When Your Practice Growth Trajectory Is Off Course

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A Minute (Or Two) With Colin Receveur, Episode 8

If there’s one thing that abounds, it’s misinformation. And trying to grow your practice with bad information is not going to get you where you want to go.

– I was talking to a doctor in a Midwest city last week.

– We’re talking about practice and goals and where he wants to get to, and I said, “What do you want to do?”

– He said, “Well, I want to I want to grow my practice.”

– I said, “Okay, how many patients are you seeing a month right now?”

– He said, “Well, I’m seeing about 30 new patients a month.”

– I said, “What’s an average value of a new patient to you?”

– He said, “Oh, we have a really great value. It’s about $2,400. We give great care, we have a great team, and when our patients come to us, we really take good care of them.” – I said, “Man, you’re seeing 30 new patients a month, $2,400 average value, this is great. Where do you want to get to?” and we established that.

– Anyway, jumped forward.

– We did a snapshot of his practice, looked at all of his data, analyzed everything, and then we came back to him with a plan to getting from where he’s at now to where he wants to be.

– What I thought was interesting in the plan was that when we actually looked at what his practice was doing, instead of doing 30 new patients a month like he thought, he was actually doing an average of 14 new patients a month over the last six months.

– He thought he was getting 30. He was actually averaging 14, which meant some months he was down in the single digits.

– His average patient value, what he thought was $2,400, was actually $1,580, almost half of where he was at.

– When I get asked the question, what do you think doctors are missing about growing their practice?

– I think the biggest component, the biggest piece of the puzzle are missing is the data.

– If I’m trying to fly a little Cessna airplane, I can probably get in it and figure out the joysticks, and how to fly, and the flaps, and I can probably fly with no instrumentation and I can probably take off and land it – I’ve never flown a plane in my life – with pretty reasonable chance of surviving and not dying.

– Much like many dentists are able to start up a practice and they do 500, or a million, or a million and a half, or some dentists that are exceptional business folks get to several million dollars without any kind of coaching or planner process.

– If you’re trying to fly a fighter jet and you’re trying to do it without dials and gauges and instrumentation, your dashboard in front of you, you’re going to crash it before you ever take off.

– That’s the difference between the practice that you probably have now and the practice that you want to get to, is what’s missing is where you’re starting.

– If you’re trying to get to Miami, the GPS is a lot different from New York versus Topeka, Kansas.

– If you don’t know where you’re starting, you don’t have the data to understand what you need to correct to go get to that 2 million, or 4 million, or $10 million practice.

– That’s the piece that so many dentists and small businesses are missing. It’s just understanding where they’re starting.