make.
Most of these investments cost little to no money to implement. Here are a
few of those 14 best investments, all of which have a guaranteed positive
return ... and fast.
* FOR IMMEDIATE RETURN:
INVEST IN TEAM TRAINING.
This doesn't have to do with job skill, training
on software or clinical technique training.
Investing in team training transforms a group
of individuals into a high-performing team
that's more productive because of better
processes and teamwork. They are
more service-oriented and more
focused on business results and
goals. Team training turns your
single largest expense into your
single largest investment, on
which you will earn signifi cant
returns in many ways, including
on the bottom line. And
while training and development
should be ongoing over the life
of the practice, a single training
session, done well, will bring an
immediate positive ROI.
More free guidance available online
To request a copy of Jay Geier's 14 Best Investments for Dentists
guide, which comes with a complimentary analysis of your practice,
go to schedulinginstitute.com/investments.
70 JUNE 2021 // dentaltown.com
http://www.schedulinginstitute.com/investments http://www.dentaltown.com

Dentaltown June 2021

Table of Contents for the Digital Edition of Dentaltown June 2021

Dentaltown June 2021 - Intro
Dentaltown June 2021 - Cover1
Dentaltown June 2021 - Cover2
Dentaltown June 2021 - 1
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