Archive | March 2019

Utilizing Operational Equity® in an Embezzled Dental Practice

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Dental Performance Institute Website

Diana@DentalPerformanceInstitute.com  (O) 630-549-3224

When dental business owner(s) develop the ‘gut feeling’ that revenues are declining, not increasing, but he/she is working long hours with full hygiene and/or restorative schedules and/or lack thereof, their thoughts go into overdrive trying to figure out the reason(s) this is occurring.

The emotional roller-coaster is set in motion, everyday operations, dentist, associate, team interaction/communication, patient care, after hours personal time, etc., are negatively impacted. Now what?

The owner(s) may start an analysis or hire a private investigator/embezzlement focused company to assist in figuring out exactly what is transpiring. The confidential examination of practice data and business analytics begin, takes time, then is concluded. Unfortunately, the analysis proves that the owner(s) ‘gut feeling’ was correct, emotional roller-coaster heightens, owner(s) may or may not know how to handle or control their emotions let alone manage practice operations and team, receives guidance to repair practice processes, team dynamics, standardization and organization of protocols and hopefully recommendations are implemented properly.

Throughout the situation, the owner(s) is probably thinking they will never recover from this disaster, will certainly not trust team member(s) again, how will they balance practicing dentistry and monitoring dental business procedures, etc.

Remember, your practice is not the only dental business that experienced this situation, and your practice can and will recover by partnering with a professional coach not attached to the practice, that will assist in getting the practice back on track…properly. Owner is thinking “How is this possible?” Allow me to introduce you and your practice to the Operational Equity® analysis.

What is Operational Equity®?
It is the ‘already produced’ (collections) and the ‘awaiting reactivation’ (production) holding in the operational modules of dental practices (GP, Specialty, Prosthodontists, OMS, DSO organizations, etc.), waiting to be follow-up on, scheduled, completed, billed, collected, placed back into the revenue stream, then deposited into the business bank account.

How can Operational Equity® help my practice?
When a dental business is a victim of embezzlement, repairing the practice to regain productivity, revenue, and trust is not only of the utmost importance, it is imperative. The comprehensive analysis includes an interview with owner dentist, associate, and each team member to get an idea of their position with the practice, experience, skill level, belief systems, future with said position with practice, etc.

Once interviews are complete, report generation and data collection of specific operational modules that can reactivate productivity and revenues in a timely manner starts. There are 4-5 primary operational modules that are evaluated, then a customized implementation action plan is created to allow for the clean-up, then recovery of production and collection that will assist the practice in regaining levels of momentum to position practice towards repair and healing.

In addition to the operational implementation action plan, an individual and collective team training and skill coaching action plan is customized, created and implemented parallel to operational implementation, which will assist in accelerating proper follow-up and regaining previous lost revenue.

If this type of situation happens to you and your dental business, please know you are not alone, you and your practice will recover, and the practice will get back on track. It will take time, but it will happen. Never lose hope and faith.