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Growing your Net Issue 01 December
g
N
s
2010 has been a TREMENDOUS year and I am SO
y
thankful. It has been a great year professionally as well
as personally. I am very thankful for the practices that
T
have allowed us to be a part of your team.
For those of you that may not know my family I intro- I
duce you to them now. They truly are the reason I do T
what I do. 1
“The reason I do what I do”
2
Some of you may recognize my wife Laurie. She is a manager, group fitness instructor and
teaches Pilates at Sportsclub. She is a dedicated professional that is very passionate about
helping others achieve their fitness goals. If you ever see her in action you will understand 3
why she is no longer an accountant.
My youngest; Zach, just wrapped up his fall lacrosse season. Of all the sports he has
A
played this seems to be the one he is the most drawn to. He anxiously awaits the spring
u
season.
My youngest daughter; Sydney, just finished her first season on J.L. Mann’s tennis team. h
Making JV was a big deal for her as it was her first exposure to competitive tennis. She w
had a great year as did the team. s
My oldest child; Hannah, spends most of her free time at the stables where she boards her e
horses. She has been riding what seems like her entire life. It is always amazing to me how b
this little girl can have such amazing control over an animal as large as her horses are. O
When not riding horses she is busy figuring out where she is going to be going to college f
after next year. WOW! Where did the time go. D
I am extremely proud of my family and appreciate those of you that support them by sup-
s
porting me. We don't take that lightly. We understand fully that it is an honor and a privi-
t
lege that you choose to do business with me
L

www.KirkGreenway.com
 ISSUE
01
December
2010
Wrapping up
2010
Preparing for
2011
2010 was an AWESOME
year and 2011 will be
even better! If you did not
grow during 2010 then
NOW is the time to make
sure 2011 is your best
year yet!
There are only 3 Ways to
Improve Cash Flow!!
They are:
1. Increase your fees
2. Increase the number
of people you manage
in continuing care
3. Increase your service
mix
All ideas you have fall
under one of these three
headings. In this issue we
will explore proactive
steps you can take to
ensure that 2011 is your
biggest year yet.
Otherwise you will be
forced to wait until next
December to see how it all
shakes out and HOPE
that you made a profit.
Let’s get STARTED!!!
Growing your Net
Fundamentals of Successful Dental Practices
I am REALLY excited about this is-
sue of my newsletter. I spend a LOT
of time studying successful dental
practices and have noticed some ob-
vious similarities that I want to share
with you.
If you have never read the book
E-Myth Revisited: Why Most Small
Businesses Don't Work and What to
do About It by Michael Gerber I
HIGHLY recommend it. In the book
Gerber explains how small business
owners; of which you are one, is
comprised of three facets
• Entrepreneur
• Manager
• Technician / Clinician
The reason this is important is that
each of these three facets want
something different for your practice.
In most small businesses the deci-
sions are made through the Clini-
cian’s eyes. The fact is that if you
would build your practice through the
eyes of the Entrepreneur and the
Manager it will produce the result that
the clinician desires.
this issue
2011 is going to be a RECORD YEAR P.1
Successful Practice Fundamentals P.2
Automating the Process P.3
Coding / Meet my Family P.4
Dr Charles Blair states that the over-
head of a dental practice can be bro-
ken down to 40:30:30 as:
• 40+% Net Profit
• 30% Labor
• 30% All Other Overhead
If you are not making 40+% Net
Profit then one of the other two
pieces of the pie is out of whack.
On the next few pages we are going
to address how to make sure you are
making in excess of 40% Net profit.
We will identify areas of your practice
that when given proper attention will
increase production and reduce
stress. We will also look at solutions
to help automate laborious processes
that are bogging down your team and
production.
.
Kirk Greenway
864.363.7738
www.KirkGreenway.com
Power questions
for these three
areas of your
business:

Human Resources:

Are you holding your

team accountable to
the results you desire?

Management:

How much time do

you invest working ON
your business not IN
your business? Let’s look at each area of your business and how it impacts your cash flow. As you
see from the diagram these three areas overlap at the point where 40:30:30 is a
reality. Build your business and it will produce the results you desire.
Marketing: Team: Obviously your office team/employees. Great practices don’t just hire people to fill
a position. They create a Best in Class team. Teams WANT to be lead. They are extensions
Do you have more of the vision you have for your practice. More on this when I discuss Management. The
other TEAM is your professional team. I think owners of Great practices surround them-
patients than time selves with a professional team that can create the desired end result. Some of the obvious
slots available? members of this team are attorney, CPA that truly understands dentistry and works for
YOU!, Financial Planner, Dental Supply company… Obviously I don’t take this one lightly. I
work hard to create a team that can assist my customers in what THEY want.

A few weeks ago I Management: This is SO important. This is creating systems and SOP’s that empower
was with a colleague your team to create the experience you desire for your patients. As I mentioned earlier em-
ployees want to be lead. Especially by someone that aspires for greatness. By creating
that has a customer measurable, achievable, written policies you ensure that things are done the way YOU de-
that produced sire that they be done and eliminates the renegade handling things in their own way.
$2,100,000 his first
Marketing: Marketing isn’t just advertising. I am lumping “sales” in to marketing as
year out of dental
well. Many dentists don’t think they “sell” but I can promise you that you are in more selling
school. He has now situations per day than I am. The national average for case acceptance is 41% as you
been in practice for know. I think it is important to know how much you want to produce, what your case ac-
ceptance rate is, and how much you need to treatment plan each day in order to achieve it.
four years and is
Aside from selling I break marketing down in to internal and external. Internal is far more
producing important than external in my opinion. Statistically 80% of your patients are going to come
$1,5000,000...per from within your practice as the result of referral. Internal marketing is anything from the
way the phone is answered to asking for a referral to creating an experience for the patient.
MONTH
Another POWERFUL marketing tool that we want to use to our full advantage is Social Me-
dia. If you want to learn more about the power of Social Media read the book Crush It! By
EVERYTHING is Gary Vaynerchuk. If you don’t want to read check him out on YouTube. He is awesome!!
possible!!!
 Based on a Thought experiment Larry Emmott recently did in his Technology
Newsletter let’s examine some Proprietary Solutions:
Check it out at www.emmottontechnology.com
“Everything
you want is
just outside
Office A creates new interest and patient loyalty
by successfully marketing what differentiates their
your comfort
practice from others. This consistent message is
zone”
used across all marketing tools and improves the
patient’s perception of the practice
Robert Allen
Office B throws money at a yellow page ad but
has no marketing budget or plan. Thus, they have
no idea if the tools they are using are effective

Office A sends you an e-mail welcome and

allows you to fill out forms online before
your appointment.

Office B calls and leaves a reminder

message between 8-5 when most people
aren’t home and hands you a clip board
when you arrive for your appointment. future be totally unlike

Office A creates referrals, reduces no-shows,

and increases adherence to treatment plans by
rewarding positive behavior. your past. Your history is
not your destiny."
Office B convinces themselves that “everyone is
slow” and their decrease in the production is the
This result of a bad economy

Al
Office A maximizes revenue by annually running a
Digital Practice Analysis. This allows them to
balance their fees specific to zip code, identify
potential coding errors that cost the average
practice $200-$500/day, analyze and under-
stand the supply and demand of their patient
flow, and maximize radiological opportunities

Office B will wait until next December to see how it

all shakes out hoping that things turn around for For Video
them
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