Darren Kaberna

Understanding Financial Success Within Your Dental Practice



When it comes to the financial side of your dental business, do the math and numbers side scare you? Do you hesitate to share with your dental team your financials, fearing your transparency will reveal to your team some not so good news? Does your team think you are a millionaire because of the top line dollars produced monthly? How can you share what it takes in the understanding of monies coming in verses monies going out.... And what is left..... if anything!!
Income Statements, Profit and Loss Statements, what do these things really mean? Does the team ever look at these important pieces of paper? And when they do, is the mindset that doc is making a killing? Do we ever share the costs within those statements? Costs, like student loans, building and practice loans are just a few of the big items that affect the bottom line dollar. Does your team know this? Do you or your team realize these examples rarely even exist on an Income Statement?

Before these reports are explained, there are some benchmark things we should look for first.

When presenting dental treatment to the patient, how do we do it so they say yes? How do we paint a picture so the dental patient goes from fear to pleasure? What is the best process? Do we take the time to slow down to go fast? Do we really understand what drives that particular dental patient's motivation?

Have we said the same thing to the patient the same way the last several times we have seen them to repair that same problem? Why do you think they are still hesitating?

How badly do you want your dental practice to grow? Do you ever think "I can't do that" or "that won't work for me?" Do you desire to be successful but just don't know how to go about it? Why is the dental practice down the street growing and you are not? How do they do it? Does scarcity motivate you to stay stuck where you are?

I am sure all of you know the success of Tiger Woods. When Tiger thought his swing could improve, he fired his coach of 10 years and had to "start all over" with someone new. That's when he came back to the winning mode we all know him to be... and continues improving and winning to this day.

Are Morning Huddles Really Worth It In My Dental Office?

We get this question often and I suppose the answer really depends on how well they are done!! I listen to dental office morning huddles all across the country and some are awesome and some not so much. I will compare and contrast both extremes for you here!

Put some STP in your dental marketing!

New dental patient flow is important for all dental practices. However, looking to gain 100 new dental patients every month for a well-established dental practice does not need to happen and general coupon marketing is not the main answer.
Many practices will spend thousands of dollars on marketing without spending time on STP.

What in the world is STP?