As a dental practice owner you're used to practicing within agency guidelines from OSHA, HIPAA, the ADA and CDC but these requirements certainly look different now than they did 3 months ago. As you are getting back to managing your practice, navigating all of the added guidelines can be overwhelming, along with the financial burdens you are recovering from due to the shutdowns.
DEALING WITH NEW GUIDELINES WHILE MAINTAINING YOUR BUSINESS
Here are a few things to focus on:
- Stay Aware – Make sure you are subscribed to updates from the ADA at a minimum. Have your office staff regularly checking OSHA and CDC for changes to the practice and patient guidelines.
- Patient Outreach – Without a doubt, the most important step in getting your schedule back to a full time basis is patient outreach. Every one of your active patients should be receiving some form of communication from your office, whether that be a call, text message, e-mail, letter/direct mailer or social media outreach, you need to ensure your patients are aware you are open and ready to serve them again.
- Track Accounts Receivables - We have been looking at what dental practice lenders are asking for in practice financials and production, the underlying theme across the board is the requirement of updated accounts receivables (AR) and production/collection reports. Knowing what you have produced is only part of the equation if the collection is not being tracked and maintained. This is a great time to set precedence with your front office staff to ensure AR doesn’t fall behind. A general rule of thumb is to make sure your AR is no greater than 2 months of your average monthly production.
- Stay Positive - A positive mind frame will benefit yourself, your staff and patients greatly. The news, personal and professional issues are compounding lately, staying positive will help everyone feel more comfortable entering the practice.
- Keep Costs Down - You've likely been watching expenses decline over the past few months, as you create routine and start producing again in your office, it's imperative you continue to keep track of expenses and how funds are being allocated. It’s easy to slip back into old habits, now is a time to make and commit to the changes you need to maintain success in 2020.
Remember, there are still seven months to make up for the last three to generate success in 2020! Stay on track, be compliant, monitor your practice efficiency and you will find success again soon enough!