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Do you have an Emergency Directive, or “Will for your Practice”?

Dr. Austin had no idea what was about to happen to his family and his practice when he left for work that Tuesday in March. Dr. Austin’s wife answered her phone to hear the voice of a police officer who would go on tell her that her husband was in a car accident and he had died. What took place over the next few days was a nightmare. She told their children that their father had died and went on to tell her husband’s parents, siblings and then his team. She planned her husband’s funeral and did her best to… Read More »

SIX WAYS A PPO PRACTICE CAN INCREASE INCOME

1) Increase your fees every year. Why? Because you will never receive an increased in reimbursement rate if you don’t increase your fees and bill at your own UCR. Practices that bill their UCR do receive an increase in reimbursement rates from time to time. It really does happen! 2) Bill your UCR and adjust off what is not allowed. Again, if you don’t bill your fee (UCR), you will never receive an increase in reimbursement. Also, this is the correct way to bill insurance. To do otherwise manipulates practice numbers and collection percentages. Dental practices are losing tens of… Read More »

Diagnosis by Insurance Company – Can we do anything about it?

Should Dental Associations and Organizations dedicate resources to creating PSA’s to educate law makers about the flagrant ways Dental insurance companies are undermining the relationship between you and your patients? Examples: 1) Letters sent to your patients inferring that your fees are too high and encouraging your patients to seek care from a dentist on the insurance company’s preferred provider list. 2) Undermining your diagnosis and treatment recommendations by providing coverage for alternative treatment, or denying coverage completely, again inferring your treatment recommendation is out of line. Should the ADA become more involved in the battle against insurance companies? They… Read More »

What you need to know if you want to own a Dental Practice

Whether you’re planning to own a practice, or you already do, this article is for you. You won’t likely receive the following information in Dental School, in Residency or as an Associate Dentist.   Reality Bites:  It does not matter how much you love your team or how much they love you, they will never care as much about the success of your practice as you do. You may believe they do and they may believe they do, but why should they? It wouldn’t make sense. It’s YOUR NAME on the door, on your license, and on your loans. YOU are, the one person,ultimately responsible for the Success… Read More »

What Successful Dental Practice Owners Know and Do

Successful Dentists know their Practice Numbers.  They know the numbers to review, how to obtain them and why they’re important. They hire a bookkeeper or an accountant to handle business financials and review the profit and loss report monthly or quarterly (at the latest) Let the professionals handle payroll and payroll taxes, saving money and headaches. Successful practice owners have procedures in place for deposits. More than 50% of Dental practices experience embezzlement at some point and most victims do not prosecute because they’re embarrassed. The embezzler goes on to work in another practice and embezzles again. The most successful practice owners Review the… Read More »

The Two Most Under-utilized Words in Business are

The Dental Industry is no exception. Throughout my career as a Consultant, I’ve spent countless hours with dental team members and one of the questions I ask is, “what aspect of your job gives you the most satisfaction”? Recently, I placed a poll on Social Media asking which of the following is most important to dental team members: Compensation, Appreciation, Relationships with Co-Workers or Other. The number one answer by far, has always been Appreciation. While monetary compensation is important to all, the overwhelming majority chose Appreciation. Consider this – How often to do you say Thank You to Patients?… Read More »

How Does Efficiency Save Dental Practices Money?

Running a Successful Dental Practice is Stressful. You take good care of your patients and run a business too. You don’t take enough down time to enjoy your family and friends or to just put your feet up and close your eyes. It has been proven that stress can lower the immune system and make us more vulnerable to becoming ill. Who has time for that? Not you and not me! So, today I want to share our number one tip for lowering stress in your dental practice. I’ll sum it up in one word; Efficiency. Efficiency comes from having… Read More »

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