One of our High-Level Consulting clients is growing way too fast… And you may want to learn the right thing to do in case you end up in this situation.
6 months ago she opened a cold-start new practice.
She how has 813 new patients.
And she's ready to hire an associate.
Did I mention she's only been open for half a year?
Below, I'll show you how it happened...and what you should do when you open your new practice.
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NOTICE:
Looking for an associateship position?
If that's you, please email to our Lead Startup Practice Advisor at michelle@howtoopenadentaloffice.com. You could the practice's first associate!
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EXPONENTIAL GROWTH:
In a situation like this:
A) Your profits will grow exponentially.
B) Your pride of ownership and will be at a new level.
C) Your confidence will go through the roof.
For this high-level consulting client, the exponential growth is just about to begin…
She hasn't even seen patients for their second hygiene visit. That means she'll probably surpass $100k in monthly collections before reaching the 1-year mark.
She's a normal doctor, with no superhuman powers… Which is why I know you can do this too.
**But this is not always good news.
THE DANGER:
The problem is when "demand" is bigger than "supply".
In other words, there aren't enough clinical hours in the week to deliver enough care.
If this goes on, patient satisfaction can drop like a rock. And that's completely unacceptable.
Our High-Level Consulting Clients learn about planning for the trajectory of growth and patient care (which you'll read about below).
Right now she's booked out:
- 15 days for big restorative cases
- 20 days for hygiene appointments
Patients don't want to wait that long!
It's time for a solution.
SOLUTION:
She's already collecting more than the average practice in America.
Mind you, she started from scratch…this is what the power of a proven-process for startups can do for you.
When you're at this point...
DO THIS:
1) Automated Hiring - find a way to interview dozens of people in less than an hour. We have a system for this and you'll need something similar if you're going to stay busy chairside while making key hires.
2) Hygiene - Forecast your need for a hygienist 3 months early (like this doctor did, begin building relationships with All-Star hygienists 6-12 weeks before you need them). Plan to hire the new hygienist 2 days per week. Begin filling those days 2 weeks in advance. You'll put "new patients" in the "new hygienist" column while putting re-care patients in the column for your current hygienist.
3) Associate - begin preparing your mind to have a junior associate handle the "simple cases". We won't tell patients about this yet, but begin to prepare your mind for the process. Interviews should begin 30-60 days early.
4) Hire on Trajectory - when you open a start up properly, you'll forecast growth based on very specific metrics. When you do this right, you'll be able to time your hiring process based on the trajectory of your profitability.
In other words, an "established" practice would never hire an associate while monthly collections are at $70,000 per month.
But for a startup that opened properly, you'll follow the metrics and you'll see where the trajectory is taking you 6 months ahead of time.
This will help you plan and hire very confidently.
FOR YOUR STARTUP:
Start up practices can have incredible potential when they're opened properly.
Your vision will set the pace of growth.
Your location selection will play a primary role.
Your specific plan for income, staff and clinical control is absolutely possible.
When all the pieces are put together in perfect alignment, the results can be explosive.
WHAT TO AVOID:
A) Don't believe some of the big corporate entities who tell you it's too risky. Startups are not risky when done right. Corporate dentistry associateships that underpay you and overwork you are the real risk.
B) Don't believe the naysayers who say the opportunities are not great. I'm convinced that right now is the best time in human history to be a private practice owner in dentistry.
C) Know that there is a proven process to get the results you want.
D) Know that you can create a practice that represents you beautifully.
E) Know that you can make a great living and make a great impact on people's lives through practice ownership.
Begin thinking about these concepts now.
When you're ready, put all the pieces in motion so you can create the predictable level of success you deserve with a planned trajectory.
Here's to you and your future plans!
NEXT STEPS:
- Want an associate with a booming startup private practice on the east coast? Email to our Lead Startup Practice Advisor at michelle@howtoopenadentaloffice.com and you may be the first associate for this High-Level Consulting Client.
- Are you one of my dream clients? We only accept a handful of clients per year. If you'd like to apply, watch some of these case studies here.
Founder, HowToOpenADentalOffice.com
Bestselling Author, Practice Location
Host, Ideal Practices Podcast
Chief Advocate for Practice Ownership