The quest to save
money can be costly
I have recently started coaching a dentist in wales who
bought their practice 2 years ago.
As they transitioned from an associate to a principal the
figures were overwhelming.
Against sound advice, they cut costs as much as possible,
refused to invest in a specialist dental accountant, used a high street solicitor
and chose not to work with an experienced Dental Business Coach and trainer.
Two years on, he contacted me in a panic, he realised that
the in-house capitation plan was flawed, there was significant supervised
neglect, he had been paying his associates and hygienists incorrectly and he
needed help. The first analysis showed that he had been losing at least 5k a
month on how the plan was being operated, at over £120,000 over the last two
years. By his own admission, the young principal thinks his losses are probably
much larger because he had not been looking at the numbers.
If this dentist had paid for professional advice these
errors would have been predicted, prevented, the practice would have been
profitable.
Unfortunately, having ignored the situation, what would have
been simple has become more complex, because other threads from the practice are
intertwined.
By his own admission, the dentist told me that he didn’t
know what he was doing, running a practice was much more difficult than he thought
and rather than ask for help, he put his head down and worked harder. He told
me that his quest to save money was a costly mistake.
Over a couple of coaching calls we have redesigned the
membership plan, got the team on board and are looking at the remuneration
packages so they are fair and equitable. “The coaching and training I am
doing with Jane is the best investment I have ever made, no one should ever
become a principal without the support of a business coach. Since working with
Jane I have saved myself so much, money, time, and stress. I can now sleep at
night. Thank you Jane for getting me out
of my dark hole.”
Transitioning from an associate to a principal is in
exciting adventure, where you are in control of your career, the care and
treatment you provide. You get to choose your equipment, materials, and team.
Being a principal is very different from being and associate and your blind
spots can destroy your dream.
There are 4 stages to mastery
1.
Unconscious incompetence (UC-IC) – blind spots
you don’t know what you don’t know.
2.
Conscious incompetence – (C-IC) You must become
aware of what you don’t know. This can be scary admitting that you have knowledge,
skills and attitude gaps. Unless you know what the 12-facets of a successful practice
are you can’t master them. Conscious incompetence often occurs through a
crisis, financial breakdown, staff leaving, patient complaints etc. Alternatively,
working with an experienced specialist Dental Business Coach and Trainer, they
can supportively and encouragingly shine a light on your blind spots.
3.
Conscious competence (C-C)– with training you
learn what to do and how to do it. You will be able to answer questions such as
why, what, how, what is. At this stage, your skills are growing require you to
consciously think and implement. This stage of learning how to run a successful
practice can feel slow and hard work and some get frustrated and disillusioned.
It is essential you learn what you need to learn, practice, home and embed your
new skills as a practice owner.
4.
Unconscious competence (UC-C)– Before long you will
find what was previously impossible or difficult as effortless. You have built
the structure, systems, processes, physical and mental muscle memory. You will
have structured your days and your mindset so that success is inevitable. Your
coach keeps you on track and enables you to hone your skills.
Before you get complacent and undermine all your great
efforts, the next step if to become aware of your residual blind spot(s) and
start the process again.
Being principal of a successful practice is not a destination, it is a continuous journey.
Invest your time, and money wisely.
In the words of Benjamin Franklin
“The bitterness of poor quality remains long after the sweetness of low
price is forgotten.”
Balance Wheel – Dental
Practice
This exercise is about the balance
in your practice. For each segment, ask yourself, “How satisfied am I in this
area of my practice right now?” The
centre of each segment represents 0 and the outer edge 10 give each segment a
number from zero to ten and indicating that by creating a new outer.
0
Failure Ignorant
1
Unacceptable Beginner
2
Incompetent Novices
3
Ineffective Apprentice
4
Inadequate Probationer
5
Complacent Intern
6
Satisfactory Experienced
7
Competent Practiced
8
Commendable Proficient
9
High quality Specialist
10
Excellent Master
Notice two distinctions in the
questions.
“How satisfied am I…” This is a subjective assessment. It is not about how your family colleagues or
friends see you; it is not about success; it is about personal satisfaction.
Also notice “right now”. This wheel is a snapshot. Scores will change weekly, daily – even hourly as circumstances change. Do not look for ultimate truth; just check in with how you feel in this moment
