Dental practices may have their own unique business model, but the classic principles of business still apply. One that we often refer to is a business “life cycle.” The development of your practice is never a straight line; cycles of growth, maturity, decline, and renewal are common for every business—dental practices included. Depending on the stage your practice is in, Prosperity Dental Solutions can offer tailored services that address certain risks or weaknesses you may be experiencing at a particular point in the life cycle. Sometimes, it takes an outside perspective to shed some light on where your practice is, and how it can maximize its operations today for tomorrow’s benefit.
Let’s start from the beginning!
Just Starting Out
Those early practices which may be just a few years old are still very much in the beginning stages of their life cycle. Practices which may have recently changed ownership could also be in this early start-up stage. Most likely, their employees wear a lot of hats. They may still be trying to create a name for themselves in their community, and likely haven’t yet filled a niche in their market. Since operations are still so new, this is a great time to seek out practice management coaching to set up systems that can facilitate long-term success.
Our team can help establish the systems your practice needs to ensure patient accounts and insurance claims processes are handled efficiently, and the front office is organized and primed for future growth and increases in patient numbers. Clear job roles and employee expectations can prevent burn-out from employees juggling too many tasks. In addition, we can help management discover the tools they need to make smarter hiring decisions as revenue picks up and workloads increase. It’s an exciting time in a business life cycle and the key is preparation for the future!
Growing Steadily
Practices that have established foundational operations are in this next stage of the business life cycle. They are most likely developing longer-term patient relationships, experiencing less turnover, and increasing visibility and recognition within their local market. Revenue streams and income are becoming more and more consistent, and for the most part, increasing year over year.
One of the most important things practice managers can do at this stage is to hire the right team members who can set the practice up for efficiency and growth in the future. By utilizing the Predictive Index, as part of our Practice Management Coaching program, we can help managers understand their current team’s strengths and weaknesses. This not only allows managers to understand each employee on a deeper level, but creates a strategic plan for hiring that ensures the right personalities are added to the team. Investments in the work environment and culture at this critical stage can mean a brighter future for your practice.
Reaching Maturity
A mature dental practice has been in practice for years, has long-term employees, steady
revenue streams, and loyal patients. There may even be multiple locations or high brand recognition in the community. The environment is stable and secure, and the practice is financially successful. Predictability is the daily norm. While this is a comfortable stage to be in, it is easy to settle for complacency when things are relatively “good.”
During this stage, quality checks of existing systems can help to correct issues that could be preventing further growth or impeding greater system efficiency. Additionally, our placeholder services can help immensely during this stage to prevent dips in steady revenue or increased employee turnover when experienced managers leave.
Renewal or Decline
This crucial stage of a business can bring either a new life to business operations after a long period of maturity, or a decline in operations. It often just depends on the foresight of management and ownership, as well as the success of existing systems as to whether this will be a positive or negative stage.
Businesses who are reinventing after a dip in revenues or after a long period of stability may need our help cleaning up and reorganizing front office systems to shake up lapsed operational standards. We focus on overhauling internal systems, fostering positive team dynamics, hiring the right new people, and correcting dysfunctional systems to revive practices looking for a fresh start.
Customized Practice Management Coaching
No matter what stage your practice might fall into, we have experience helping a similar practice take stock of their current operations and improve the day to day work that can make work more enjoyable and the practice more profitable! Whether you’re just starting out, or seem to be stuck from progressing forward, we can help. Contact Jennifer Pearce, Founder, Owner, and Lead Executive Prosperity Coach for information on setting up your consultation.
