Is Your Practice “Growing” or “Churning”?
Many times, late-career practice owners think that they will have to work longer hours and work much harder to grow their practices. For this reason, they discount the idea of growing their practices late in their careers. But there are other ways to define “growing”, and just because your hygiene schedule is full doesn’t mean you have the full picture about your practice. You could be spending a lot of time, energy, and money only to have your collections gradually creeping down. Do you know if your practice is growing or if something unhealthy is actually happening instead within your practice?
Join us for our final conversation with Ms. Genevieve Poppe, CEO of Poppe Practice Management and a leading dental practice management consultant in the US.
Questions we discuss:
- What do you mean by “growing”? What do you mean by “churning”?
- Could “growing” be defined not by growth in collections, but by increased profitability (ie. more efficient use of doctor’s and staff’s work hours)?
- What would you say to late-career dentists who are “churning” and not thinking about increasing profitability or increasing practice value?
- What are the biggest impediments and challenges to late-career dentists implementing changes?
- Why do you think that most dental practice owners do so little transition planning when they know that leaving dentistry someday is an inevitable event?
- From your perspective as a high-level practice consultant, what do most practices have in common that experience successful transitions to new ownership?
If you’re curious about anything you heard, you can contact Genevieve online at poppepracticemanagement.com, or give her a call directly at 608-358-3370. She can also be found on Facebook and Linkedin.
Learn about dental practice transition specialists in your area by messaging office@longinthetooth.info
Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at longinthetooth.info