Building Value
My family has long had a love affair with Honey Baked hams. Thanksgiving, Christmas, Easter… pretty much any holiday or large family gathering provided the excuse necessary to purchase the wonderful delicacy. Recently I dropped by the store to pick up two bottles of their delightful Hickory Honey Mustard. Even without the ham, it makes just about any sandwich taste better. Armed with a ten-dollar bill, I was surprised when the clerk told me my total was $12.84. I said, “Wow! That’s expensive mustard,” to which she...
read morePictures on the Wall. . .
I love art. I’m not sure exactly when in life it became important to me, but it is. The walls of my study are covered with it, and each piece tells a story. Some reflect photos of special moments in family history, some are gifts from friends, and some are purchases made to commemorate meaningful life events. Having immersed myself into a world of science throughout life, I find that art enhances the quality of it. It introduces a tapestry of rich colors, interesting textures, and a variety of shapes that can lift one’s spirits or...
read moreThree Tips for the Successful Practitioner
If you’ve been following my recent blogs, you knew I couldn’t help but write this one with three tips for the successful practitioner. 1. Maintain the status quo. It’s quite common for the successful dentist enjoying peak productivity to slow down and refer out procedures he or she no longer wishes to provide. What’s critically important to recognize, however, is that a practice must generate enough cash flow to be attractive – not only to a buyer – but to a bank willing to finance a practice transition. 2....
read moreThree Tips for the Mid-level Practitioner
If you read last month’s blog (Three Tips for the New Practitioner), you know I was asked by my good friend Timothy Brown, CEO of the ROI Corporation (Toronto, Canada) to share those comments. He didn’t stop there, however, and asked for three tips for the mid-level practitioner. Here they are: 1. Begin each day with a team huddle. Confession: It took me several years in practice to understand the importance of the “morning huddle,” but it really does set the stage for success. Because it’s important to establish...
read moreThree Tips for the New Practitioner
A good friend of mine, Timothy Brown, CEO of the ROI Corporation (Toronto, Canada) recently asked me what three tips I’d share with someone just starting a practice, someone who’s growing a practice, and someone with a practice in peak productivity. Beginning this month is the first of my three answers. 1. Calculate your “break-even” point. If you don’t know how much must be produced and collected each day, there is no way to plan for sound cash-flow management or profitability. Examining each end-of-day report...
read moreInterrupted Hygiene
In his best-selling book, Becoming Remarkable, author and CEO Fred Joyal cites research by his company, Futuredontics, that seating patients on-time has an enormous impact on whether a patient returns to the practice. Why is it, then, that so few practices take the steps necessary to be on-time? I’ve previously shared the simple scheduling formula to facilitate on-time practice performance (time common procedures, use practice management software with ten-minute time units, allow an extra unit of time for difficult patients, and always...
read moreIn Honor Of. . .
My wife’s father was missing in action the day she was born. Lt. Col. Ray Davis and his Marines were busy rescuing Fox company from certain annihilation during the legendary battle of the Chosin Reservoir during the Korean conflict. Happily, her dad not only rescued Fox company, survived, and came home, but was awarded the Medal of Honor by President Truman for his fearless leadership and heroic service. My father-in-law remained extremely active following his retirement from the Corps as a four-star general and Assistant Commandant....
read moreTrying Your Best
Recently I ran across an old decoupaged plaque I made in my youth. It was a meaningful commentary I’d torn from a magazine, glued to a painted board and sealed with a clear coat. Oddly, I’d never hung it up, but kept it all these years. In short, it was a father wishing his son well as he competed in his first sporting event. He said, “I hope you win, not for me, but for you, because winning is fun. But winning isn’t everything. Playing your best is everything.” Interestingly, as he continues his commentary to his son, he seamlessly moves...
read moreOn Building Wealth. . .
Some years ago, while presenting “Stuff Worth Knowin’ About Money, Practice, and Life” at a national meeting, I observed eight young ladies in matching uniforms walk out shortly after my introduction. I thought perhaps they discovered that they were in the wrong room, but they returned ten minutes before the end of my program toting bags filled with stuffed animals, tooth brushes, and other goodies from the exhibit hall. I remember thinking at the time, that, if they had just waited ten minutes, they’d have learned how to become financially...
read moreUnderstanding Capacity
A favorite story I tell young dentists is how – early in my career – I couldn’t find restorative time for two new patients in desperate need of attention because I was too busy being a hygienist. Yep! I was booked out for weeks! Clearly, I had no understanding of the issue of capacity. Simply stated, we are limited in our ability to provide services for additional patients by the number of operatories, staff members, or equipment on hand. Sometimes the issue is easily resolved, but often the solution requires a combination of...
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