Gems Publishing - February 2020

By Dr. Tom “The Gems Guy” Orent

You’ve heard the old adage, “If you don’t have a plan, you’re planning to fail.” And then there’s “hindsight is 2020.” In this article, I’m going to reveal the simplest way to plan for your success in 2020.

firing, motivating, and above all else, holding team members accountable for performing their day-to-day jobs. Without a top-notch team upon whom you can depend to help you keep your practice moving in the right direction, the No. 1 and No. 2 issues can be overwhelming. Running a dental practice depends in large part on Maslow’s hierarchy. Staff issues aren’t your biggest problems until they are! But when your Dental Assistant gives her notice the same day as your most knowledgeable business staff member … not coincidentally the same day your Hygienist asks you for a raise … staff issues trump everything else. "What if I told you the only way to ensure success in 2020 is to invest at least 72 hours in a 'Think Tank' crafting a 37-point multivector business plan. Seriously?"

only recently landed on Planet Gems). I’m allergic to complicated strategies and shun trying to focus on more than one or two things at once. So, I’m going to reveal three SIMPLE KEYS to ensure revenue growth in the coming year and beyond. These keys are aimed at battling what you told me are the three biggest issues you’re currently facing in practice. If I were to suggest that you totally pull out of managed care network plans, for some, that may be so far from reality you’d shut down altogether and take no action at all. Instead, I’m going to share what should be a very realistic goal for the next 12 months. Reduce your dependence on managed care by dumping the worst 20% of the plans currently holding you hostage. 1. REDUCE YOUR DEPENDENCE ON PPOS BY 20%. Let me clarify “20%.” That does not mean if you have 10 plans, you should drop two of them in the next 12 months. Not all plans are created equal. My suggestion is you walk away from enough plans to reduce the percentage of patients you treat for ridiculously low fees by 20%. For example, if you have 1,500 active patients and 1,000 of them

DENTISTS REPORT FACING TRIPLE THREAT

Last week, I asked over 35,000 Dentists to answer a one-question survey: “What is the biggest issue/problem you face in your practice today?” I’m sure you can guess which issues were at the top of the list (by a landslide): managed care, network insurance, PPOs, time wasted, money down the drain, unreasonable write offs, and bullying. The No. 1 issue we face in practice today is mis-managed care (a term I coined) dental insurance. No. 2? New patient flow is a distant second place behind managed care insurance. No surprise there, either. In fact, it’s because of concerns about new patient flow (and thus busyness) that many Dentists make poor decisions about joining network plans. It’s a vicious cycle. “Maybe I’ll just add the best one or two PPOs.” It’s like hoping you contract the least deadly form of cancer in a misguided effort to fight the common cold. Bad idea. The “cure” could kill your practice.

A 37-POINT MULTIVECTOR PLAN FOR MAXIMUM SUCCESS IN 2020

What if I told you the only way to ensure success in 2020 is to invest at least 72 hours in a “Think Tank” crafting a 37-point multivector business plan. Seriously? You know me way better than that (even if you

Finally, coming in third … our colleagues reported problems with staff/team: hiring,

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