“Pearl of the Month” (Vol. 1, Issue 2)
Pertinent comments on the practice of fee-for-service dentistry.
by Michael Perry, D.D.S., PresidentWhat's Your Story!!
The Santa Rosa practice I purchased in 1988 operated 5 days per week and attracted 65 new patients per month utilizing a discount coupon direct mail strategy. It provided a framework for making my loan payments, but the daily stress was palpable and I soon grew to dread Monday morning. I realized I was working only for some distant result, and not enjoying the day-to-day process. Things had to change.
I decided to create a whole new story for my practice. I asked myself, "if I could have it be any way, how would it be?"
Difficult as it was, considering the debt I was carrying, I decided to set my concerns about money aside and envision the balanced, low-stress, high-enjoyment practice I had always wanted. I wrote about the procedures I wanted to do, patients I wanted to attract, and the team I wanted to work with. In words, I created the ideal physical office equipped in the ideal way. I then assessed how much I wanted to work—per day, per week, and per year.
Only then did I work in the economic factors in my practice. I did a
thorough assessment of my practice financial picture, then set ten, five, and one-year goals. The one-year goal was divided into monthly and daily goals.
Creating a story in this way, I could subsequently create an action plan, timeline, and systems for the practice best suited for me. Issues such as what technical training to pursue and what equipment to buy could all be evaluated from the context of my vision, not from another's cookie cutter approach. Today I have a balanced, low-stress, and high-enjoyment practice. I practice 13 days per month and generate a net profit in line with my goals for retirement and children's education. I'm able to comfortably pay my taxes and live well.
I facilitate the same story development process with my clients that I utilized years ago. More than ever, I see this process as fundamental for dentists if they are to achieve the financial rewards they aspire to. More importantly perhaps, it is fundamental to living an enjoyable and fulfilling daily professional life.
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