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come from the web, your sign, and any/all other ad or marketing sources, then that leaves 15 each month who’ve been referred.
great teammembers maximize their own success and, as a result, the success of your practice. You may have the very best people on your team, yet if you don’t LEAD them, if you don’t SHARE YOUR VISION, lay out the plan … and if you don’t HOLD THEM ACCOUNTABLE … you will all fall short. When you went to Dental School (and even most management courses in subsequent years), they skipped the part about leadership. The good news is that you have, at your fingertips, a very short, easy to digest, and easy to implement crash course on leadership. 16. HIRING AT LEAST ONE SPECIALIST This is the second fastest, and by far the easiest and lowest risk, way to VAULT REVENUE by multiple six figures (the fastest way is via mergers and practice acquisitions, but that’s far more complicated). The ONLY reason not to hire specialists to work within your practice would be that you are currently producing and collecting at least $3,000,000 in a single location, doing so with multiple GPs, and referring out little or no specialty care. If you’re not in that category, then hiring one or more “Hired Gun” specialists could rapidly and dramatically increase your revenue. And it’s not just about the money. Working side by side with your specialists and consulting together in the same room at the same time with your patients helps to eliminate often difficult communications and improve the quality of your care. Furthermore, patients love staying in the office they know, love, and trust versus being “referred” out of the practice for a portion of their care. Chances are you are referring more than one or two patients per week to at least one of the above specialties. Almost every detail* of what you’ll need to know to find, negotiate with, and hire a specialist can be found at: Site Map GoldMine UnderGround Team Training Toolkit 014 ADD 50000.00 NET PROFIT WITHOUT LIFTING A FINGER - HOW TO FIND, HIRE AND NEGOTIATE WITH SPECIALISTS * There is one very cool new detail we’ve added since producing the video. After you’ve watched the video, schedule a call with your Coach to discuss including a “Reconciliation Reserve Account” in the negotiations and contract. 17. WHALYAS. Performing care today that was diagnosed today. Yep, I know, you’re already doing these. Well, unless you’ve watched the Team Training Toolkit on this one, I can just about guarantee you’re not coming anywhere near maximizing this patient-pleasing, revenue-boosting Gem! I coined the term “WHALYAS” after hearing my mother ask the plumber to stay and fix one more thing “WHALYA here …” That became, “Mrs. Jones, if you’d like, WHALYA here, we could take care of that filling today and save you the need to come back!” This is perhaps the easiest high-yielding Gem on the planet … even easier than Adult Fluoride verbal skills and it could potentially double the revenue. How much can you anticipate increasing revenue when WHALYAS are Site Map GoldMine UnderGround Team Training Toolkit 029 AN 18 STEP SYSTEM FOR DEVELOPING LEADERSHIP EXCELLENCE The Math for this One GemWill BLOW YOU AWAY: Specialty Number of Patients You Refer / Week Potential Annual Revenue Ortho 1.5 $500,000 Perio 1.5 $200,000 Endo 1.5 $100,000
15/1,800 = .008 = LESS THAN 1 PERCENT OF YOUR PATIENTS ARE REFERRING TO YOU EACH MONTH! Put another way, each month, 99 percent of your patients are not referring new patients to your practice! Could you improve that by 10 percent? Likely not going to happen. Could you tweak it by adding just 2 PERCENT more? Yep. 2 percent X 1,800 = 36 more new patients month in and month out. Heck, even if you only improved by 1.5 percent, that’s still an additional 27 new patients per month … X 12 months = 324 / year X $4,800 average lifetime value = $1.5 MILLION over the next six years (average stay of a new patient in a general practice). "LESS THAN 1 PERCENT OF YOUR PATIENTS ARE REFERRING TO YOU EACH MONTH!" I created a system for referrals that worked far better than most. Then I met Dr. Chris Phelps … Chris and I are both huge fans and lifetime students of Dr. Robert Cialdini’s principles of influence and persuasion. Chris created a referral system that was like mine … but on steroids! If you want an endless source of the best new patients, watch these two videos and deploy his system! 14. HIRE SLOWLY, FIRE QUICKLY My recommendation? Write those four little words in BIG BOLD LETTERS on a 3x5-inch index card and tape them above your computer monitor! I can’t tell you how many horror stories we’ve heard here on Planet Gems about Doctors waiting way too long to terminate a team member they know to be a problem employee. Of course, you must always consult your HR attorney prior to even reprimanding a team member, let alone speaking with them about probation or termination. That said, act quickly! One of my favorite Dan Kennedyisms is about how you know when it’s time to fire an employee. Dan once shared, “If I wake up more than two mornings in a row thinking about you and I’m not sleeping with you, it’s time for you to go!” In all seriousness, the most common reason we see practices underperforming is the Doctor's refusal to come to terms with the need to terminate team members who aren’t doing their jobs. I could share countless stories but, due to space, I’ll limit to just one. Recently, one of our Gems Family Members emailed me that following the (long overdue) termination of a business team member, the Doctor found envelopes strewn through a desk drawer containing just over $4,000 in patient checks never opened, and untold tens of thousands of dollars in insurance claims never billed or followed up. We tend to hire quickly to fill the opening, always hiring in “crisis mode.” Your highest possible success depends upon hiring far more slowly and firing quickly! A. Site Map Strategic Documents RETREAT PART III - HOW TO TRIPLE NEW PATIENT REFERRALS B. Site Map RETREAT PRESENTATIONS CIALDINIS PRINCIPLES IN YOUR PRACTICE - DR. CHRIS PHELPS
On page 4 in this issue, read, “No Longer Willing to Allow Anyone to Hold Him Back,” the article “From the Desk of the Senior Practice Analyst.”
15. HOLDING TEAMMEMBERS ACCOUNTABLE This goes hand in hand with No. 14 above, however, it speaks to the Doctor’s responsibility to help
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