August 2020 Newsletter, Practice resources

Best Year Ever

By Guest writer Don Khouri, Managing Director, Fortune Management Northeast

After ten weeks of staying at home (except for an occasional trip to the supermarket), my hair was pretty long. When I finally got my haircut, I only needed one haircut. I didn’t need two or three. One did the trick. Dentistry is different. The need for dental work has not gone away, and in fact, I hear from clients that more work has emerged.

Many dental practices are writing off 2020 as a less than stellar year. There is a large gap created by not seeing routine patients in March, April, May and part of June, a gap of almost three months. A review of production in the first half of 2020 may show a unfavorable variance of 30-40% when compared to the same period last year.

What if you could have your best year ever?

First, define your success metric for 2020. Maybe it is not collections this year, maybe it is something else. For example, some of our Fortune practices are using Net Profit as a measure of success for the year. With the PPP forgiveness loan, you may be having your best year of profit ever.

Some of the best dental practices have revised their goals and are still aiming for their best collection year ever. Most of our clients are logging record months in June and July. What is driving those record results is additional time in the schedule (a few hours per week can make a big difference), more focus on scheduling productive dentistry, and excellent enrollment skills.

Second, download this tool which you can use to figure out how you could achieve your best year ever. We call it the Semi-Annual Plan Builder www.fortunenortheast.com/plan-builder. Use it to adjust your working days and daily production goal to achieve your revised annual goal. It will give you the focus to achieve great results. You are welcome to reach out to us directly at adminne@fortunemgmt.com; we are here to help you. Happy Goal Setting!

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