It’s no secret that dentistry has been hit hard by the COVID-19 pandemic. Across the country, thousands upon thousands of practices are struggling to recover, wondering where the next few months will take them. Now is the time to be proactive. With a lot of planning – and a little help from the team at Dental Practice Enhancement – you can ensure that you reopen your doors stronger and more resilient than ever.
The reopening process can be daunting. But with proper organization and appropriate plan execution, you can be back on top of your game in no time. In this informative article, we’ll offer up five steps to COVID-19 crisis recovery.
#1: Create an Action Plan
Every practice needs an action plan. Start small. Think of four to six items that could significantly improve your situation quickly and efficiently. Once you have your list, share it with your team. Display the action plan in the break room. Talk about it during every morning huddle. Make sure every single team member knows exactly what needs to be done and how you plan to do it.
Most importantly, whatever you choose to include on your action list, measure it. It’s the only way to determine when you have achieved your goal. If an item cannot be measured, it doesn’t belong on your plan. Your action list should be reserved for items that can foster fast results and a quick recovery.
#2: Streamline Your Expenses
The average dental practice has approximately 4-6% of totally unnecessary costs. Review your expenses and determine what can be reduced. This process should be completed thoughtfully and carefully. You’ll still want to hold onto resources that will help you recover. If you need advice on prioritizing your expenses, our team can help.
#3: Be “in the Know” Financially
Some doctors constantly have their fingers on the pulse of their practice. Others may take more of a backseat. For those recovering from the COVID crisis, knowledge is power. Be sure that you thoroughly understand where you are with revenue, collections, and payables and receivables. This will change weekly. Stay up to date.
Once you’ve reopened, it’s a good idea to accumulate a few months’ worth of cash, just in case COVID resurfaces or other crises occur. This is usually enough to protect a dental practice in the face of the unknown. It’s always best to be prepared. If you don’t use the cash, it can eventually be turned into income.
#4: Build Your Dental Dream Team
A strong team is the foundation of your practice’s success. Now more than ever, you need self-sufficient, driven employees who can perform at their highest level. This means training and guiding your team. Give them the resources they need to thrive during this unprecedented time.
#5: Be Specific When Goalsetting
Earlier, we talked about creating your action list. Once this is complete, assign action items to specific team members. Give them the responsibility of tracking numbers and have them report to you on a weekly basis. This should include things like:
- Number of new patients
- Inactive patients
- Overdue patients
- Revenue
- Collections
- Insurance reimbursement
- Daily production
Reviewing these items on a routine basis will help you adjust your strategy as necessary.
Dental Practice Enhancement Can Help Your Business Recover from the COVID Crisis
The COVID crisis has had an undeniable impact on dentistry. Implementing these five recommendations – both now and after the pandemic – can help your practice thrive in the midst of uncertainty. Call Dental Practice Enhancement today at (833) DPE-FOR-U for more information.
