I had the privilege of speaking on Friday at the Holiday Inn at the University of Memphis. The foyer of the second floor of the hotel is a tribute to the late founder of the Holiday Inn, Kemmons Wilson. Mr. Wilson was an incredibly successful businessman and the photos and mementos of his life and family are evidence of an amazing life. My favorite quote “A great idea should be like sitting on a pin… you just have to jump up and do something about it.” Keep that in mind the next time you get a great idea and decide you’ll get to it later. Don’t wait.. jump up and do something about it. It could change everything.
Valentine’s Day is a perfect time to reflect on the blessings in our lives, the special people in our lives. Doctors, have you ever considered how special your impact has been through the years? We often talk about the impact dental teams have on their patients. Take a few minutes today and add up all the team members you have employed through the years. Take special pride in knowing that you have helped these team members support their families, put food on their tables and put their children through school. You have an amazing impact in your community far beyond the fine dental services you provide. Happy Valentine’s Day. Keep up the great work!
The biggest myth surrounding fee schedules is that your patients watch your fees like they watch the stock market. Truth be told, when your team members are comfortable presenting and supporting fee adjustments, most patients donâ€™t even take notice. Hereâ€™s another business truth we all know: when questioned patients will think your fees are high regardless of where they are positioned. The key to your success is in exceeding patientsâ€™ expectations so that you deliver on the value you promised and price is not a issue.
Take a good look at your current practice numbers: revenue, expenses and fees. If you recognize that you have been avoiding taking a serious and hard look at your fee schedule, seek counsel from your accountant and consultant and make the decisions that need to be made to position you for sustainable success. If you donâ€™t know where your fees are positioned, contact me and we’ll can have an analysis done for you.
I donâ€™t know who said it first, but it bears repeating: â€œCharge what you are worth and you will be worth what you charge.â€ The resulting profit will provide the freedom for you to practice the way you choose to practice rather than finding yourself beholden to managed care. Profit isnâ€™t a four-letter word; itâ€™s a requirement for sustainable success. You work hard; youâ€™ve earned it.
Check out Ginny’s full feature article on fees in the January issue of Dental Practice Report