Every year we get numerous calls to Levin Group from dentists who are interested in growing their practices. Many are interested in the idea of growth, but do not understand what it would take to make it happen. Hence, I pose this question: Do you really want to grow your practice?
The truth is that many dentists think they want to grow their practice, but when it comes down to it, they don’t for a few key reasons. Principally, that it takes time, effort, and sometimes investment. The good news is that almost every practice can grow and be successful if the right steps are taken.
The reality is, growing a practice requires several main areas of consideration, which I will outline quickly in this article.
First, how do you know it’s time to change your practice? You might be fully satisfied with where you are and not have a strong desire to grow. But something made you think about it, and after you investigated it or even began the growth process, you undermined things by not really having that strong desire to move forward and commit to growth. Indications that you may need to change, whether you like it or not, are flat or decreasing production and doctor fatigue/burnout.
Second, do you know how to grow a practice? Taking a random practice management or dental business seminar or webinar will not get you there. True growth comes from a comprehensive (i.e., broad-based) education. For example, simply improving no-shows and case acceptance for a specific service are certainly good ideas but not a comprehensive approach. If all you want is a small percentage of growth then that would be fine. If you genuinely want an opportunity to grow your practice and go to the next level you need that comprehensive and integrated educational approach.
Third, are you the right type of leader? You cannot truly grow a practice without your team being on board, cooperating, and participating. Today, you must inspire and motivate your team members to agree to participate. In an era of a staffing shortage, it has never been more important to grow the people if you want to grow the practice.
Fourth, where are you getting expert guidance? You need advice and you need monitoring. Who is checking on you?
Fifth, are you thinking like a start-up? Growth is not about little tweaks and changes. Those are fine when you want to make little gains. But if you want real growth in your practice, you need to think like a start-up. It takes time, effort and work. Only you can decide if the rewards are worth it.
Sixth is that growth will depend on the quality of the systems you implement into your practice. Whether your practice is changing or not, the dental world is changing around you. There are changes ranging from the growth of DSOs to lower insurance reimbursements. We have new services and technologies. At some point, you will most likely have to react to some of these and the answer is that growth is all about systems that address new conditions.
So, I will ask you the question once again. Do you really want to grow your practice? The answer for each dentist is different, but I would suggest that at some point in a career (or several points) you will want to make that big growth jump, and the principles outlined in this article will give you the questions to ask and answer as you decide whether this is the right time.
