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Playing Catch Up

For most adults, catching up is one of life’s constants. Whether it’s work, family, home or financial, some curve ball can easily take us off track and task. It seems like catching up is a retirement perk or just a dream.

In my quest for achievement, I acknowledge that doing better can mean more effort, more time and more resources. In other words, doing better is a choice. Many of my clients are in a similar dilemma. They are all busy with family obligations and running a dental practice. Becoming implant certified, integrating a laser or getting trained on Invisalign are all worthy goals that have implications for the busy dentist. Bringing on a second hygienist or taking on an associate are fundamental to growing a vibrant practice and will advance ones exit strategy, but will certainly add to life’s complexity as well.

Age and education have much to do with ones business acumen. If you are young, in debt, and have big aspirations, than you may need to increase work hours, become more efficient and integrate new services into your practice. Older dentists, often times, feel they have paid their dues and are reluctant to change. They are focused on slowing down and not on growing their practice. However, keeping current is the best way to attract associates [built in practice buyer] and potential suitors for their practice. There is no rest for the weary!

Today, dentists have so many duties that their predecessors did not have. On any given day a dentist can be seen mentoring an associate, engaged in marketing activity,  reviewing payroll or the P&L statement, interviewing job candidates, training employees, managing practice compliance issues (OSHA/HIPPA), negotiating with insurance providers, preparing case presentations and dealing with a computer or network issue.

Regardless of your age and business ambition, all businesses must expand to meet the ever growing costs of the operation and to turn a profit. Costs for supplies, equipment, marketing, utilities, facilities and qualified personnel will continue to rise, so cost saving measures cannot be the sole emphasis of the practice. In the end, new patients and production are the key elements of a healthy and prosperous practice.

 

Loyal Patients

Loyal Patient Inc. is a unique patient thank-you program that builds your relationship and brand with your patients every single month, even when they are not scheduled for treatment!  Your patients will get thousands of dollars in rewards for guaranteed savings off lowest public prices on 150,000 travel, entertainment, and brand-name merchandise items as a “thank-you for choosing your office for their dental care.”  This is actually a very smart program that will be noticed in your community. It gives your patients something to redeem as well as tell their friends and families about!

This is different than any other rewards program in three ways:

 

(1) Rewarding patients is FREE… You pay a nominal monthly fee for UNLIMITED rewarding for ALL patients and the rewards are paid for by the rewards partners. Here are a few of the participating companies > Hilton, Hyatt, Ritz Carlton, Macys, Bloomingdales, LL Bean, Oakley, Brookstone, Starbucks and many more)

(2) Patients use the rewards instantly – no collecting or saving points to get started.

(3) There is no work for the dental team – The program integrates with all the major practice management software packages and the rewarding is automatic! Your Patients will receive $250 in rewards to start, $50 more each month, $100 on their birthday, more rewards on shopping holidays like Mother’s Day– a typical practice will give their patients over $500,000 in rewards in just the first 6 months (!) and the savings are genuine and sizeable.

Four times each year your patients will be emailed to recommend friends.

In some states, patients can be rewarded for specific, healthy, profitable behaviors too. For more information visit –www.henryschein.loyalpatientsinc.com

In Closing

This past Monday, September 27th, section 179 was increased to $500,000 from $250,000 and will last through fiscal 2011. This is great news for all dentists and small businesses with capital equipment acquisition on their horizon. Now you can buy the equipment, use the equipment, benefit from the equipment and get to write it off with an accelerated depreciation bonus! There has never been an opportunity like this to buy that Digital Pan, Laser, Cad Cam milling station or new room of operatory equipment.

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