10 steps to improved profitability for your dental practice

10 STEPS TO IMPROVED

FROM THE HEALTHCARE SOLUTIONS TEAM AT

PROFITABILITY

1 IMPROVE YOUR SCHEDULING

THE NUMBER ONE WAY TO IMPROVE YOUR PROFITABILITY IS TO IMPROVE YOUR SCHEDULING EFFICIENCY! •Haveadailyproductiongoal

•Scheduletothatproductiongoal

•Determinethebesttimeofdayformost productiveprocedures

•Delegate!Improveproductionby understandingdoctor’stimevsassistant’stime

MY TARGET: $2,500/DAY

($2,000 CLINICAL TEAM, $500 HYGENIST)

DAILY SCHEDULE

7:00

7:15

7:30

7:45

8:00

8:15

8:30

8:45

9:00

9:15

9:30

9:45

10:00

10:15

10:30

10:45

11:00

11:15

11:30

11:45

12:00

12:15

12:30

12:45

1:00

1:15

1:30

1:45

2:00

2:15

2:30

2:45

3:00

3:15

3:30

3:45

4:00

4:15

4:30

4:45

5:00

= PRODUCTIVE TIME = APPOINTMENT= ASSISTANT

CLEANING

= DENTIST

CLEANING

CLEANING

CLEANING

CLEANING

CLEANING

CLEANING

CLEANING

CLEANING

CLEANING

CLEANING

CLEANING

CLEANING

CLEANING

CLEANING

1 HOUR APPOINTMENT

1 IMPROVE YOUR SCHEDULING

•Haveagreatschedulingtool

•Startyourdaywitha10-minutemorninghuddle:

•Reviewyesterday(how’dwedo)

•Today(what’sontapandwhat’sourtarget)— majority of discussion time

•Tomorrow(what’scomingup)

TIME TO UPGRADE TO NEW PRACTICE SOFTWARE? TALK TO US ABOUT A LINE OF CREDIT TO GET THAT PURCHASE COMPLETED SOONER!

2 IMPROVE YOUR EQUIPMENT

INVESTING IN NEW TECHNOLOGY CAN MAKE CURRENT PROCEDURES MORE EFFICIENT AND CAN ALLOW YOU TO INTRODUCE NEW, PROFITABLE PROCEDURES TO YOUR PRACTICE.

COMMUNITY BANKS OF COLORADO OFFERS LOANS SPECIFICALLY FOR DENTISTS SEEKING NEW EQUIPMENT AND TECHNOLOGY.*

WITH COMPETITIVE FIXED-RATE TERMS UP TO TEN YEARS, DENTISTS CAN GET 100% FINANCING PLUS 20% FOR SOFT COSTS INCURRED FOR INSTALLATION AND SHIPPING.

KEY QUESTIONS TO CONSIDER •Howwillthisnewequipmentimprovemyefficiency?

•Howwillthisnewequipmentimprovemypatientcare?

•WhatkindoftrainingwillmystaffandIneedtomasterthisequipment?

•Whatslowdown,ifany,willmypracticeseewhilewegetup-to-speedon thisnewequipment?

•Howwillthisequipmentaffectmymarketingtoprospectivepatients?

•Howlongwillittakeforthisnewinvestmenttopayoffinimprovedefficiency orhigherbillablerates?

2 IMPROVE YOUR EQUIPMENT

3 IMPROVE PATIENT COMMUNICATION

HAVING A COMPREHENSIVE COMMUNICATION PLAN FOR PATIENTS CAN HELP CUT DOWN ON NO-SHOWS AND BETTER EDUCATE PATIENTS ON WHAT TO EXPECT AT THEIR APPOINTMENT.

3 IMPROVE PATIENT COMMUNICATION

•Postcardremindersofappointments

•Emailswithappointmentdetails(date&time, duration,parking,quicksummaryofprocedure, stepsforrescheduling)

•Phonecallreminders

•Streamlinedcheckouts(handleinsurance andcollections)

•RegulareNewsletterswithpracticeupdates

PATIENT CHECKLIST

NAME APPOINTMENT DATE

2 WEEK REMINDER: APPOINTMENT POSTCARD

1 WEEK REMINDER: EMAIL

1 DAY REMINDER: PHONE

CHECK-IN. ISSUES:

APPOINTMENT OVERVIEW (ASSISTANT)

APPOINTMENT RECAP (DENTIST)

CHECKOUT - INSURANCE

CHECKOUT - COLLECTIONS (CO-PAY)

SCHEDULE FOLLOW-UP

SCHEDULE NEXT APPOINTMENT (APPOINTMENT CARD)

SIGNED UP FOR NEWSLETTER? YES NO

4 ADDITIONAL STAFF TRAINING

MORE LEARNING CAN LEAD TO MORE EARNING!Trainingyourstaffonyournewequipmentcanimproveitsefficiency.Brush-upsessionsonexistingequipmentcanhelpsavetimeandteachingnewskillsallowsyoutodelegate.

•Haveanewstafftrainingprogram(everyonedoes proceduresthesameandprofitableway)

•Offerbrush-upclinicsquarterly

•Hostnewequipmenttrainingsessions

•Haveassociatetrainingplans:addonenewskill eachyear

ASSOCIATE TRAINING PLAN

ASSOCIATE

ANNUALUP-TRAINING

NEWEQUIPMENTTRAINING

YEARGOAL

EQUIPMENT

NAME

2016

2017

2018

PROCEDURE

NAME

PROCEDURE

TYPES

SKILLS OUTLINE

SKILLS OUTLINE

TRAINING

RESOURCE

TRAINING

RESOURCE

TIMEFRAME

TIMEFRAME

LICENSING

REQUIREMENT

(IFANY)

LICENSING

REQUIREMENT

(IFANY)

CURRENTPOSITION CURRENTLICENSINGYEARS OF SERVICE

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CREATE A CLEAR PAYMENT AND COLLECTIONS GUIDELINE, AND THEN STICK TO IT! CONSIDER: •Whendowequotecoststopatients?

•Whendoweexpectpayment?

•Whatpaymenttypesdoweoffer?

•Whendowesendstatements?

•Whatisourprocessifapatientobjects?

•Doweofferpatientfinancing?Ifso,whoqualifiesandhow?

•Howdowefollowuponpastdueaccounts?

•Whendowereferanaccounttoacollectionsagencyor smallclaimscourt?

IMPROVE YOUR COLLECTIONS

5 IMPROVE YOUR COLLECTIONS

Sharethecompletesetoffinancialguidelineswithyourstaff,butalsocreateclear,easy-to-understandfinancialguidelinesdocumentsforpatients.

Communicateopenly,honestlyandoftenaboutfees.

MOBILE DEPOSIT*

*Basedonapproval

MERCHANT SERVICES REMOTE DEPOSIT CAPTURE*

6 IMPROVE YOUR SPACE

INVESTING IN A REMODEL OF YOUR SPACE CAN HELP ATTRACT AND KEEP NEW PATIENTS WHO ARE LOOKING FOR DENTISTS THAT PROVIDE THE BEST SERVICE IN THE BEST ENVIRONMENT.

LOAN APPLICATION CHECKLIST

WHAT SHOULD I BRING TO MY APPOINTMENT?

3 YEARS OF BUSINESS TAX RETURNS

3 YEARS OF PERSONAL TAX RETURNS

PURCHASE ORDER OR SALES CONTRACT (IF LOOKING TO PURCHASE)

PERSONAL FINANCIAL STATEMENT

2 MONTHS OF RECENT BUSINESS ACCOUNT BANK STATEMENTS

BUSINESS FORMATION DOCUMENTS (I.E. CERTIFICATION

OF CORPORATION)

7 STREAMLINE YOUR PAYROLL

MakeyourpayrollprocesseasierandturnkeywithonlineACHservices,*savingyoubothtimeandmoney!

YOUR OFFICE COBNKS ONLINE COMMUNITY BANKS OF COLORADO

ASSOCIATE’S BANK ASSOCIATE

*Basedonapproval

LAST BUT NOT LEAST, SOMETIMES YOU NEED TO GET OUT FROM UNDERNEATH YOUR OLD DEBT TO START TO FIND THAT IMPROVED PROFITABILITY. •Considerrestructuringdebtstogetlower monthlypaymentsorareducedinterestrate

•Consolidateyourloansintoonepaymentthat allowsyoutobetterhandlethemonthlyexpense

GET OUT FROM UNDER OLD DEBT

COMMUNITY BANKS OF COLORADO OFFERS GREAT RESTRUCTURING PROGRAMS. TALK TO US TODAY.

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9 TAKE CONTROL OF YOUR INVENTORY

Startwithabudgetforyoursupplies,trackyourspendingagainstthatbudgetandstartpayingcloseattentiontohowmuchyou’reusingandwhereyoumightbeabletosave.

•Createasuppliesinventorysheet

•Notehowmuchyoupayforeachitem(costperunit)

•Estimatehowoftenyou’lluseitandhavean estimatedannualcost

•Keeptrackofhowoftenyouuseeachitem

•How does your estimate compare to actuals? Can you cut down? If you ordered more at once could you save? Can you find a cheaper product that fits your needs?

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IT’S SIMPLE, MORE PATIENTS MEANS MORE PROFITABILITY. BUT HOW DO YOU FIND AND KEEP NEW PATIENTS? •Createapatientreferralprogram

•Offeranassociateincentiveprogramwhenpatientsaccepttreatmentplans

•Addservicesthatattractnewtypesofpatients

•Haveagreatwebsitethatfeaturesyourteam,servicesandeasywaysto makeanappointment

•Tryemailmarketing,especiallyeNewsletters featuringservices

INCREASE YOUR INFLOW

•RegisterwithGoogleBusinessandmakesureyourbusiness(anddetails)are onGoogleMaps

•EncouragepatientreviewsonplaceslikeYelp!

•Havefirst-timepatientofferings

•Don’tforgetabouttried-and-truecommunitymarketing:

•Bulletinboards

•ChamberofCommerce

•Sponsorshipofyouthteams

•Goodoutdoorsignageatyourpractice

•Localnewspapersandmagazines

INCREASE YOUR INFLOW10

CONTACT US TODAY!

cobnks.com/dentist

*Allfinancingissubjecttocreditapproval.Longertermsmaybeavailable;askyourbankerforadditionaldetails.Loanlimitsmayvarybasedonindustry.ExistingdebtcurrentlyservicedbyNBHBankmaynotbeeligibleforconsolidationorrefinance.